LIC Group Post Retirement Medical Benefit Scheme: Know eligibility of this newly launched scheme

Life Insurance Corporation of India has launched the Group Post Retirement Medical Benefit Scheme. It has been started with effect from May 02, 2023. The programme is intended to help employers fulfil their duties to provide their workers with post-retirement medical benefits. Each member of the group coverage programme receives a fixed life insurance payout (sum assured), and any employer with 50 or more employees is eligible to join.

Benefits of this scheme:

Under the group's cover, The sum insured will be paid if a member passes away while still in service before retirement. Post-retirement medical benefits will be given out in accordance with the scheme rules whenever a member leaves their position or retires.

If allowed by the scheme's rules and subject to the availability of funds in the group policy account, eligible family members of such employee members may also get post-retirement medical benefits. Additionally, the plan provides each member with a fixed Life Cover Benefit (Sum Assured). The programme may be adopted by any firm wanting to contribute to their employees' benefits.

“Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Corporation has announced the launch of its new product on 02nd May, 2023," LIC said in a regulatory filing.

The product is an addition to the eleven Group products and one Group Accident Benefit Rider offered by LIC.