LIC Group Term Insurance Schemes
LIC Group Term Insurance Schemes are launched to give life insurance protection to a group of people. The administration is also done under group basis and thus results in low cost. The life insurance cover is also provided to all the group members with certain simple insurability conditions. But there are no specific conditions on the medical evidences.
The insurance cover is provided only on death and do not provide any maturity value at the end of the term under these LIC Group Term Insurance Schemes. Currently the plan is offered only less than One Year Renewable Group term assurance plan. Thus, premium is charged each year on the date of the Annual Renewal and this charge depends on the change in the size and the distribution of the age in the age group.
There are numerous varieties in this LIC Group Term Insurance Schemes. A uniform cover may be provided to all the members of the group or else graded covers may be provided for the different kinds of members. It may also cover all the amounts which includes outstanding home loans or vehicle advance and also provides other benefits like PF benefits on death or, life cover to supplement the pension.
There are also many add-on's such as the double accident advantage (benefit), the Critical illness advantage (benefit), and the Disability advantage (benefit). The basic eligibility condition under this LIC Group Term Insurance Schemes is the person should be a member under the Provident Fund Scheme for the employer.
Under this scheme, the premium amount can be paid by the employer as a whole or else by means of the Nodal Agency. Also, this scheme allows for the contributory that means, the member can also contribute to pay the premium amount.