• Aviva Gratuity Leave Encashment Plans

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    Aviva Gratuity/Leave Encashment Plans

    Each permanent employee of a company is eligible to enjoy non-pension benefits such as gratuity and leave encashment. Employers are required to maintain funds to provide them with such monetary benefits. Aviva Life Insurance offers special plans for employer-employee groups to help employers plan and fund such benefits.

    Benefits of Aviva Gratuity/Leave Encashment Plans

    • Free-look period: The master policyholder is given a certain time period to review the terms and conditions of the policy, and return the policy if he/she is unhappy with the terms.
    • Investment fund options: Each of the plans offer many investment fund options with varying functions to opt for based on the policyholder’s risk philosophy.
    • Tax benefits: Policyholders can avail tax benefits under the Income Tax Act, 1961.

    List of Gratuity/Leave Encashment Plans offered by Aviva Life Insurance

    The firm offers 3 gratuity/leave encashment group plans with varying benefits and features:

    1. Aviva Group Gratuity Advantage

    This is a yearly renewable unit-linked product designed for corporate groups to provide gratuity benefits to employees. A gratuity plan helps employers plan the gratuity fund and provides them with tax benefits too. The employees, on the other hand, enjoy financial security at the time of resignation, termination or retirement. At least 10 members are required to be in the group. The minimum sum assured is Rs.1,000 per employee and the maximum is Rs.1 crore. The seven fund options offered by the plan are – Pension Cash Fund, Pension Debt Fund, Pension Secure Fund, Pension Growth Fund, Pension Balanced Fund, Pension Short Term Debt Fund, and Pension Income Fund.

     

    Benefits and features of Aviva Group Gratuity Advantage

    • Gratuity Benefit: Upon the death, resignation/termination, or retirement of a member of the group, the amount payable according to the gratuity rules of the company is paid to the individual. Units of the same amount are deducted from the master policyholder’s account.
    • Death Benefit: An additional amount equal to the sum assured with respect to the deceased person is payable on the death of a member.
    Plan name Entry age Contribution
    Aviva Group Gratuity Advantage Minimum: 18 years Maximum: 74 years Minimum: Rs.1 lakh at inception

     

    1. Aviva New Group Leave Encashment Plan

    The Aviva New Group Leave Encashment Plan is a yearly renewable plan that allows employers encash employees’ residual leaves accumulated during the term of the service. The plan allows the employer to fund the encashment with the help of units. The plan offers eight fund options – Pension Cash Fund, Pension Debt Fund, Pension Secure Fund, Pension Balanced Fund, Pension Growth Fund, Pension Enhancer Fund, Pension Short Term Debt Fund, and Pension Income Fund.

     

    Benefits and features of Aviva New Group Leave Encashment Plan

     

    • Leave Encashment Benefit: In case a member of the group encashes leaves, or in case of death, resignation/termination, or retirement, an amount equal to the amount payable to the employee according to the leave encashment rules of the company is deducted in the form of units from the master policyholder’s account.
    • Death Benefit: In case of death of a member, an additional Rs.1,000 is paid to the nominee.
    • Surrender Benefit: The surrender value of a policy is equal to the fund value after deduction of surrender charges, if any.
    Plan name Entry age Contribution
    Aviva New Group Leave Encashment Plan Minimum: 18 years Maximum: 70 years Minimum: Rs.1 lakh at inception

     

    1. Aviva New Traditional Employee Benefit Plan

    The objective of the New Traditional Employee Benefit Plan is to help employers create funds to provide benefits like gratuity and leave encashment to employees. The minimum group size required for this scheme is a group of 10 members.

     

    Benefits and features of Aviva New Traditional Employee Benefit Plan

    • Employee Benefit: Benefits such as gratuity and leave encashment are provided to the employees from the policy account. The policy account accrues interest as per the scheme.
    • Death Benefit: Upon the death of a member of the scheme, an additional death benefit equal to Rs.1,000 is payable.
    Plan name Entry age Contribution
    Aviva New Traditional Employee Benefit Plan Minimum: 18 years Maximum: 74 years Minimum: Rs.1 lakh at inception

     

    Why you need Aviva Gratuity/Leave Encashment Plans

    Aviva Life Insurance Company is a partnership between Dabur Invest Corp and Aviva International Holdings Limited. This well-established life insurance firm has over 33 million customers in more than 16 different countries. They have a wide range of life insurance products to cater to the needs of the different sections of the society. With as many as 107 branches scattered throughout India, they provide excellent customer service and have maintained a 100% grievances solved ratio in FY 2016-17. The gratuity/leave encashment plans offered by Aviva are one of the best plans available in the market to help employers provide benefits to their employees.

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