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Insurance Plans In General

General Insurance Plans From LIC.

1. Group Term Insurance Schemes:

Employer-Employees groups is offered group life insurance schemes providing either uniform or graded cover. Group Insurance Schemes

providing uniform cover will be granted to associations of professionals, members of cooperative banks, welfare funds, credit

societies and weaker sections of society.

2. Group Insurance Scheme in lieu of EDLI:

The employees' Deposit Linked Insurance Scheme is application to all establishment and undertaking contributing to Employees

Provident Fund under EPF and MP Act, 1952 with effect from 01.08.1976, unless exempted under section 17 (2A), of the act. The

schemes provides for an insurance cover to an employees, which is linked to his balance in the PF Account, subjected to a maximum of

Rs 60000. Under LIC's scheme, which is granted in lieu of the EDLI, the insurance cover starts from Rs 5000 and depends on the

service put in by the employees and the current monthly salary on each annual renewal date. The cover provided will be at least Rs

2000 more than the cover given under the EDLI scheme. Few advantages of the LIC's scheme are higher cover, lower premium (depending

on average age), cover not linked to balance in PF account, simple administrative procedures, easy claims settlement process etc.

3. Group Gratuity Schemes:

Gratuity is a statutory liability of the employers. This is an incremental liability which accrues to an employee for every year of

sevice put in by him. In the group gratuity scheme granted by LIC, in the event of premature death of the member, the dependent can

get an amount which will be equal to the gratuity payable on the normal retirement of the member, had he survived up to the date of

superannuation.

There are also many policies provided by LIC Policy.

LIC of India has instrumental in insuring the life, health, etc of billion of Indians.

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