The LIC group plans are beneficial for members of an organization. This plan offers financial security to the members of the organization. Death insurance will be issued to the group members or dependents in case of death of the nominee

Features That Are Offered By LIC Group Plan

The features that are offered by LIC group plan are as given below

• Financial security will be provided to the group members in case of death of the insured person
• All the LIC plans are available in the affordable premium prices
• The settlement process under this scheme is faster

LIC Groups plans have different types of insurance plans as

1. LIC group credit life insurance
2. LIC single premium group insurance
3. LIC new group leave encashment plan
4. LIC new group superannuation cash accumulation plan
5. LIC new one-year renewable group term assurance plan I
6. LIC new one-year renewable group term assurance plan II
7. LIC new group gratuity cash accumulation plan

The following table defines different types of LIC group insurance plans:

 

Insurance plan name	Age Eligibility	Sum insured
LIC group credit life insurance	The minimum age eligibility is 18 years and the maximum age eligibility is 60 years	The minimum amount that can be insured is 4 lakhs and there is no limit over the maximum amount that should be insured
LIC Single premium group insurance	The minimum age eligibility is 18 years and the maximum age eligibility is 60 years	The minimum amount that can be insured is 5 lakhs and maximum amount that can be insured is 10 lakhs
LIC new group leave encashment plan	The minimum age eligibility is 18 years and the maximum age eligibility is 75 years	The minimum amount that can be insured is 10000 and there is no limit over the maximum amount that should be insured
LIC new group superannuation cash accumulation plan	The minimum age eligibility is 18 years and the maximum age eligibility is 75 years	Depends on the contribution choose by the group members
LIC new one-year renewable group term assurance plan I	The minimum age eligibility is 8 years and the maximum age eligibility is 75 years	The minimum amount that can be insured is 1000 and there is no limit over the maximum amount that should be insured
LIC new one-year renewable group term assurance plan II	The minimum age eligibility is 18 years and the maximum age eligibility is 60 years	The minimum amount that can be insured is 1000 and there is no limit over the maximum amount that should be insured
LIC new group gratuity cash accumulation plan	The minimum age eligibility is 18 years and the maximum age eligibility is 75 years	The minimum amount that can be insured is 1000 and there is no limit over the maximum amount that should be insured

1. LIC Group Credit Life Insurance:

Under this scheme, the group members are offered with the death cover in case of death of the policyholder during the term period.

Features Of LIC Group Credit Life Insurance:

The features of the LIC group credit life insurance is as given below

• In case of death or nominee at any unfortunate case, the death benefit will be issued to the family members of the nominee
• An insurance cover will be issued based on the loan amount, rate of interest, nature of the loan, the sum assured for the member

Eligibility criteria of LIC Group Credit Life Insurance:

The eligibility criteria of the LIC group credit life insurance is as given below

• The minimum entry age to enable this scheme is 18 years and the maximum age that is allowed is 60 years
• The minimum amount that can be insured is 4 lakhs and there is no limit over the maximum amount
• The policy term of the plan ranges from 5-35 years
• The minimum group size of the plan can be 50 members
• This group credit scheme consists of all the tax benefits
• The policyholder has the right to submit the policy at any time

2. LIC Single Premium Group Insurance:

This is a group plan that is apt for the employee for their employees as this is a non-participating and non-linked premium group term insurance.

Features Of LIC Single Premium Group Insurance:

The following are the features of the LIC single premium group insurance is as given below

• Death benefits will be insured to the family members in case of the death of the policyholder
• It provides all the tax benefits
• A master policyholder can surrender the policy all the time
• Under this policy, the premium needs to be paid as lump sum amount at once
• The policyholder can leave the policy whenever he wants

Eligibility Of LIC Single Premium Group Insurance:

The following is the eligibility criteria for LIC single premium group insurance plan

• The minimum entry age for the single premium group insurance is 18 years and the maximum entry age is 60 years
• The minimum amount that can be insured is 5000 and the maximum amount that can be insured is 10 lakhs
• The policy term of the premium plan ranges from 2-7 years
• The minimum size of the group can be 50 members

3. LIC New Group Leave Encashment Plan:

This is a non-participating insurance plan that provides leave encashment facility for the employees. This plan offers life cover insurance

Features of LIC New Group Leave Encashment Plan I:

The features that are offered in the encashment plan are as given below

• In case of death of insured person dies, the benefit will be insured if it happened in the term period
• All the tax benefits will be issued at the time of retiring
• The policy renewal can be done annually

Eligibility Criteria Of LIC New Group Leave Encashment Plan I:

The eligibility for the scheme of LIC new group leave encashment plan is

• The minimum entry age for this scheme is 18 years and the maximum limit of the scheme is 75 years
• The minimum amount that can be insured is 1 lakh and there is no limit over the maximum amount that can be credited
• Minimum of 10 members are required for this group

4. LIC’s New Group Superannuation Cash Accumulation Plan :

This plan is a non-linked and non-participating group plan that is ideal for trusts

Features Of LIC’s New Group Superannuation Cash Accumulation Plan:

The following are the features of this plan. The list is as given below

• The family members will be insured with the financial insurance
• The premium rates will be based on the size of the group
• In case of death of nominee, the death benefits will be insured to the members of the group

Eligibility Criteria Of LIC’s New Group Superannuation Cash Accumulation Plan :

The following is the eligibility criteria for this plan. The list is as given below

• The minimum entry age for this scheme is 8 years and the maximum entry age for this scheme is 75 years
• The minimum sum that can be insured is 1000 and there is no limit over the maximum amount that can be insured
• The group size for the employees is 25 members and for non-employees, the group size should be 50 members

5. LIC new one-year renewable group term assurance plan I:

This is a non participating and non linked group. This is offered for the homogenous groups and employees

Features Of LIC new one-year renewable group term assurance plan I:

     The features of the plan are as given below

• Financial security to the family members of the nominee will be provided
• The premium rates will be based on the size of the group
• In case of death of nominee, the death benefits will be insured to the members of the group

Eligibility Criteria Of LIC new one-year renewable group term assurance plan I:

The following is the eligibility criteria for this plan. The list is as given below

• The minimum entry age for this scheme is 8 years and the maximum entry age for this scheme is 75 years
• The minimum sum that can be insured is 1000 and there is no limit over the maximum amount that can be insured
• The group size for the employees is 25 members and for non-employees, the group size should be 50 members

6. LIC new one-year renewable group term assurance plan II:

This plan is a non-linked and non-participating group plan

Features Of LIC’s New Group Superannuation Cash Accumulation Plan II:

The features of LIC new group superannuation cash accumulation plan are as given below

• This plan can be renewed annually and financial stability will be ensured
• For the members of the homogenous group, the employees will be offered life cover
• Based on the size of the group and the risk of the group premium rates will be decided
• In case of death of the insured person in an unfortunate incident, a death benefit will be insured

Eligibility Criteria Of LIC’s New Group Superannuation Cash Accumulation Plan II:

The eligibility criteria of the plan are as given below

• The minimum entry age for this scheme is 8 years and the maximum entry age for this scheme is 75 years
• The minimum sum that can be insured is 1000 and there is no limit over the maximum amount that can be insured
• The group size for the employees is 25 members and for non-employees, the group size should be 50 members

7. LIC new group gratuity cash accumulation plan

This is a non-participating and non-linked plan which helps the employees.

Features Of LIC new group gratuity cash accumulation plan

The features of LIC new group gratuity cash accumulation plan is given as below

• The death benefit will be issued to the nominee if it happened in the term of the service
• All the benefits are paid on retirement while leaving your service
• The LIC new group gratitude policy can be renewed annually
• The policy needs to be renewed annually
• The policy can be submitted by the policyholder with a notice before 3 months

Eligibility Criteria of LIC new group gratuity cash        accumulation plan

The eligibility criteria of the plan are as given below

• The minimum entry age for this scheme is 18 years and the maximum entry age for this scheme is 75 years
• The minimum sum that can be insured is 1 lakh and there is no limit over the maximum amount that can be insured
• The minimum group size of the employees is 10 members