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  • Reliance Life Traditional Group Employee Benefit Plan

    Reliance Life Insurance

    The Reliance Traditional Group Employee Benefit plan is particularly designed to help you manage your employees’ benefit funds more effectively. The plan comes with leave encashment benefits and gratuity benefits to help you carry out your responsibilities towards your employees. You can protect your employees form unpredictable future circumstances by providing life cover with the help of this plan.

    Features of Reliance Traditional Group Employee Benefit Plan:

    The plan comes with the following key features:

    • This is a group employee benefit plan.
    • The policy charges a mortality charges of Rs. 1 on per Rs.1000 sum assured.
    • The charges will be deducted from the policy account.
    • The policy deducts the rider premiums on monthly basis.
    • A minimum amount of Rs. 1000 can be used as basic sum assured by an employer. He/she can also choose a grade based cover or a level cover etc.
    • There is no limit on the maximum sum assured.
    • The policy deducts mortality charges on a monthly basis. The master policyholder need to inform Reliance Insurance about any additional and removal of policy members.
    • Policy term is 1 year.
    • The insurance cover offered by the policy will cease immediately when a member leave a group or the scheme.
    • The Reliance Traditional Group Employee Benefit Plan can be renewed every policy year through endorsement. However, it is subject to the company approved underwing rules.
    • The employer can surrender the policy at any time. When an employer or a trustees decides to surrender their policy, Reliance Life Insurance Company will pay surrender benefit subject to the Market Value Adjustment (MVA).however, if the policy is surrendered f within 3 years of policy commencement, a surrender charge of 0.05% of the fund or a maximum 5, 00,000 will be charged.
    • The policy charges an amount of 0.75% on yearly basis as fund management charges.
    • A grace period of 30 days of all mode policies, except for monthly mode policies.
    • The policy can be revived or reinstated within the policy term based on approved underwriting policy of the company.
    • Minimum 10 members are required to form a group and purchase this policy by an employer.
    • There is no maximum limit on the size of the group.
    • Nomination is accepted under this plan.
    • The policy does not allow assignment
    • The government of India will levy service tax on fund management charge, rider charges and mortality charges paid.
    • A free-look period of 15 days is applicable for the policy purchased manually within which, the employer can return the policy if he is not satisfied with the policy terms. In case, the policy is purchased online, the free-look period will be 30 days from the date of purchase.

    Benefits of Reliance Traditional Group Employee Benefit Plan:

    You can enjoy a host of benefits with this plan. The benefits offered by this plan are determined by the trust deed and scheme rules prescribed by the employer. The benefits may vary from employer to employer based on individual employer. Listed below are the major benefits offered by the plan:

    • The plan offers retirement benefits to employees based on the applicable scheme rules of the employer and the availability of funds in employer’s policy account.
    • The plan also offers death benefits. Like retirement benefits, death benefits are also subject to applicable scheme rules of the employer and availability of funds. Once the policyholder dies, the total sum assured and rider sum assured( if any) will be payable to nominees. All future benefits will cease to exist, once the death benefits are paid.
    • An employee may receive benefits on resignation or termination of employment.
    • The policy also offers annual leave encashment benefits.
    • It offers guaranteed returns
    • Get access to professionals fund management service.
    • Get additional cover at lower rates
    • You can also avail tax benefits under this plan as per the Indian Income Tax Act, 1961. These benefits are subject to change as per changes in tax laws.
    • The Reliance Traditional Group Employee plan also offers rider benefits. The plan comes with 2 additional riders.

    Eligibility Conditions:

    Entry age

    Minimum:18 years

    Maximum: 79 years

    Maturity age

    Minimum:19 years

    Maximum: 80 years

    How the Plan Works?

    For example, an e-commerce startup company wants to outsource its employee’s group gratuity or leave encashment fund management to Reliance Life Insurance Company Limited. In that case, the master policyholder will be the startup company. The company to needs to share scheme details and employee data with Reliance and make contribution on behalf of its employees. The contributions can be made quarterly, half yearly, monthly or yearly mode or as a lump sum at periodic intervals as per its agreement with Reliance Life Insurance Company. The company will accepts contributions only through the employer.

    If the e-commerce startup company has selected a life cover equivalent to annual CTC of its employees plus an equal amount of Group Accidental Additional Death Benefit rider (UIN: 121B007V02) and Group Accidental Total and Permanent Disablement rider (UIN: 121B005V02) benefit for its employees, the rider premiums and mortality charges will be deducted on a monthly basis from the Policy Account. In that case, the e-commerce company needs ensure that sufficient funds are available for the same in the group policy account. The Reliance Life Insurance Company will take care of the e-commerce company’s gratuity or leave encashment scheme and fund management and thee-commerce company will be able to handle it employee’s gratuity and leave encashment funds with ease. The employees who resign or exist the group plan will receive their gratuity or leave encashment benifits within a particular time.

    Premium Payment:

    Premium contribution

    Minimum: Rs. 1000 per employee.

    Maximum: No limit

    Premium contribution frequency

    Half-yearly, yearly, monthly and quarterly.

    Riders:

    The Reliance Traditional Group Employee Benefit plan offer two additional riders. These riders can renewed annually. When the policy terminates, the rider benefits also cease to exist. Listed below are the riders offered by the Reliance Traditional Group Employee Benefit plan:

    • Reliance Group Accidental Additional Death Benefit Rider (UIN: 121B007V02)
    • Reliance Group Accidental Total and Permanent Disablement Rider (UIN: 121B005V02)

    The total sum assured under any rider shall not go beyond the sum assured under the base product for each employee. The total of all rider premiums shall not exceed 100% of base risk cover premiums.

    If you really want to take care of your employees without affecting your business, The Reliance Traditional Group Employee Benefit plan can be your perfect choice.

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