The Life Insurance Corporation of India (LIC) has introduced a single-premium group micro-term insurance plan.

A non-participating, non-linked, group, pure risk, micro insurance product, the plan is specially designed to provide simple, flexible and affordable life insurance to cater to the needs of finance institutions, including micro finance institutions, co-operatives, self help groups (SHGs) and non-governmental organisations (NGOs) to cover their members / loanees.

It also addresses essential insurance requirement of members of unorganised groups, employer-employee groups and other homogeneous affinity groups. The product provides customised credit protection to customers of financial institutions and protects families from the burden of repayment of loans in case of demise of the breadwinner, LIC said in a release.

The product is for group with 50 or more members; provides risk cover sum assured from Rs.5,000-Rs.2 lakh for members; flexibility to choose term from 1 month to 10 years for risk cover; and easy to avail with no need for any medical examination. Joint life cover for spouse is available under lender-borrower relationships, it said.