Mumbai Division of Indian Railways and Life Insurance Corporation (LIC) Sign MoU for Comprehensive Group Term Insurance Plan
Mumbai, November 8, 2023 — In a significant move aimed at enhancing the welfare of its workforce, the Central Railway (CR) Mumbai Division has joined hands with the Life Insurance Corporation (LIC) to introduce a Group Term Insurance Plan that will provide essential coverage to 31,466 employees.
This pioneering initiative, which was formally announced at a special event held today, comes with a range of features designed to secure the well-being of the dedicated railway employees:
No Medical Examination Required: Under this plan, employees will not be subjected to rigorous medical examinations, making it accessible and hassle-free.
Efficient Claim Settlement: In the unfortunate event of an employee’s demise, the plan promises a swift claim settlement process, with claims being processed within just 10 days of the submission of the death certificate.
Age Inclusive Coverage: The plan encompasses employees aged between 18 and 60 years, ensuring a broad demographic is protected.
Comprehensive Coverage, Including Suicide Cases: This insurance plan is inclusive, extending its coverage even to suicide cases, thereby offering a safety net during challenging times.
Uniform Premiums: One notable feature of the plan is that the premium remains constant for all employees within each age bracket until retirement, making it equitable for all.
Convenient Premium Deductions: The monthly premium will be conveniently deducted from the employees’ salaries according to their respective age slabs.
The official MoU signing event was presided over by Naresh Lalwani, General Manager of CR, who expressed the organization’s commitment to the welfare of its employees. Mr. Lalwani was joined by key dignitaries including Renu Sharma, Principal Chief Personnel Officer of CR, Rajneesh Kumar Goyal, Divisional Railway Manager of Mumbai, and Manju Bagga, Executive Director of LIC.
