LIC launches Single Premium Group Micro Term Insurance Plan

Mumbai, Oct 08: Life Insurance Corporation of India has introduced Single Premium Group Micro Term Insurance Plan with effect from 07/10/2024. This plan is a Non-Participating, Non-Linked, Group, Pure Risk, Life Micro Insurance product. The plan is specially designed to provide simple, flexible and affordable life insurance to cater to the needs of Finance Institutions including Micro Finance Institutions, Co-operatives, SHGs and NGOs to cover their members / lonees. It also addresses the essential insurance requirement of members of unorganised groups, employer-employee groups and other homogeneous affinity groups.

In the context of the Indian market, this product has the potential to provide accessible life insurance solutions at nominal cost for a significant portion of the Indian population which still remain uninsured. More importantly, it provides customised credit protection to the customers of financial institutions and protects the families from the burden of repayment of outstanding loans in case of unfortunate demise of the breadwinner.