• Reliance Life Traditional Group Assure Employee Benefit Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    eliance Traditional Group Assure Employee Benefits Plan is a traditional Non-Linked Non-Par Variable fund based Group product. This is renewable annually. And is only for employer or employee groups. It give a choice to employers / trustees to manage their employees’ gratuity funds through a third party, and the related administration that comes along with it.

    The key features available under the plan:

    1. Gratuity liability management - With this plan your corporate will get the necessary assistance to manage your gratuity liabilities appropriately.
    2. Guaranteed Interest Rate - An interest rate, referred as Minimum Floor Rate, equal to 2.50% p.a. is minimum guaranteed on the premium contribution paid towards the policy account.
    3. Additional Interest - You will also receive an additional interest based on the additional interest rate defined for the financial year.
    4. Tax benefits - You can also enjoy the various tax benefits as applicable as per the Income Tax Act 1961.
    5. Free Look - You can also enjoy a free look period for this plan, and if you are doubtful of the terms and conditions then, you can cancel the policy within 15 days of receiving it.

    Benefits of being part of this plan:

    1. Retirement of the employee:
      1. The benefit amount will be based on the scheme rules set by the employer.
      2. The benefit amount payable will be subject to the scheme rules and funds availability in the employer's policy account. The company will be liable to the limit of funds available in their account.
      3. If a member of the plan, has a unfortunate demise it ceases immediately on a member not being a part of the scheme. And the Death Benefit comes in.
    2. Death or disability of the employee in service:
      1. The benefit amount will be based on the scheme rules set by the employer.
      2. In case of demise of a policy member, the base sum assured and rider sum assured, if any, that the employer has opted for, will be payable.
      3. The benefit amount payable will be subject to the scheme rules and funds availability in the employer's policy account. The company will be liable to the limit of funds available in their account.
      4. All future benefits will be terminated on the payment of benefits on account of Death
    1. Resignations or termination of service of the employee:
      1. The benefit amount will be based on the scheme rules set by the employer.
      2. The benefit amount payable will be subject to the scheme rules and funds availability in the employer's policy account. The company will be liable to the limit of funds available in their account.
      3. The Death Benefit ceases immediately on a member leaving a scheme
    1. Leave Encashment by employees (annually):
      1. The benefit amount will be based on the scheme rules set by the employer. In case of Leave Encashment benefits.
      2. The benefit amount payable will be subject to the scheme rules and funds availability in the employer's policy account. The company will be liable to the limit of funds available in their account.

    The plan eligibility are mentioned below:

    Particulars

    Minimum

    Maximum

    Age

    18 years

    69 years

    Size of group

    20 years

    No limit

    Policy term

    1 year

    The policy will be renewed annually and will be in force unless it is specifically terminated.

    Maturity age

    70 years

    Sum assured

    Rs. 10, 000 per member

    No limit on the maximum sum assured.

    Annual past service gratuity liability contribution

    Rs. 2, 00, 000

    No limit

    How does the plan work?

    The gratuity contribution payable under this policy will be based on the actuals of the individual employer’s gratuity scheme.

    The Reliance Life insurance Company will keep aside assets for this plan separately, and the policy account under the plan should be disclosed on the company’s website for the fund under this plan.

    The gratuity liability contribution should be paid in a lump sum or it can also be paid in instalments over a period of 5 years. These contributions may be made monthly, quarterly, half-yearly or yearly.

    The policy will be renewed annual as per the date of commencement of the plan.

    A policy account will be maintain for a company as a whole and not individually for each member under the plan.

    An insurance cover will be provided under the scheme and >a href="https://www.bankbazaarinsurance.com/insurance/life-insurance.html">life insurance premium shall be deducted in advance on monthly basis from the policy account. These charges will reviewable each year.

    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 Traditional Group Assure Employee Benefit 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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