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.