Central Railway Mumbai Division and LIC Join Forces to Provide Group Term Insurance for 31,466 Employees
Central Railway’s Mumbai Division has partnered with the Life Insurance Corporation (LIC) to ink a Memorandum of Understanding (MoU) aimed at offering a Group Term Insurance Plan to the division’s 31,466 employees.
Key Features of the Plan Include:
- No Medical Examination: Employees are not required to undergo a medical examination.
- Efficient Claim Settlement: In the unfortunate event of a claim, the settlement process is expedited, with claims settled within 10 days of the submission of the death certificate.
- Wide Age Coverage: The insurance plan covers individuals between the ages of 18 and 60.
- Coverage for Suicide Cases: The plan provides coverage for cases of suicide.
- Uniform Premium: Premiums remain consistent for employees of all ages within each category until retirement.
- Convenient Premium Deduction: Monthly premiums are deducted from employees’ salaries according to their respective categories.
The signing of this MoU was a significant event, presided over by Naresh Lalwani, the General Manager of Central Railway. Also in attendance were Renu Sharma, Principal Chief Personnel Officer of Central Railway, Rajneesh Kumar Goyal, Divisional Railway Manager of Mumbai, and Manju Bagga, Executive Director at LIC.
Central Railway reaffirms its unwavering commitment to the well-being and welfare of its dedicated employees.
