Life Insurance Corporation of India has signed an agreement with Central Depository Services (India) to provide group insurance coverage to all eligible demat account holders serviced through depository participants associated with it.
The facility will be available to demat account holders between the age of 18 years and 59 years.
“The group insurance scheme will provide a cover of Rs.1 lakh for every eligible demat account subject to maximum of Rs.5 lakh for any single individual at a very nominal price,” LIC said in a release.
CDSL serves more than 15.85 million demat accounts, which is 48 per cent of the industry.
