LIC Launches Group Post-Retirement Medical Benefit Scheme

This plan is a Non-Linked, Non-Participating, Life, Group Savings Insurance product, the Insurance company said in a release on Tuesday.

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The plan helps to meet the employer’s obligation for Post-Retirement Medical Benefit to their employees and the plan also offers a fixed Life Cover Benefit (Sum Assured) to each member.

Any employer willing to fund for their Employees’ Benefit may adopt the scheme. 

The plan is available for any employer with 50 or more employees.

The product is an addition to the bouquet of LIC’s eleven Group products and one Group Accident Benefit Rider.

Medical Dialogues team had earlier reported that Pharma major Dr Reddy's Laboratories Ltd said Life Insurance Corporation of India has increased its stake to 7.7 percent in the pharmaceutical firm through the purchase of 33.86 lakh shares from the open market over some time. Life Insurance Corporation of India (LIC) earlier held around a 5.65 percent stake in the company, Dr Reddy's Laboratories (DRL) said in a regulatory filing.

Between June 15, 2022, and September 30, 2022, LIC purchased 33,86,486 shares of DRL, aggregating a 2.034 percent stake from the open market, it added. Subsequently, LIC's holding in the company stands at 7.7 percent, it said. Established on 1 September 1956, Life Insurance Corporation of India (LIC) is an Indian statutory body headquartered in Mumbai, Maharashtra, India. The statutory body is under the ownership of Ministry of Finance, Government of India. Launches

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