Life Insurance Corporation of India has launched the Group Post Retirement Medical Benefit Scheme to help employers fulfill their duties to provide their workers with post-retirement medical benefits.
The scheme got affected on May 2, 2023 onwards.
The benefits of the scheme are like sum insured will be paid if a member passes away while still in service before retirement.
The plan provides each member with a fixed Life Cover Benefit (Sum Assured). Post-retirement and medical benefits will be given to the eligible employees under the scheme rules.
