LIC launches 'Group Critical Illness Rider'
Chennai,
Oct
25:
The
Life
Insurance
Corporation
of
India
(LIC)
today
launched
a
new
product
'Group
Critical
Illness
Rider.'
LIC
Chairman
T
S
Vijayan
told
reporters
here
today
that
the
product
was
targetted
primarily
to
employer-employee
Group,
who
have
taken
group
insurance
products
earlier
and
to
those
planning
to
buy
a
group
insurance
product.
''Human capital is very important for the success of any organisation. The employees are subjected to risk of death, disability and occurrence of critical illness, that affects not only the employee physically and financially but also the organisation,'' he said.
As the productivity of the employees and their contribution to the organisation gets impacted because of these risks, LIC has come out with a comprehensive Group Insurance scheme with Critical Illness (Accelerated) rider.
He said the rider has been developed to cover eight major critical illness like cancer, coronary artery bypass surgery, heart attack, stroke, kidney failure, surgery of aorta, heart valve replacement and major burns.
The new product could be attached to any of the existing Group Insurance policies under Employer-employee Groups like Group insurance, employees deposit link insurance, group gratuity and group leave encashment scheme, on their renewal dates.
The unique feature of this rider was that the benefit was payable upon detection of the major critical illness and unlike mediclaim, proof of expenditure was not required for this purpose.
Mr Vijayan said the premium for the rider could be paid by the employer or by the employees. The product would be available for all employees between 18 and 64 years of age.
UNI