The Hindu : Business : LIC launches group insurance product

Online edition of India's National Newspaper
Friday, Oct 26, 2007
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LIC launches group insurance product

Corporate Reporter

CHENNAI: Life Insurance Corporation of India, (LIC) on Thursday, launched a new group insurance product, ‘Group critical illness rider,’ targeted primarily at employer-employee groups who have taken group insurance products earlier or are planning to buy a group insurance product.

Speaking on the occasion, T. S. Vijayan, Chairman, LIC, said the rider had been developed to cover eight major illnesses and the striking feature of this rider was that the benefit was payable upon detection of the major critical illness.

Unlike Mediclaim, the proof of expenditure was not required, Mr. Vijayan said.

The premium for critical illness rider can be paid by the employer or by the employees. The sum assured shall be a minimum of 20 per cent of the basic sum assured and a maximum of 100 per cent with an upper ceiling on the rider sum assured of Rs. 20 lakh for each member, according to V. K. Sharma, Executive Director (P&GS).

The south zone has undertaken a massive launch programme for this product and it has already sold one policy each to Temenos India and Kiran Pondy Chemicals, covering a total of 828 lives, according to B. Manivannan, Zonal Manager.

Later in an interaction with presspersons, the Chairman of LIC said the organisation was in the process of setting up a company for credit card business in association with GE Money. He also revealed that LIC may launch a health insurance policy by the year-end as the IRDA (Insurance Regulatory and Development Authority) allows life insurance companies to come out with such policies.

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