LIC has announced a new plan for employers who have 50 or more employees. As a part of this scheme titled ‘Group Post Retirement Medical Benefit Scheme’, employers can help their employees with post-retirement medical benefits, thus giving each member a fixed life insurance payout (sum assured). Brought into effect this month from 2 May 2023, any employer willing to fund their Employees’ Benefit is eligible for the scheme.
About LIC Group Post Retirement Medical Benefit Scheme
The Group Post-Retirement Medical Benefit Scheme is a Non-Linked, Non-Participating, Life, Group Savings Insurance product. As a part of this plan, it will help meet the employer’s obligation to give Post-Retirement Medical Benefit to their employees. It also offers a fixed Life Cover Benefit (Sum Assured) to each employee.
Benefits of LIC Group Post-Retirement Medical Benefit Scheme
- As stated by LIC, the insured amount will be paid if a member dies while remaining in service before retirement.
- Also, this will be given along with post-retirement medical benefits in accordance with the plan’s rules on resigning or retirement.
- In case the scheme’s rules and subject allow in line with the availability of funds in the group policy account, eligible family members of the insured members may also receive post-retirement medical benefits.
- The plan will also provide every insured member with a fixed Life Cover Benefit (Sum Assured).
