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Thursday, December 10, 2015

Question of small mercies !


10 Dec 15, 11:51 AM

B Ganga Raju: There are some posts about staff rebate under LIC policies for LIC Staff. I think everyone who worked in NB or PS departments is familiar with the Clause incorporating the conditions for staff rebate, which is attached to the policy document and endorsed in the schedule.

The rebate is operational as long as the policyholder remains an employee of LIC. That is the contract modified through the relevant clause. If it is to be extended even after retirement (i.e. for pensioners also till the end of policy term or premium paying term) LIC Board can take a decision and the cost of the benefit will be very very small to LIC and may be negligible when the denominator runs into crores of policies. But let us remind ourselves that pensioners do not enjoy even SSS like arrangement i.e. monthly recovery even for mediclaim premium.

But all these are small mercies.