Life Insurance Corporation of India (LIC) has launched a Single Premium Group Micro Term Insurance Plan from 07 October. This plan is a non-participating, non-linked, group, pure risk, micro-life insurance product. This plan is specially designed to provide simple, flexible, and affordable life insurance.
It aims to meet the needs of financial institutions, including microfinance institutions, to cover their lenders, cooperatives, self-help group members, and NGOs. It also addresses the essential insurance needs of members of unorganized groups, employer-employee groups, and other affinity groups.
In the context of the Indian market, this product has the potential to provide accessible life insurance solutions at a nominal cost to a significant part of the Indian population. It has been brought keeping in mind those people who still do not have insurance. It has the potential to provide accessible life insurance solutions at a nominal cost to such a population. More importantly, it offers customized credit protection to the customers of financial institutions and saves families from the burden of repayment of outstanding loans in case of the unfortunate death of the breadwinner.
What is special about this plan?
This plan is for groups with 50 or more members.
The risk cover sum assured for members ranges from Rs 5000 to Rs 2,00,000.
Single premium mode payable in a lump sum.
Option to choose cover period from 1 month to 10 years.
Joint life cover is available for spouses under a lender-borrower relationship.
Ease of insurance and no medical test required.
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