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Life Insurance Corporation of India i.e. LIC has launched a new scheme called Group Micro Term Insurance Plan. It is a single premium plan and is a pure risk, group, non-linked and non-participating policy.

LIC Plan: Life Insurance Corporation of India is a leading insurance company through which many attractive plans are launched. From the point of view of investment also, we see many investors preferring many schemes of Life Insurance Corporation of India i.e. LIC.

The importance of these schemes is that they provide good returns on investment but also provide insurance cover which is a huge benefit to the investors.

Just like this, Life Insurance Corporation of India i.e. LIC has launched a new scheme called Group Micro Term Insurance Plan . It is a single premium plan and is a pure risk, group, non-linked and non-participating policy.

The scheme is mainly for financial institutions like cooperative societies as well as self help groups, micro finance and NGOs. Members and beneficiaries of the concerned organizations also get cover with this plan.

 Who gets the benefit of this scheme of LIC ?

This scheme is for financial institutions like Micro Finance, Co-operative Societies and Self Help Groups and Non-Governmental Organizations i.e. NGOs and in addition unorganized groups, companies and employee groups etc. will also benefit from this scheme of LIC.

Suppose the policyholder dies in an accident, the family will get financial assistance. Moreover, if the policy holder has any kind of debt, it can be recovered from this policy.

 What are the benefits of this scheme of LIC ?

1- The benefit of this scheme of LIC is available to groups having fifty or more members.

2- The sum insured ranges from five thousand to two lakh rupees risk cover and is for each member.

3- It is a single premium plan. Single premium means you have to pay the premium only once after taking this plan.

4- If you choose this plan, you can get flexibility. That is, you can choose the plan of this scheme for a period ranging from one month to ten years.

5- If both husband and wife are working in an organization then both of them can avail it jointly.

6- Most importantly, there is no need for any kind of medical test if you want to avail this scheme.

 Maturity benefit is not available

However, there is no maturity benefit in this plan of LIC. In simple terms, the family members will get the policy amount only if the policyholder dies in an accident. In such a situation the policy sum assured will be paid to the nominee. Also less amount is paid in case of death due to reasons other than accident.

  There is no benefit in this situation

1- If a person is expelled from an organization or group or the concerned person leaves the group, the policy is automatically cancelled.

2- If the prescribed age limit for this policy is exceeded, the policy is cancelled.

3- No benefit after surrender of policy.

4- After the expiry of the policy, the benefit is not available.