One-stop solution to plan for all your employees benefits
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.
Multiple Fund Options with Fund Management Charge of only 0.55% p.a. : The plan lets you choose from 4 fund
options with differentrisk-return potential and option to switch between those Funds depending on your investment strategy without incurring any charges for switch.
Create separate Funds for Gratuity and Leave Encashment Benefits : Get an opportunity to set up a
separate fund for gratuity and leave encashment benefit.
Get rewarded with Loyalty Additions : If the Policy is in force, Loyalty Additions will be credited to the Policy on
each Policy Anniversary and will accrue at the beginning of the Policy Year.
Life Insurance Cover : A life cover of Rs. 5,000 for all members under
Leave Encashment and Gratuity will be payable to the beneficiary in case of unfortunate death.
WHO CAN BUY?
|Premium / Contribution per scheme* (in INR)||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.
Leave Encashment Benefit
Benefits payable on leave encashment, while the member is in service
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.
Benefits payable of the Member’s exit from the employer’s service
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:
1. Sum Assured: A life cover of Rs. 5000 for all members under Leave Encashment and Gratuity will be payable to the beneficiary. No units from the unit account will be redeemed by us for the payment of the Sum Assured.
2. The gratuity / leave encashment benefit will be payable to master policyholder as per the scheme rules by cancelling units of equivalent amount from the fund.
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.
Tax benefits: You can avail the tax benefits on the premiums paid and the benefits received subject to the prevailing provisions under Income Tax Act, 1961. 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
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