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LIC rolls out single premium group insurance
It’s specially designed for FIs, MFIs, co-operatives, SHGs and NGOs
Hyderabad: Life Insurance Corporation of India (LIC) has introduced a single premium group micro term insurance plan with effect from October 7, 2024. This plan is a non-participating, non-linked, group, pure risk, life micro insurance product.
“The plan is specially designed to provide simple, flexible and affordable life insurance to cater to the needs of finance institutions (FIs) including Micro Finance Institutions (MFIs), Co-operatives, SHGs and NGOs to cover their members / lonees. It also addresses the essential insurance requirement of members of unorganised groups, employer-employee groups and other homogeneous affinity groups,” says LIC in a release.
In the context of the Indian market, this product has the potential to provide accessible life insurance solutions at nominal cost for a significant portion of the Indian population, which still
remain uninsured. More importantly, it provides customised credit protection to the customers of
financial institutions and protects the families from the burden of repayment of outstanding loans in case of unfortunate demise of the breadwinner.
The product is available for group with over 50 members. Risk cover on sum assured is ranging from Rs5,000 to Rs2,00,000 for members. Organisations or groups have flexibility to choose term from 1 month to 10 years for risk cover.
