Srinagar: Life Insurance Corporation of India (LIC) has introduced Group Post Retirement Medical Benefit Scheme with effect from May 2. This plan is a Non-Linked, Non-Participating, Life, Group Savings Insurance product.
As per the statement, the plan helps to meet the employer’s obligation for Post-Retirement Medical Benefit to their employees. The plan also offers a fixed Life Cover Benefit (Sum Assured) to each member. Any employer willing to fund their Employees’ Benefit may adopt the scheme.
The plan is available for any employer with 50 or more employees. The product is an addition to the bouquet of LIC’s eleven Group products and one Group Accident Benefit, it said.
