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  • Reliance Life Traditional Group Superannuation Plan

    Reliance Life Insurance

    Reliance Traditional Group Superannuation Plan is a non-linked, non-par variable fund based group insurance plan that is aimed towards fund management services to secure the employees of an organisation. Renewable on a yearly basis, through the outsourcing of fund management and related administration to Reliance Life, employers can now have a simpler way of fulfilling their offers of superannuation schemes. The plan offers the flexibility to choose the scheme rules and accordingly provides benefits as per the scheme details.

    Key features of Reliance Traditional Group Superannuation Plan:

    This plan from Reliance has the following features

    • Superannuation 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
    • Premium paying term - Premiums under this policy are payable each year on a renewable basis
    • Premiums - Under this plan, the master policyholder or the employer needs to pay a minimum of Rs. 2,00,000 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
    • Premium paying modes - The premiums can be paid only in yearly, half-yearly, quarterly and monthly modes
    • 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 superannuation needs of the employees and have a seamless fund management done through outsourcing
    • Policy validity - The policy’s validity is on a per year basis and is liable to lapse if premium payment is not done within the provided grace period and its benefits will cease to exist

    Benefits of Reliance Traditional Group Superannuation Plan:

    This policy from Reliance Life is aimed at employers aiming to provide for superannuation 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 superannuation can be quite a hectic task. Through this policy, Reliance Life undertakes this task for the employer or master policyholder and fund liabilities are handled on behalf of the employer, allowing for a lucrative superannuation benefit
    • Additional Interest - If applicable, the Policy Account might receive an additional rate of interest per financial quarter during the period when the policy is in force
    • Surrender Benefit - Being an annually renewable policy, the surrender benefit comprises an amount that is equal to the Policy Account Value less the Market Value Adjustment, unearned investment income and surrender charges including other applicable taxes and charges if any
    • Tax benefits - One might be eligible for availing tax benefits for premiums under Section 80C and for maturity/death benefits under Section 10(10D) as per the prevailing tax laws

    Eligibility Criteria for Reliance Traditional Group Superannuation 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

    69

    Age at Maturity (in years)

    19

    70

    How Reliance Traditional Group Superannuation Plan Works?

    XYZ is a staffing firm. They want to outsource their group superannuation fund management to Reliance Life Insurance Company Limited (RLIC). They share the scheme details and employee data in the prescribed format. XYZ becomes the master policyholder. The company also opts for Group Accidental Additional Death Benefit Rider and Group Accidental Total and Permanent Disablement Rider for its employees and the rider premiums will be deducted from the policy account and XYZ will ensure sufficient funds are available in the account for the same. RLIC undertakes fund management of the superannuation scheme and employees are able to avail superannuation benefits within a given time frame.

    Riders for Reliance Traditional Group Superannuation Plan:

    This plan can have two optional riders under its wing in order to provide a more comprehensive risk cover. The riders are as follows -

    • Group Accidental Additional Death Benefit Rider - Provides an additional death benefit to the claimant of the life insured as chosen by the master policyholder during the inception of the policy

    • Group Accidental Total and Permanent Disablement Rider - Provides an amount as a lump sum or in 5 equated annual instalments from the date of the acceptance of the claim. The amount will be equal to the Group Insurance Policy Sum Assured.

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