LIC Update: LIC's new scheme provides insurance protection to small companies, know what is special in it?

Life Insurance Corporation of India (LIC) has launched a new insurance plan 'Group Micro Term Insurance Plan', which is for microfinance institutions, cooperatives, and self-help groups. This is a single premium plan and is specially designed keeping in mind those groups that have 50 or more members. This policy has a sum assured of Rs 5 thousand to 2 lakh and it can be chosen for a period of 1 month to 10 years. The special thing is that no medical test is required in this.

This new plan of LIC has been brought with the aim of providing financial security to the groups, especially for organizations like microfinance and NGOs. Its main points are as follows.

This is a single premium policy, that is, the premium has to be paid only once.
The policy is for groups which have 50 or more members.
The sum assured limit has been kept from Rs 5,000 to Rs 2 lakh.
This plan can be taken for a period of 1 month to 10 years.

If both husband and wife are employed in an institution, then they can take it jointly.

No medical test is required in this policy.

Who will get the benefit and when will it not be available?
The biggest advantage of this policy is that employees of unorganized sectors can also benefit from it. If the policyholder dies, his family will get financial assistance. However, if the policyholder leaves the group for any reason or the prescribed age limit is crossed, the policy may be canceled.

Current status of LIC shares
LIC shares saw a gain of 1.5% on Monday. However, it has also declined by about 8% during the last month. The stock was listed in May 2022, and so far it has gained more than 14%.

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