• Reliance Life Group Gratuity Plus Plan

     0.0 / 5.0   by 0 users
    Used this product? Write a review >>

    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    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%

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Reliance Life Group Gratuity Plus Plan Reviews

  • Page 1 of 10 1 2 3 4 5
    • Reliance Life Life Insurance
      "Worst Experience in Reliance "
      0.5 1.0/5 "Really Bad"
      The policy is not good. I paid the amount of 12000 for every quarter. I lose in this card. Agency is fraudulent one. I called the customer care, they asked me to contact the other city branch which is not possible In 15 months, i will get 15 lakhs from this policy. I have to make the payment for 5 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 12, 2018
    • Reliance Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the Reliance Life. I pay a premium of 6000 Per year. I make payments offline branches. You have direct connection with the agents. I never had any problems with the policy and their services and it is a recommendable policy to have.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 30, 2018
    • Reliance Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the Reliance Life insurance. After 15 year lump sum amount will be paid. I make the payment online and offline and never had any issues with their services. I'll have to wait and see whether they adhere to their promises in future.
      Was this review helpful? 0
      , secunderabad
      Reviewed on May 20, 2018
    • Reliance Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the Reliance Nippon Life Insurance company. I pay a premium of 25000 per year. I make Online payments. Their service is also good and considering the features they offer. I never faced any issues with the policy
      Was this review helpful? 0
      , bangalore
      Reviewed on May 15, 2018
    • Reliance Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with Reliance from last 2 years and it is a good insurance policy to use. The tenure for this insurance policy is 10 years and i pay my premium on monthly basis through ECS. Payment options are convenient and i am happy with the returns of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 08, 2018
    • Reliance Life Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      From RELIANCE LIFE INSURANCE i have taken a life insurance. The monthly premium amount is 1800 which i have to pay for 15 years. Its an individual policy.After the maturity period i will get the sum assured plus the bonus.The customer service is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 20, 2018
    • Reliance Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I have one policy with Reliance with the term period is for 25 years. The payments are through online which is a easy for me. The new schemes and offers are good with Reliance Life Insurance service. It is a good experience with Reliance Life Insurance service.
      Was this review helpful? 0
      , vapi
      Reviewed on Mar 09, 2018
    • Reliance Life Life Insurance
      "Average Service"
      0.5 3.5/5 "Pretty good"
      I have a Life Insurance service from Reliance Life insurance service. I have taken five policy's totally with the term period of 15 years. The premium will be payed through online. The New schemes and offers are good with Reliance. It is a average service from Reliance Life Insurance service.
      Was this review helpful? 0
      , vapi
      Reviewed on Mar 09, 2018
    • Reliance Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken one money back policy and other policy is child plan from Reliance. The services are excellent. The customer support was very good. The policy coverage and benefits are quite better. The tenure period is 20years and 10years. I used to pay per annum 39K through net banking.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 15, 2018
    • Reliance Life Life Insurance
      "Better policy to use"
      0.5 2.0/5 "Expected more"
      I have got the Life insurance policy from the RELIANCE LIFE INSURANCE company around a year ago. The customer support service is average with the RELIANCE LIFE INSURANCE company and they are not giving proper response to the customers. This policy has the tenure of 20years. I pay the premium of Rs,35000 every year to this policy.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on Feb 12, 2018
    • Reliance Life Life Insurance
      "Better policy to use"
      0.5 3.0/5 "Satisfactory"
      I have got the life insurance policy with the RELIANCE LIFE INSURANCE company and I have got this policy around 3 years ago. This policy has the tenure of 10years . The customer support and the response is good with the RELIANCE LIFE INSURANCE. I pay the premium of Rs,60,000 per year,
      Was this review helpful? 0
      , narasaraopeta
      Reviewed on Jan 31, 2018
    • Reliance Life Life Insurance
      "Customer Service is good"
      0.5 5.0/5 "Blown Away!"
      The reason I took this Insurance was that they offered me a clear picture about the Insurance that I was taking. I have been paying Rs.24000 yearly and have taken a Money Back plan. Every 3 years I will be getting an amount. And after the maturity period of 15 years I will be getting a bulk amount.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 06, 2017
    • Reliance Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      Around a year Ago I got the life insurance policy with reliance and the service is very good. The customer support was good with Reliance service. The premium of Rs.47000 per year . The plan benefits and the coverage is good with this policy..
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 15, 2017
    • Reliance Life Life Insurance
      "Good "
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the Reliance life insurance company and the customer service is good , also I have not faced any issues with them till now. Policy coverage and the plan benefits are really working up to the mark.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 15, 2017
    • Reliance Life Life Insurance
      "Not a good policy to use"
      0.5 2.0/5 "Expected more"
      I am holding a life insurance policy of Reliance from last 6 years. this life insurance policy has notto be renewed every year. I had a bad experience with this policy, the customer service was average, they did not keep up their words. The benefits and coverage in this policy is also not up to the mark.
      Was this review helpful? 0
      , ranchi
      Reviewed on Nov 11, 2017
    • Reliance Life Life Insurance
      "Better Policy to use"
      0.5 4.0/5 "Great!"
      I got the life insurance policy with Reliance life. I have this policy for past 2years. The customer support is good with Reliance life. This policy has the tenure of 15years. The premium of Rs,12000 every 6months once. The plan benefits and the coverage's are good with this policy.
      Was this review helpful? 0
      , guntur
      Reviewed on Nov 11, 2017
    • Reliance Life Life Insurance
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was been a very long time I have taken the life insurance service with RELIANCE the documents have been collected from my door step and the payments where through ecs and I have taken three policy with RELIANCE it was a good experience with RELIANCE for my life insurance service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 10, 2017
    • Reliance Life Life Insurance
      "Life insurance with Reliance"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance with RELIANCE LIFE INSURANCE.Yearly i have to pay 30000.The maturity period is for 10 years. But we have to pay only for 7 years and after 10 year they will provide some amount with some rate of interest. I will make the payment through my credit card.
      Was this review helpful? 0
      , madurai
      Reviewed on Nov 09, 2017
    • Reliance Life Life Insurance
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      I am having the Reliance term life insruance policy and I been with them from the last three years of time. I would like to say that the customer service pretty good like I would like to say everything is online services as of now.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 08, 2017
    • Reliance Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I am holding Reliance life insurance policy from last 2 years, i have to renew this life insurance policy every year. The premium amount which i pay is Rs 2500 on annual basis through ECS. There was no much interaction with the customer service team. The benefits and coverage are also good in this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 07, 2017
    Common Loader Icon
    Page 1 of 10 1 2 3 4 5
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.