LIC Group Plans

The Life Insurance Corporation of India has introduced several plans to cover employees under group insurance policies as an extra measure of protection. Here is a list of all the LIC group schemes available for organizations looking to cover their employees.

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List of LIC Group Plans

The group schemes offered by the Life Insurance Corporation of India are comprised of gratuity schemes, pension plans, life insurance, and term life insurance policies. The following sections discuss these plans, their benefits, and the eligibility criteria in detail.

  1. LIC's New Group Superannuation Cash Accumulation Plan

    It is a group insurance plan for the employees of an organization. This plan can be sought by employers who follow either a defined contribution or a defined benefit scheme. In the former, both the employee and the employer contribute a sum towards the pension fund. The employer solely invests in a defined benefit scheme to create a monthly income for you after retirement.

    Key Features

    • A group policy account and an individual policy account are maintained wherein contributions are made by the employee and the employer, respectively.

    • Under a defined contribution scheme, when a group member dies, exits, or retires, they will be paid the Individual Policy Account Value.

    • Under a defined benefit scheme, the entitled benefit amount will be paid from the group policy account value.

    • The group policy account value is defined as the total of all individual policy account values.

    • A guaranteed minimum interest rate of 0.5% keeps accruing yearly in each account and is payable along with the benefits of the plan.

    Eligibility Criteria

    Criteria Minimum Maximum
    Entry Age 18 years 75 years
    Maximum Maturity Age 85 years
    Contribution Amount Rs. 1200 As per the rules of the scheme
    Group Size 10 No limit
    Policy Term 1 year (annually renewable)

  2. LIC's New Group Gratuity Cash Accumulation Plan

    This is another savings cum insurance plan that employers can get for their employees. The plan further helps the employers accumulate funds to pay off a gratuity benefit to long-term loyal employees.

    Key Features

    • The life cover ensures that the family of the employee is paid the sum assured on his/her death.

    • The sum assured is paid in addition to the gratuity amount (if applicable).

    • If a group member retires or resigns, only gratuity is payable, and not the sum assured.

    • Premium for the life cover of a member is payable at the time of purchase and thereafter on the renewal date.

    • If the policy is not renewed within the time frame, the sum assured under the life cover reduces to Rs. 5000.

    Eligibility Criteria

    Criteria Minimum Maximum
    Entry Age 18 years 75 years
    Maximum Maturity Age 80 years
    Sum assured Rs.5000 As per the rules of the gratuity scheme
    Group Size 10 No limit
    Policy Term 1 year (annually renewable)

  3. LIC's New Group Leave Encashment Plan

    Employees tend to save their earned leaves and encash an equivalent amount at the time of resigning or retiring. This requires the company to pay off a bulk sum to these employees. The LIC's New Group Leave Encashment Plan enables employers to meet this requirement.

    Key Features

    • It comes with a life cover for the members of a group along with a savings component.

    • The sum assured is payable by the employer only on the death of an employee, and not on resignation or termination of his/her services.

    • The sum assured under the life cover reduces to Rs. 5000 if the renewal premium is not paid.

    • The premiums are decided based on the entry age of the employer, the risk profile of the group, and the sum assured, among other factors.

    Eligibility Criteria

    Criteria Minimum Maximum
    Entry Age 18 years 75 years
    Maximum Maturity Age 80 years
    Sum assured Rs.5000 As per the rules of the gratuity scheme
    Group Size 10 No limit
    Policy Term 1 year (annually renewable)

  4. LIC's Group Credit Life Insurance

    This is a term life insurance plan for the employees of an organization. The sole purpose of the plan is to extend financial support to the families of deceased employees.

    Key Features

    • This is a single premium policy, meaning that it requires employers to pay a lump sum at the time of policy issuance.

    • On the death of the assured group member, the sum assured is payable to their nominees.

    • No maturity or loan benefits are applicable under this plan.

    • The policy can be surrendered at any time within the policy term but before 6 months from its end.

    • 80% of the single premium amount will be payable if the death of a group member occurs within 12 months of entry into the plan.

    Eligibility Criteria

    Criteria Minimum Maximum
    Entry Age 18 years 60 years
    Maximum Maturity Age 65 years
    Sum assured Rs. 4 Lakhs No limit
    Group Size 50 No limit
    Policy Term 5 years 35 years

  5. LIC's Single Premium Group Insurance

    This is another one of LIC’s term insurance plans for the employees of an organization. The only benefit applicable is the life cover payable on the death of a group member.

    Key Features

    • The plan requires employers to pay a one-time lump sum premium.

    • Sum assured is payable on the death of a group member.

    • If the member survives the policy term, no benefit is payable.

    • The plan can be surrendered by the employer or a member. The latter cannot surrender the policy 6 months prior to the end of the policy term.

    Eligibility Criteria

    Criteria Minimum Maximum
    Entry Age 18 years 60 years
    Maximum Maturity Age 65 years
    Sum assured Rs. 5,000 Rs. 10 Lakhs
    Group Size 50 No limit
    Policy Term 2 years 7 years

  6. LIC's New One Year Renewable Group Term Assurance Plan I

    This is a term protection plan that covers group members only for the duration of the policy. On their death, the sum assured is paid out to the nominees.

    Key Features

    • It requires a lump sum single premium payment.

    • The total premium is equal to the sum of individual premiums for each member covered under the plan.

    • Sum assured is payable in a lump sum to the beneficiary of the deceased member.

    • Premium rates are renewable every year.

    • Based on the mortality rate of the group in the previous year, premiums can be reduced or increased.

    • The policy does not acquire any surrender policy.

    Eligibility Criteria

    Criteria Minimum Maximum
    Entry Age 8 years 75 years
    Maximum Age at Renewal 80 years
    Sum assured Rs. 5,000 No limit
    Group Size 25 No limit
    Policy Term 1 year (annually renewable)

    This plan further comes with a variant - LIC's New One Year Renewable Group Term Assurance Plan II. All the aspects of this plan are similar to Variant I except for the renewable premium rates. With this plan, premiums can be renewed based on a profit-sharing arrangement, unlike the mortality experience used for Variant I. Based on how much LIC has profited from the premiums collected versus the claims settled, any profit will be adjusted with the renewal premium.

  7. LIC's One Year Renewable Group Micro Term Assurance Plan

    This is a term protection plan for groups belonging to economically weaker sections of the society. Self-help groups, NGOs, and other social organizations can cover their employees under this scheme.

    Key Features

    • It offers financial assistance to the family of the lives assured under the plan on their unfortunate demise.

    • Premiums can be paid yearly, half-yearly, quarterly, or monthly.

    • The policy allows a grace period of 15-30 days for employers to continue premium payments.

    • If a member dies within this period, the sum assured payable will be calculated by reducing the due premium amount.

    Eligibility Criteria

    Criteria Minimum Maximum
    Entry Age 18 years 64 years
    Maximum Age at Renewal 64 years
    Sum assured Rs. 5,000 per member Rs. 2 Lakhs per member
    Group Size 25 No limit
    Policy Term 1 year (annually renewable)

  8. LIC’s Group Assurance plan

    This is a government-based life insurance savings scheme for employees in PSUs or other Central and State Government agencies. It offers periodic payments throughout the policy term and a lump sum on the death of the life assured.

    Key Features

    • The member can choose to receive the survival benefits yearly, half-yearly, quarterly, or monthly.

    • These benefits shall cease on the death of the policyholder or at the end of the policy term, whichever comes earlier.

    • On the death of the life assured a lump sum benefit of Rs. 5000 will be payable. Further, a regular family income benefit will be paid till the end of the policy term.

    • The policy requires the employer to pay a single premium.

    Eligibility Criteria

    Criteria Minimum Maximum
    Entry Age 18 years 90 years
    Maximum Maturity Age 110 years
    Survival Benefit Rs. 12,000 per member per annum No limit
    Group Size 10 No limit
    Policy Term 20 years 35 years

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