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  • Reliance Life Group Gratuity Plus Plan

    Reliance Life Insurance

    Gratuity is a long-term liability of the employer and accordingly an appropriate long term investment strategy, should be adopted by trustees to match assets and liabilities. As per the Indian Government, the Payment of Gratuity Act in 1972, gratuity is payable immediately at the end of employment, provided the employee has continuous service of at least five years. The five year provision does not apply on death or disablement of the employee. Reliance Group Gratuity Plus Plan This is a unit linked group gratuity product with five different fund options, namely, group Gilt Fund 2, group Equity Fund 3, group Corporate Bond Fund 2, group Money Market Fund 2 and group Balanced Fund 2. This helps you with meeting your gratuity your payments as per the Gratuity Act in 1972. You can also transfer your existing gratuity liability managed under some other funds to Reliance.

    The features of the Reliance Group Gratuity Plus Plan:

    • The policy is for a term of 5 years.
    • This policy is a Group policy and has a minimum size of 10 people.
    • The Reliance Life Insurance Group Gratuity Plus Plan is a unit linked plan
    • It provides you with the ability to invest various funds, Gilt Fund 2, group Equity Fund 3, group Corporate Bond Fund 2, group Money Market Fund 2 and group Balanced Fund 2.
    • Switching between the funds is allowed and can be easily done
    • This policy can also be surrendered
    • Free look period of 15 days is provided to you, if you disagree to the terms and conditions of the policy you can return the policy to the company.
    • Grace period of 30 days will be provided to the policyholder and if the contributions are not paid within the grace period then, the policy will be discontinued.

    These are some of the features for this policy:

    The key benefits of the Reliance Group Gratuity Plus Plan

    The benefits with a scheme under this plan depends on a particular employer’s gratuity scheme. Most companies or employers, generally provide the contingencies for benefit payment and the benefit level as given below:

    1. At the time of retirement – Mostly, this benefit is equal to 15 days of salary at the time of retirement. For each year of past service of the retiring employee, and may be subject to a maximum of Rs. 10,00,000
    2. Death or disability of employee - This benefit is equal to 15 days of salary at the time of death of the employee during service, per year of service of the employee till the time of death or disability, this is subject to a maximum of Rs. 10,00,000. The death benefit, is subject to a minimum of Rs. 1,000 for each member. An insurance risk premium will be charged for the death benefit. The death cover ceases immediately on a member leaving a scheme
    3. Resignation of an employee – Again, equal to 15 days salary at the time of resignation of an employee per year of service till the time of resignation, again is subject to maximum of Rs. 10,00,000. This is subject to the employee being under the service of the company for a minimum of 5 years.
    4. Surrender of the policy – If an employee decides to surrender their policy or the policy gets discontinued because of insufficient funds, Reliance Life Insurance Company Ltd. will pay a surrender or discontinued benefit equal to the fund value minus any charges if applicable.

    Eligibility conditions by the Reliance Group Gratuity Plus Plan:

    Particulars

    Minimum

    Maximum

    Age at entry

    18 years

    65 years

    Annual past service gratuity liability contribution

    Rs. 2, 00, 000

    No Limit

    Group Size

    10

    No Limit

    Policy term

    5 years

    No Maximum. The policy will be in force until it is terminated

    Insured death benefit

    Rs. 1, 000 / member

    No Limit

    Maturity Age

    19 years

    70 years

    Charges for the fund management:

    1. The gratuity contributions paid by employers and invested with the Reliance Group Gratuity Plus Plan.
    2. The gratuity benefits transferred from a previous gratuity scheme are received and invested by Reliance and debit the account with the same.
    3. In the case of an unfortunate demise, benefits will be paid including death benefit.
    4. Switching charges from one fund to another will be chargeable as and when they are processed.
    5. Insurance premiums are also charged under the Reliance Group Gratuity Plus Plan.
    6. All taxes, duties, and charges of any kind levied on by any statutory authority.

    There are charges applied by the company to manage your funds. The company credits your account with:

    Fund

    Annual Rate

    Group Money Market Fund 2

    0.75%

    Group Balanced Fund 4

    0.75%

    Group Corporate Bond Fund 3

    0.75%

    Group Equity Fund 4

    0.75%

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