FLOATER COVER (LIMIT FOR FAMILY AS A WHOLE INSTEAD OF
LIMIT FOR EACH INDIVIDUAL) BEING INTRODUCED.
It is learnt that LIC has decided comprehensively on (1) optional limits and (2) floater limits (family limits). Members have been expressing often on inadequate limits that were existing. It is our Federation to voice for the first time the concept of floater cover (that is, overall limits for the family as a whole instead of limits for each individual) in our Ernakulam GC Meeting two years ago. Since then, we have been demanding its introduction right from that time.
We do hope the increased limits in different categories will be a great relief to us. According to our information the floater (family) cover limits range from 3 lacs onwards. The maximum optional cover is increased to 20 lacs. Subsidy on premium will continue to be available on basic limits as at present. The shape of implementation of the decision with regard to pensioners will be clear when the Central Office issues instructions. We will await details.
GN Sridharan,
General Secretary
Federation of Retired Class I Officers’ Associations