Central Railway's Mumbai Division and Life Insurance Corporation signed a Memorandum of Understanding for the implementation of Group Term Insurance Plan for the benefit of its employees. About 31,466 employees covered under this plan are likely to benefit from it. This is the first of its kind in the Government sector and Indian Railways.

The event was presided over by Mr. Naresh Lalwani, General Manager, Central Railway; Mrs. Renu Sharma, Principal Chief Personnel Officer, Central Railway; Mr. Rajneesh Kumar Goyal, Divisional Railway Manager, Mumbai Division; Mrs. Manju Bagga, Executive Director, L.I.C Senior Officers and Branch Officers of Central Railway, Officers from LIC, representatives of the Unions and Associations were also present.

Taking term insurance provides financial benefits to the employee's family, frees the employee from worrying about possible future problems for his family and increases the morale of the employees.

Group Term Insurance Plan is an annually renewable insurance plan.

It has the following features -

• There will be no medical examination in this scheme.
• In this scheme, the claim is accepted and settled within 10 days of submission of the death certificate will be done.
• The age cover limit in this scheme is fixed at 18-60 years.
• Suicide cases will also be covered in this scheme.
• The premium will be the same for employees of all ages in each slab till retirement.
• The monthly premium will be deducted from the salary of the employees as per the slab and other facilities as follows.

Dr. Tushaba Shinde, Senior Divisional Personnel Officer, Mumbai Division, Central Railway presented the vote of thanks.

Source- CR