It is imperative for an organisation to understand that its employees are the most valuable asset. To ensure a smooth operational and comfortable working structure for employees, ICICI Prudential group solutions enable employers to offer benefits to their employees. Apart from this, it also assists the organisation in meeting the statutory obligations of gratuity of an employer.
Why ICICI Prudential Group Plans?
ICICI Prudential life is a leading provider in the field of insurance. Not only is it trusted by millions, but is also extremely popular amongst its strong customer base. ICICI Prudential Group Plans enables an organisation to fulfil the obligations gratuity, thereby, providing security and ensuring the wellbeing of the employees.
Group Gratuity Plan
Gratuity is a statutory benefit provided to employees of an organisation. On his exit from the organisation, he gets a lump sum amount only if he has fulfilled all the prerequisites of the gratuity act.
- The minimum group size to avail this plan is that of 10 members.
- The plan options are linked by unit.
- The minimum age of a customer to buy this plan needs to 15 years. The maximum age limit for the same is 85 years.
- The minimum policy tenure for this plan is 1 year.
- As per the bundled life cover, the company’s group gratuity plan offers a standard cover of Rs. 1000 to all the employees.
- With the help of scheme administration, the organisation can add or delete members/employees on a monthly basis.
Group Superannuation Plan
This is a pension benefit plan, and is offered to employees on their retirement.
- This plan further offers two types of plans to choose from – Unit linked and Endowment.
- The minimum annuity amount is Rs. 100.
- The age limit of applicants, for this plan, ranges from a minimum of 20 years to a maximum of 85 years.
- The policy tenure is a minimum of 1 year.
- The vesting age limit is a minimum of 45 years to maximum of 80 years.
Loan Protect Plus
This plan ensures that on the policyholder’s death, his family members inherit the asset (for which the loan was taken) and not the loan.
- The applicant needs to be a minimum to 18 years old (at the time of entering the policy) and can avail the same until the age of 65.
- The age limit at maturity has to be a minimum of 23 years and maximum of 70 years.
- The minimum sum assured is Rs. 500,000.
- The policyholders are entitled to the following benefits -
- Death Benefit with Accidental Death (AD) Benefit
- Death Benefit with Accelerated Critical Illness (CI) & Total and Permanent Disability (TPD) Benefit
- Death Benefit with AD Benefit and Accelerated CI & TPD Benefit
Group Leave Encashment Plan
This is a benefit offered by an organisation to its employees, by dint of which an employee is entitled to accumulate his/ her leaves and encash it later.
- The plan is available in ‘Unit Linked’ option.
- The age limit to avail this plan is a minimum of 15 years to a maximum of 85 years.
- The minimum policy tenure is that of 1 year.
- According to the Bundled life cover, the group leave encashment plan gives a standard cover of Rs. 1000 to the employees.
- The premium paying term can either be monthly, quarterly, half-yearly, and yearly.
- Group Immediate Annuity Plan
- This plan offers a stable periodic payment to the employee. This is done throughout his/her lifetime, but only against the payment of an initial lump sum.
- The annuity payment has four modes to be chosen from – Yearly, Half yearly, Quarterly, and Monthly.
- For superannuation tied, the minimum amount payable is Rs. 100. It is Rs. 12,000 for superannuation standalone.
- The minimum age limit for superannuation tied is 20 years and maximum is 80 years.
- The minimum age limit for superannuation standalone is 45 years and maximum is 80 years.
- The premium payment mode is single premium.
Group Term Life Solutions
This is a term group insurance which provides financial security for the policyholder's family in the event of his/her death.
- The minimum size of the employer-employee group needs to be 10, or else it is 50.
- The minimum premium amount at policy level is Rs. 10,000.
- Rs. 1000 is the minimum sum assured at a member level.
- The age limit for entering the policy is a minimum of 15 years and maximum of 79 years.
- The maximum age for policy expiration is 80 years.
- The policy tenure 1 year.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017