• Reliance Life Group Leave Encashment Plus Plan

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    Reliance Group Leave Encashment Plus Plan is a non-participating fund based group unit-linked insurance plan that is aimed towards fund management services that provide for leave encashment benefits of employees. Through fund management and administration done by themselves, employers can now have a simpler way of fulfilling the needs of leave encashment without any adverse cash flows at inopportune times. The plan offers the flexibility to choose fund options and also provides a life cover for the members under the plan.

    Key features of Reliance Group Leave Encashment Plus Plan:

    This plan from Reliance has the following features

    • Leave encashment funds - This is the amount of funds received by an employee or his/her nominee in case of resignation, retirement, disability or death of the employee while the employer is the active policyholder with Reliance Life. The collective amount in the account is a result of the investment of the contributions in the fund options chosen. The minimum insured death benefit will be Rs. 1000 and there is no maximum cap on the same
    • Premium paying term - Premiums under this policy are payable on a flexible basis, as and when new members get added or as the fund requirement increases
    • Premiums - Under this plan, the master policyholder or the employer needs to pay a minimum of Rs. 1,00,000 per year in order to continue availing the benefits of the policy. There is no maximum cap for the annual premium than can be paid towards annual leave encashment contribution
    • Premium paying modes - The premiums can be paid as and when the requirement arises to stabilise the contribution amount in the account
    • Premium paying method - Premiums for the policy can be paid through internet banking, ECS, cheques, demand drafts, credit cards and other applicable transaction medium
    • Basis - This is a group insurance product which allows the policyholder to effectively have a resource for providing for the leave encashment needs of the employees and have a seamless fund management done through outsourcing
    • Policy validity - The policy’s validity is for a year and it gets renewed automatically for the subsequent policy term provided there are enough funds in the account
    • Free look period - The policy can be returned within a period of a maximum of 15 days (30 days in case of distance marketing) and the premium can be refunded minus the cost incurred by the insurer

    Benefits of Reliance Group Leave Encashment Plus Plan:

    This policy from Reliance Life is aimed at employers aiming to provide for leave encashment benefits for their employees. The following are a detailed list of the benefits offered under this policy -

    • Fund Management Services - Allocating funds for meeting the needs of leave encashment can be challenging. With four fund options, Reliance Life offers the employer or master policyholder a healthy mix of risk and benefits that can cater to the different investment needs. Risk levels and benefits can be judged perfectly and the employer can accordingly choose where the contributions are invested, allowing for a lucrative leave encashment benefit for every employee
    • Free Fund Switches - Investment in funds is always risk ridden and the needs of employers might change from time to time. Keeping the same in view, Reliance allows up to four free switches of investments across funds in a policy year
    • Surrender Benefit - The policy gets renewed automatically at the end of a policy anniversary but in case of a deficit in the fund or surrender of the policy, Reliance Life will pay a surrender value or discontinuance that is equal to the fund value less any applicable charges
    • Tax benefits - Leave encashment benefit as and when paid by the employer will be deductible from his income and the benefit received by the employee at retirement is subject to tax relief. These conditions are dependent on the prevailing tax laws

    Eligibility Criteria for Reliance Group Leave Encashment Plus Plan:

    Group size, entry ages and maturity periods for this plan and the criteria of eligibility for this plan can be illustrated in the table below -

    Parameters

    Minimum

    Maximum

    Size of the Group

    10 members

    No Limit

    Age at Entry (in years)

    18

    65

    Age at Maturity (in years)

    19

    70

    Investment of Funds in Reliance Group Leave Encashment Plus Plan:

    This group policy is a unit linked plan and being fund based, it allows the contribution towards leave encashment to be invested in a group of four different funds. These funds have the following asset ratios and risk categorization -

    Fund Name

    Aim of Investment

    Asset Category

    Range of Allocation (%)

    Target (%)

    Group Balanced Fund 4

    Returns to exceed rate of inflation in the long run. Low to moderate risk.

    Money market instruments

    0-10

    0

    Debt securities

    0-85

    80

    Equities

    0-25

    20

    Group Equity Fund 4

    Real rate of returns will be high in the long run. High risk.

    Corporate bonds and other debt instruments

    0-10

    0

    Equities

    0-100

    0

    Group Corporate Bond 3

    Returns to exceed inflation rate while taking some credit risk. Low to moderate risk.

    Money market instruments

    0-10

    0

    Corporate bonds and other debt instruments

    0-100

    100

    Group Money Market Fund 2

    Maintain capital value of all contributions. Low risk.

    Money market instruments, liquid mutual funds and bank deposits

    100

    100

    Charges under Reliance Group Leave Encashment Plus Plan:

    This group policy has a few applicable charges, right from fund management to the government applicable service charge. All the different funds available under this policy have a fund management charge of 0.75% subject to a maximum of 1.35% per annum. In case the four free fund switches have been utilised, every other fund switch will attract a charge of 0.1% of the amount that is to be switched, subject to a maximum of Rs. 5000. Surrender and/or discontinuation charges will be in accordance with the guidelines put forth by the IRDA. As of now, surrender/discontinuation charge within the first three years of the policy will be a minimum of 0.05% of the fund value or Rs. 5,00,000. In case the surrender or discontinuation happens from the 4th policy year onwards, no charges will be levied.

    How Reliance Group Leave Encashment Plus Plan Works?

    Spandan Systems is a manufacturing company that has recently opened up a factory with refurbished machinery and has hired a fresh batch of 120 people. Earlier, due to an outsourced model, their management could easily handle leave encashment among themselves. This time, Spandan Systems decides to use the benefits offered by

    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 Leave Encashment 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
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