In this policy, the investment risk in investment portfolio is borne by the policyholder.
A Unit Linked Group Insurance Plan, which enables you to plan for your employee benefits and ensures that your employees get appropriate benefits in the form of gratuity and leave encashment.
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Parameters |
Minimum |
Maximum |
Premium / Contribution per scheme* (in INR) |
₹ 1,00,000 |
No Limit |
Age at Entry (Age Last Birthday) |
18 years |
79 years |
Maximum Age at Maturity (Age Last Birthday) |
80 years |
|
Policy Term |
One Year Renewable |
|
Sum Assured |
Flat Sum Assured of INR 5,000 for all members |
|
Number of Members |
10 |
No Limit |
*The premium / contribution shall be as per the Actuary's certificate in accordance with AS 15 (Revised) only.
In event of death, resignation, retirement, disability or any such event that may terminate the employment where the policy in is force, we will pay the gratuity benefit in accordance with the scheme rules by cancelling the units of equivalent amount from the unit account at the respective NAV, provided the fund value* is sufficient to pay out such gratuity benefit.
This benefit is payable on member encashing leave while in service as per the scheme rules. The amount calculated as per the rules of the scheme rules will be paid by cancellation of units at the prevailing NAV, provided the fund value* is sufficient to pay out leave encashment benefit.
On a member’s exit from employer’s service as per the scheme rules (applicable exits may include resignation, retirement, termination or ceasing service due to disability), the amount calculated as per the scheme rules shall be paid by cancellation of units at the prevailing NAV, provided the fund value* is sufficient to pay out such leave encashment benefit.
In case of death of the member (including death due to suicide), while the policy is in force, the Death Benefit is sum of the following:
No maturity benefits are payable if this policy is renewed with us. In case you do not renew the policy, we will pay you the fund value* after deducting applicable surrender charges if any.
You may be eligible for the tax benefits on the premiums paid and the benefits received subject to the prevailing provisions. The tax benefits are subject to change as per change in Tax laws from time to time.
*Fund Value means the value of the total number of Units held in the Unit Account of the Funds multiplied by the NAV