LIC Employers Group Schemes

Life Insurance Corporation of India (LIC) has rolled out a range of group insurance and benefit schemes aimed at helping employers comply with the new Labour Codes, which have significantly redefined statutory obligations related to gratuity, leave encashment, superannuation, and post-retirement benefits.

With the implementation of the new labour framework, employers are required to adopt scientific funding mechanisms to ensure timely and assured employee benefit payments. LIC, leveraging its long-standing experience in managing employee benefit solutions, has positioned these group schemes as simple, reliable, and future-ready compliance tools for organizations across sectors.

Group Schemes Offered by LIC

The insurer has highlighted four key group plans designed to address employer liabilities under the updated labour regulations:

• New Group Gratuity Cash Accumulation Plan (UIN: 512N281V04)
  Designed to help employers systematically fund gratuity liabilities while ensuring long-term financial stability.

• New Group Leave Encashment Plan (UIN: 512N282V04)
  Enables organizations to meet leave encashment obligations through structured and tax-efficient funding.

• New Group Superannuation Cash Accumulation Plan (UIN: 512N274V03)
  Supports retirement planning for employees with flexible accumulation and annuity options.

• Group Post Retirement Medical Benefit Scheme (UIN: 512N352V01)
  Provides financial support for post-retirement medical benefits, reducing long-term uncertainty for employers and employees.

Key Benefits for Employers and Employees

According to LIC, the group schemes offer multiple advantages, including:

• Scientific and disciplined funding of statutory liabilities

• Attractive returns on accumulated funds

• Insurance protection for beneficiaries

• Income tax benefits as per prevailing rules

• Multiple annuity payout options at retirement

These features are expected to help employers manage rising compliance costs while enhancing employee welfare and financial security.

Focus on Compliance and Employee Welfare

Industry experts note that with stricter enforcement of labour laws, organizations are increasingly seeking trusted institutional solutions to manage long-term employee benefit commitments. LIC’s group schemes aim to bridge this gap by offering compliant, scalable, and well-regulated products backed by the insurer’s nationwide service network.

Employers seeking more information can contact LIC’s Group Business departments or visit the official LIC website.