Group Insurance 125 views July 2, 2021

LIC Group Insurance

If you are looking to provide group insurance benefits to your employees at an affordable premium, LIC Group Insurance Plans can be perfect for you. These plans cater to the diverse needs of a group at low costs. LIC Group Insurance can be ideal for employers, associations, societies, etc. who want to protect their members against unforeseen situations.

LIC offers several plans keeping such needs in mind. On this page, we will talk about these plans and their features & benefits extensively. Read on to know more!

Features and Benefits of Different LIC Group Insurance Plans

We have discussed the features and benefits of different group insurance plans of LIC so that you can make a better decision. Let’s start.

LIC New Group Superannuation Cash Accumulation Plan

This plan from LIC is a non-linked non-participating pension group savings plan that manages the superannuation fund on behalf of employers or trustees. Have a look at the important features of this plan mentioned below.

  1. Suitable for an employer having defined contributions or benefit superannuation scheme to their employees or members
  2. Option to contribute at any time during the year
  3. Policy term of 1 year (Can be renewed annually)
  4. The minimum group size should be 10 members
  5. No restriction on maximum members
  6. Option to choose between Defined Contribution and Benefit scheme
  7. The death benefit in the form of Individual policy account value
  8. A 15-day free look period
  9. The minimum contribution of INR 10,000 and INR 1,200 (per annum per member) under Defined Benefit and Defined Contribution Scheme, respectively
  10. Minimum and maximum entry age stands at 18 and 75 years, respectively

LIC New One Year Renewable Group Term Assurance Plan

If you want to ensure life cover for your employees of a common group at affordable premiums, LIC New One Year Renewable Group Term Assurance Plan could be perfect for you. Please check the salient features of this plan mentioned below.

  1. Financial security to the member’s family at an affordable rate
  2. Premiums depend on the size and risk profile of the group
  3. Lump sum payment in case of unfortunate death of the insured member
  4. The minimum sum assured stands at INR 1,000 with no maximum limit
  5. Annually renewable policy
  6. The minimum group size for employer-employee group stands at 25
  7. Multiple premium payment modes – Half-yearly, Quarterly and Monthly
  8. A 30-day grace period
  9. Minimum and maximum age at the entry stands at 8 and 75 years, respectively
  10. The maximum age at renewal stands at 80 years

LIC New Group Gratuity Cash Accumulation Plan

LIC New Group Gratuity Cash Accumulation Plan is designed to help employers pay gratuity benefits to their employees. One of the best things about this group savings insurance product is that insured members can enjoy life cover benefits if they die during the policy term.

We are showing its key features below that you should check. 

  1. The death benefit in the form of sum assured
  2. A minimum contribution of INR 10,000 at the time of policy inception
  3. No limit on the maximum contribution
  4. Minimum group size of 10 members with no restriction on maximum members
  5. Minimum sum assured of INR 5,000
  6. Annually renewable policy term
  7. A 15-day free look period
  8. Minimum entry age of 18 years
  9. The maximum entry age stands at 75 years

LIC Single Premium Group Insurance

It is a single premium group term insurance plan which offers financial protection to the family in case of an insured member’s death during the policy term. We have mentioned the features below. Do check!

  1. Minimum and maximum sum assured of INR 5,000 and INR 10,00,000, respectively
  2. Policy term ranging from 2 to 7 years
  3. The minimum group size stands at 50 members
  4. Single premium payment mode (as a lump sum)
  5. A 15-day cooling-off period
  6. Minimum and maximum entry age stands at 18 and 60 years, respectively
  7. The maximum age at maturity can be 65 years

LIC New Group Leave Encashment Plan

This plan from LIC is a non-linked non-participating life group savings insurance product with which employers can provide leave encashment facilities to their employees. If an insured member dies during the policy term, this plan provides financial coverage to the family.

Let’s check out its key features mentioned below.

  1. Leave encashment benefit if an insured member dies while in service before the retirement age
  2. Maturity benefits at the retirement of the employee
  3. Minimum contribution for long term employee benefits stands at INR 10,000 with no maximum limit
  4. The minimum group size for the new scheme stands at 10 members
  5. Minimum sum assured of INR 5,000
  6. Annually renewable policy term
  7. Minimum and maximum entry age stands at 18 and 75 years, respectively

LIC Group Credit Life Insurance Plan

One of the popular group term insurance plans among customers is the LIC Group Credit Life Insurance Plan. This plan is a non-linked non-participating single premium group term insurance plan where the insurance amount will depend on the loan amount, rate of interest, moratorium period and the nature of the loan.

We are showing its benefits below that you should check.

  1. Sum assured as Death benefit as per the risk cover
  2. Flexible policy term ranging from 5 to 35 years
  3. Minimum sum assured amount of INR 4,00,000 with no maximum limit
  4. The minimum group size should be 50 members
  5. Only a single premium payment is allowed
  6. The minimum and maximum entry age stand at 18 and 60 years, respectively.
  7. A 15-day free look period

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