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  • LIC Group Schemes

    LIC Life Insurance

    LIC offers group schemes to groups of people. This life insurance protection is ideal for associations, societies, employers etc. you will enjoy the life insurance protection at a low cost.

    LIC offers the following group schemes:

    1. LIC's Group Credit Life Insurance:

      This is a non-linked, non-participating single premium group term insurance plan. Death cover is offered to the group members during the policy term.

      Features and Benefits of LIC's Group Credit Life Insurance

      The features and benefits of this plan are as follows:

      1. Insurance cover depends on the loan amount, rate of interest and moratorium period, nature of loan and the sum assured for the member.
      2. Death benefit is paid to the nominee in the unfortunate event of the death of the member.
      3. The minimum entry age is 18 years and the maximum is 60 years.
      4. Minimum sum assured is Rs.4 lakh. There is no maximum limit.
      5. Policy term ranges from 5 – 35 years.
      6. The minimum group size is 50 members.
      7. The master policyholder can surrender the policy at any time.
      8. Prevailing tax benefits are applicable.
    2. LIC's Single Premium Group Insurance:

      This policy is a non-participating, non-linked, single premium group term insurance. It offers flat cover on death for the group members. This plan is ideal for employers to cover their employees. Even non-employer-employee homogenous group can take this plan.

      Features and Benefits of LIC's Single Premium Group Insurance

      The features and benefits of this plan are:

      1. The nominee will get the sum assured in the event of unfortunate death of the group member.
      2. The minimum entry age is 18 years and the maximum is 60 years.
      3. Minimum sum assured is Rs.5,000 and the maximum is Rs.10 lakh.
      4. Policy term ranges from 2 – 7 years.
      5. Minimum group size is 50 members.
      6. Only single premium is to be paid.
      7. Master policyholder can surrender the policy at all times.
      8. Prevailing tax benefits are applicable.
    3. LIC's New Group Leave Encashment Plan:

      This is a non-participating, non-linked fund based variable insurance plan. Employer can meet the liability for providing Leave Encashment facility to the employees. Life cover benefit is offered.

      Features and Benefits of LIC's New Group Leave Encashment Plan

      The features and benefits of this plan are:

      1. Death benefit is paid to the nominee if the employee dies during while in service.
      2. Benefit is payable when the employee is retiring or leaving the service.
      3. The minimum age at entry is 18 years and the maximum is 75 years.
      4. There is no restriction on the group size for existing scheme but for a new scheme you need a minimum group size of 10 members.
      5. Minimum sum assured is Rs.1,000 and there is no maximum limit.
      6. The policy can be renewed annually.
    4. LIC's New Group Superannuation Cash Accumulation Plan:

      This is a non-linked, non-participating group superannuation plan. This plan is ideal for trusts.

      Features and Benefits of LIC's New Group Superannuation Cash Accumulation Plan

      The features and benefits of this plan are:

      1. The minimum entry age is 18 years and the maximum is 75 years.
      2. Minimum group size for new employer-employee scheme is 10 members. Minimum group size for government sponsored social security scheme is 50 members.
      3. The policy is annually renewed.
      4. The policy can be surrendered by the master policyholder at any time.
    5. LIC's New One Year Renewable Group Term Assurance Plan I:

      This is a non-participating, non-linked group term insurance plan. Life cover is offered to employees and members of homogeneous groups.

      Features and Benefits of IC's New One Year Renewable Group Term Assurance Plan I

      The features and benefits of this plan are:

      1. Financial security to the family of the member is ensured.
      2. Based on the size and risk of the group, the premium rate is decided.
      3. The premium rates are renewable at Annual Renewal Date.
      4. Death benefit is assured to the nominee in the event of unfortunate death of the member.
      5. Minimum age for entry is 8 years and the maximum age for entry is 75 years.
      6. Minimum sum assured is Rs.1,000. There is no maximum limit.
      7. Minimum group size for employer-employee group is 25 members and for non-employee – employer group is 50 members.
    6. LIC's New One Year Renewable Group Term Assurance Plan II:

      This is a non-linked and non-participating LIC term insurance plan.

      Features and Benefits of LIC's New One Year Renewable Group Term Assurance Plan II

      The features and benefits of this plan are:

      1. The plan is renewed annually.
      2. Life cover is offered to employees or member of a homogeneous group.
      3. Financial stability is ensured.
      4. Premium rate is based on the size and risk of the group.
      5. Death benefit is paid to the nominee, in the event the member dies in an unfortunate incident.
      6. Minimum age for entry is 8 years and the maximum is 75 years.
      7. The minimum sum assured is Rs.1,000 and there is no maximum limit.
      8. The minimum group size for employer - employee group is 25 members and for that of non-employer – employee group is 50 members.
    7. LIC's New Group Gratuity Cash Accumulation Plan:

      This is a non-participating, non-linked plan. It helps the employer meet the obligation to provide gratuity benefit to their employees.

      Features and Benefits of LIC's New Group Gratuity Cash Accumulation Plan

      The features and benefits of this plan are as follows:

      1. Benefit is payable on death of a member while he or she is in service.
      2. Benefits are payable on retirement or when you are leaving the service.
      3. The policy can be surrendered by the master policyholder after giving a 3 months’ notice.
      4. Minimum entry age is 18 years and the maximum entry age is 75 years.
      5. There is no restriction on the group size for existing scheme. The minimum group size for new scheme is 10 members.
      6. The minimum sum assures is Rs.1,000 and there is no maximum limit.
      7. The policy is renewed annually.
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