(LIC) has launched a Group Post Retirement Medical Benefit Scheme

Current Context: LIC (Life Insurance Corporation of India) has launched a new Group Post-Retirement Medical Benefit Scheme with effect from May 2, 2023.

• This is a non-linked, non-participating, life, group savings insurance product that helps employers to provide post-retirement medical benefits to their employees.
• The scheme also offers a fixed life cover benefit (sum assured) to each member who dies while still in service before retirement.
• Any employer with 50 or more employees can adopt the scheme.

Question:

Q.1 When did LIC launch the Group Post-Retirement Medical Benefit Scheme?
a. May 1, 2023
b. May 2, 2023
c. May 3, 2023
d. May 4, 2023