LIC Group Savings Linked insurance Scheme
LIC Group Savings Linked Insurance Scheme will be useful to the people who are working in the metropolitan cities. This scheme will help people when they find that their families are less protected. But, individual insurance alone do not provide protection to people. This insurance scheme works at low cost.
LIC Group Savings Linked Insurance Scheme is also used by the central government only with slight modifications. Also this feature is introduced by semi government organizations, public sector organizations and industrial enterprises.
OBJECTIVES OF THE LIC GROUP SAVINGS LINKED INSURANCE SCHEME:
Each scheme when they are framed there are some objectives created for that particular type of scheme or the policy. They have their own purposes. The various objectives are as listed below.
- It gives protection at low cost without asking any evidence to the people about their health.
- Simple procedures need to be followed to apply for this scheme.
- People can get attractive returns on savings.
This scheme is introduced by the employers in which there should be certain amount of employees to join the scheme. If any new persons are entering into the scheme they need to have the membership card which is compulsory.
The eligibility criteria to join the LIC Group Savings Linked Insurance Scheme include: the person who is irrespective of present state of health can join the scheme. The only condition is that the employee should not be absent during the medical round. They should not cross their retirement age. All the future employees should join this scheme to encourage the plan.
The premium is given based on the size of group and also based on the occupation of the group. The two components are as listed below.
- Risk premium,
- Savings premium.