New Delhi: Life Insurance Corporation of India (LIC) has launched a new plan. Its name is ‘Group Micro Term Insurance Plan’. This is a single premium plan. It is a pure risk, group, non-linked and non-participating policy.
This plan is especially for financial institutions like micro finance, cooperative societies, self-help groups and non-government organizations (NGOs). This plan will not only be able to meet the demand of these financial institutions but will also cover the members and beneficiaries of these institutions.
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They will also get the benefit of this plan
Unorganized groups, companies and employee groups etc. will also get the benefit of this plan of LIC. If the policy holder dies in an accident, the family will get financial assistance. If the policy holder has any loan, it can be repaid from this policy. Nothing has been said yet about what its premium will be.
These are the main benefits of this plan
- The benefit of this plan will be available to those groups which have 50 or more members.
- There will be a risk cover of sum assured ranging from Rs 5 thousand to Rs 2 lakh. This will be for every member.
- This is a single premium plan. That means, on taking it, premium will have to be paid only once.
- You will get flexibility in choosing this plan. That means it can be chosen for a period ranging from one month to 10 years.
- If both husband and wife work in an institution, then it can be taken jointly by both of them.
- Its biggest advantage is that there is no need for any kind of medical test to take this plan.
Will not get the benefit of maturity
There will be no maturity benefit in this plan. The family members will receive the policy amount only if the policy holder dies in an accident. In such a situation, the sum assured of the policy will be given to the nominee. Whereas if the death occurs due to any other reason other than an accident, then less amount will be given.
You will not get benefit in these situations
There are many things in this plan due to which the policy holder will not get any benefit. These situations are as follows:
- If that person is expelled or leaves a group, his policy will be cancelled.
- The policy will be canceled even if the prescribed age limit is exceeded.
- Even if the policy is surrendered, there will be no benefit.
- When the policy expires.
What is the status of LIC shares?
On Monday, LIC shares showed a rise of more than one and a half percent. However, recently when there was a decline in the stock market, its shares were also falling. Currently its share price is Rs 946. If we talk about one month, then in this period it has declined by about 8 percent. This share was listed in May 2022. From then till now it has increased by a little more than 14 percent.