Mumbai: In a move to reach out to investors, LIC of India’s Mumbai unit signed an MoU with Central Depository Services (India) Ltd (CDSL). This is to provide group insurance coverage to all eligible demat account holder aged between 18 to 59 years serviced through DPs (Depository Participants) associated with it. The group insurance scheme will provide a cover of Rs 1,00,000 for every eligible demat account subject to maximum of Rs 5,00,000 for any single individual at a very nominal price.
Speaking at a function held to exchange the MoUs at LIC’s Yogakshema Building, the Zonal Manager, Vipin Anand, said that this was a momentous occasion for both the organisations as it will be creating a new path of synergy between the LIC of India and lakhs of people investing in securities markets by offering them a cheap and convenient life insurance option. He also said that it is only appropriate that this new initiative is being taken during the 62nd Anniversary celebrations of the corporation.
K Kadiresan, Executive Director (Pension & Group Schemes), LIC of India, who was also present on the occasion, said that LIC is at the forefront of claim settlements which is the most critical aspect of life insurance business and it is for this reason alone that LIC is the most trusted brand in country for so long. It may be mentioned that CDSL serves more than 15.85 million demat accounts which is 48 per cent of the industry.