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  • Reliance Life Traditional Group Assure Employee Benefit Plan

    Reliance Life Insurance

    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 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 life insurance premium shall be deducted in advance on monthly basis from the policy account. These charges will reviewable each year.

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