Employers have to ensure the welfare of their employees and their families because it is the employees that contribute to profitability and growth of the company. Sometimes local regulations provide for the employers to arrange some type of insurance for their employees.
Types of Reliance Group Plans
Reliance Life has three kinds of group plans, e.g employer liability plans, employee protection solutions, group savings c.
Employer Liability Plans
Employer liability plans are group plans which look after the employee benefits during employment. The following are examples of such plans-- Reliance Traditional Group Employee Benefit Plan
Employee Protection Solutions
Employee protection solutions is a group insurance plan that protects employees in case of any mishap and helps in their welfare. Reliance Group Life Insurance has employee protection solution plans like:
Reliance Group Term Assurance Plan
Reliance Group Credit Assure Plan
Reliance Group Term Assurance Plus
and Reliance Group Term Assurance Plan EDLI
Group Savings Solution
Reliance Life has a group savings solution in form of a plan called Reliance group Sarv Samridhi Plan that is a non-linked, non-participating group savings variable insurance plan. This is an affordable, regular premium savings insurance plan that provides insurance cover and increases your group’s savings. It provides cover up to 25 time of annual premium.Benefits with one example
Coming from the reputed financial house of Reliance, these policies have a high claim to settlement ratio and a reliable mode of ensuring your employees well-being. We will see an example below about how group insurance cover can help an employee and his family.
Suppose Rajiv, a 30 year old man, is working with Rahat Industries and has his wife and young son as dependents. On joining Rahat, he is covered under the company’s group term assurance plan from Reliance Life Insurance. But unfortunately, Rajiv dies in a road accident on his way to work. Rahat Industries hands over the insurance amount to his dependents that helps ensure a secure future for them.Why Reliance Life Group Plan?
Reliance Life Insurance has several 'Solutions for Groups' that take care of their welfare. Apart from getting the employees covered for life, the employer can provide them with a sustainable post-retirement life through gratuity and pension plans.
Reliance Life is by far the largest non-bank promoted private life insurer with over 10 million policy holders. It also has over 1 lakh advisors and a strong distribution network of over 900 branches. Group insurance plans from Reliance Life provide added incentive to employees in terms of insurance cover and other financial benefits.
Other Reliance Life Insurance Plans
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017