NL Corresspondent Mumbai: LIC (Life Insurance Corporation of India) has introduced a new Group Post-Retirement Medical Benefit Scheme, which is a non-linked, non-participating, life, group savings insurance product. The plan is designed to assist employers in meeting their post-retirement medical benefit obligations to their employees. The group cover also provides a fixed life cover
This LIC Plan is basically an Employer-Employee Group Scheme and is best suited for employers having Defined Contribution as well as Defined Benefit Superannuation Scheme for their employees.