A benefit that an employer offers an employee whereby an employee can accumulate his/ her leave over a period of time is known as leave encashment. ICICI Pru Group Leave Encashment ensures that the employee’s accumulated leave is paid in lump sum to their dependants on death, voluntary retirement, retirement, disablement etc. The accumulated leave must be in accordance with guidelines framed by the employer. Major adverse cash flow situations can be created by employee exits as they can be uncertain. Thus it is extremely important for you, as an employer, to setup a leave encashment fund to meet these unexpected future payments from time to time. Contributing to the ICICI Prudential's Group plan can help you meet your Leave Encashment liability with ease.
Eligibility of ICICI Pru Group Leave Encashment:
Minimum entry age
Maximum entry age
Minimum policy term
Features of ICICI Pru Group Leave Encashment:
Following are some of the attractive features of ICICI Pru Group Leave Encashment:
Minimum policy term
Bundled life cover
ICICI Prudential group leave encashment plan provides a flat cover of Rs. 1000 to the employees
UIN of ICICI Pru Group Unit Linked Employee Benefit Plan:
Premium paying term
Yearly/ Half yearly/ Quarterly/ Monthly
Benefits of ICICI Pru Group Leave Encashment:
Following are some of the main benefits ICICI Pru Group Leave Encashment:
Scheme setup assistance - Pru Group Leave Encashment is a flexible plan which allows customizing of solutions to meet the specific needs of customers and also and adheres to the Gratuity Act.
Claim Settlement - ICICI Prudential values your time above all else which is why they settle claims and payouts within specified turnaround time.
Dedicated service team - ICICI Prudential has wisely invested in a dedicated group service team because the relationship with customers is highly valued by the company. This team appoints a relationship manager to the policyholder who would service all of the requirements of the customer.
Managing investments – A wide range of investment options are up for grabs, which will make sure that all of the customer’s needs are accommodated.
Tax Benefit – Both the employer and employee will be benefitting with the ICICI Pru Group Leave Encashment. Contribution paid by the employer can be considered as a business expense, which will benefit the employer. The plan falls in the category of Section 10(10AA) of the Income Tax Act which will benefit employees.
Bundled life cover - a flat cover of Rs. 1000 will be provided by
to the employees.
How the ICICI Pru Group Leave Encashment Works
ICICI Pru Group Leave Encashment is a plan by ICICI pru life benefiting both employer and employee. It encompasses the employer putting aside monies to meet the Leave Encashment liability. The monies put aside is handed over to the Leave Encashment plans, so that returns are earned on it. It also helps to grow the funds in line with the Leave Encashment liability. When the employee exits the company, the fund created under the plan is used to make claim payments.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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I have taken term insurance from ICICI PRUDENTIAL on a year before. My brother has suggested to take this policy. All my family members are covered in this policy. I use to pay the premium on monthly 2,500 rupees. I know all the details about this policy and received soft copy on time. The tenure period is 70 years for this policy.
I have bought the life insurance from ICICI prudential on 8 years back. This is a market based policy and I have invested the money of Rs. 1L and I have paid the premium amount of Rs. 3000 on every month. After 4 years when I withdraw the money, I got only Rs. 64,000 and I had a loss of this policy. My friend told me that this policy is good for investment. This is a tax benefit policy.
The policies are designed for the company gain at the loss of your hard earned money. Do not believe what the agents say. They leave out the essential parts that you actually need to know. Better not invest your money since it never comes back. Had s bitter experience with their Suraksha policy.
My term insurance policy was taken from ICICI prudential and i got it through online. Its because of the higher claim ratio i have selected this company. Their premium is low when i compared to others. I pay the premium amount of Rs. 734 per month for the coverage value of Rs. 30 lakhs.
Taken my term insurance from ICICI Prudential. When i purchased this policy i was 32 years old then i checked with different company but compared to other company, they are providing higher sum assured amount at the time of death and disability cover. When they processing the policy, it was very simple process. I didn't see any kind of fraudulent activity since everything went digital. I have been paying the premium amount of Rs. 587 per month. They have provided me a coverage value of Rs. 55 lakhs.
I have been cheated through wealth builder policy.
1. I was told policy is flexible and funds manager will provide you guaranteed returns but after buying. nobody was assigned and funds depriciate and on asking it told we never promised that. So i wanted the money back. They told keep it for 5 years so that no charges would be levied onto it.
2. After 5 years of lock-in, now they again say, no no we will deduct amount..policy charge..crap charges...will reduce my original funds value and I would an amount less than what I had started 5 years back. Which policy does this to you.
3. the customer care No.1860 266 7766 never works. You have to communicate through email
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Reviewed on Dec 26, 2019
I have taken my term insurance from ICICI prudential. I have trusted this bank because its a top most high, that is the reason i have chosen them. I'm happy about the claim ratio. I'm satisfied with the sum assured amount. I have chosen the annual payment mode after 1 year, i will change the payment mode on a monthly basis.
I took my life insurance policy from ICICI prudential and the agent cheated by saying the benefits. In this plan, i need to pay for 7 years with the amount of Rs. 50000. Once i paid the money, there is a lock in period of 8 years but the interest rates are getting less and i feel like end of the term i won't get any additional benefit.
Earlier i was having a life insurance policy from ICICI Prudential. Agent were explained me about the policy details. They said my money will get doubled after 5 years hence i have paid the premium amount of Rs. 25000 annually for 3 years and there is a lock in period for 2 years. Once i went to withdraw the policy i got Rs. 1000 extra.
I have taken term insurance with ICICI PRUDENTIAL on 4 years before. They have updated same policy so I discontinued old one and opened new policy. It is a term policy with tenure period of 30 years. I use to pay premium amount on annual basis of 18K. Agent has provided all the details and I received soft copy. One drawback with this insurer is their rates are high.
Taken my life insurance policy from ICICI Prudential one of my friend has recommended me about this policy. It was a systematic investment plan. I have paid the premium amount of Rs. 1,500 on every month. Total term period of policy is 3 years.
My life insurance was taken from ICICI Prudential. I have a kid so that i have thought of investing them . ICICI people have suggested me a good product based on my investment amount. If i invest of Rs. 1 lakh per year for the payment of 6 years and the next 15 years, i don't need to pay any money after 21 years, i get some lumpsum sum assured amount. They are providing the life insurance policy worth of Rs. 10 lakhs for myself. They will give some ULIP when i pay the premium. Its a market based policy.
On 5 years before I have taken a life insurance from ICICI PRUDENTIAL. The policy is for 15 years. I am paying premium in the annual package the amount of 13 thousands which is nominal. It is a retirement policy for the amount of 15 lakhs. While getting a policy my agent has given an information about the policy details. It covers my whole family.
I took term insurance policy with ICICI PRUDENTIAL on one year before , they have given clear details about benefits and are good. The agent has given hard copy documents on time. My premium is paying through credit card on monthly basis for 14 thousands. The tenure period for 20 years.
I have taken a life insurance in ICICI PRUDENTIAL on 6 months before. The policy is for 15 years. Now I am paying premium for 25 thousands rupees. While getting a policy my agent has given an information about the policy details, however there are some charges applicable.
My term insurance is with ICICI Prudential because of the good benefits. The tenure is 2years, if Incase any demise happened then nominee would be getting 2L from the insurer. I am paying monthly Rs.258 through ECS. The customer service is not up to the mark.
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Reviewed on Oct 10, 2019
ICICI prudential is providing me a best policy so i have taken them. Its ULIP (Unit Linked Insurance Policy) policy. I am paying the premium amount of Rs. 30000 every year. I pay the sum assured amount of Rs. 2.10 lakhs. I used to pay the premium through online.
ICICI Prudential premium was less for my life insurance so i chosen. I am holding the policy for past 3 years and they are providing me a satisfactory coverage amount. This is a term policy. Its covers with the accidental cover and disability cover.
My husband is working in ICICI Prudential so have taken 2life insurance policy. They are giving better benefits than others. I am not sure about the tenure details and premium because it has been dealt by husband. The payment mode is online.
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Reviewed on Sep 29, 2019
I have taken an accidental policy with ICICI prudential. They have insured me 1crore and the premium is very low which am happy. I have taken the policy last year and got the insurance paper on time. They are offering information time to time and the response was very nice.