INSUBCONTINENT EXCLUSIVE:
The product is for groups with 50 or more members
| Photo Credit: Ruby Sharma1 min read Last Updated : Oct 12 2024 | 6:13 PM IST
The Life Insurance Corporation of India (LIC) has
introduced a single-premium group micro-term insurance plan.It is a non-participating, non-linked, group, pure risk, micro insurance product
The plan is specially designed to provide simple, flexible and affordable life insurance to cater to the needs of finance institutions,
including micro finance institutions, co-operatives, self-help groups (SHGs) and non-governmental organisations (NGOs) to cover their
members or loanees.Click here to connect with us on WhatsApp
It addresses essential insurance requirements of members of unorganised
groups, employer-employee groups and other homogeneous affinity groups
The product provides customised credit protection to customers of financial institutions and protects families from the burden of repayment
cover sum assured from Rs 5,000-Rs 2 lakh for members; flexibility to choose term from 1 month to 10 years for risk cover; and easy to avail
with no need for any medical examination
Joint life cover for spouses is available under lender-borrower relationships, it said.First Published: Oct 12 2024 | 6:13 PMIST
