Life Insurance Corporation of India (LIC) has launched Single Premium Group Micro Term Insurance Plan from 07 October 2024.
Life Insurance Corporation of India (LIC) has launched Single Premium Group Micro Term Insurance Plan from 07 October 2024. This plan is a non-participating, non-linked, group, pure risk life macro insurance product. This plan is specially designed to meet the needs of financial institutions including micro finance institutions, cooperatives, SHGs and NGOs to provide simple, flexible and affordable life insurance to cover their members.
It also addresses the essential insurance needs of members of unorganised groups, employer-employee groups and other such groups. In the unfortunate event of the death of the policyholder, the plan saves families from bearing the burden of payment of existing loans and provides personal credit protection to the customers of the banking institution.
Benefits of LIC Single Premium Group Micro Term Insurance Plan The plan is available for groups with 50 or more members Risk cover for members The risk cover sum assured ranges from Rs. 5000 to Rs. 200000. The single premium mode is payable in lump sum. There is flexibility to choose the term for risk cover from 1 month to 10 years.
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