ICICI Pru Group Leave Encashment Plan
- Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
- Claim up to Rs. 1,50,000 deduction under section 80C**
- Choose between annual and monthly premium payment options
ICICI Pru Group Leave Encashment Plan is a group plan that benefits both employer and employee. It enables employers to put aside funds to pay the Leave Encashment to its employees. The funds that are put aside are handed over to ICICI Prudential so that returns are earned on it. Group Leave Encashment Plan ensures that the employer has sufficient funds to take care of their employees.
Eligibility - Who is the ICICI Pru Group Leave Encashment Plan for?
The following eligibility criteria must be fulfilled when applying for the ICICI Pru Group Leave Encashment Plan:
| Minimum age at entry | 15 years |
| Maximum age at entry | 85 years |
| Type of Plan | Group Leave Encashment Plan |
Policy Term and Premium Payment Frequency:
The policy term, pay-out frequency, and the Premium Payment frequency under the ICICI Pru Group Leave Encashment Plan is indicated in the table below:
| Minimum Policy Term | 1 year |
| Minimum Life Cover | Rs.1,000 |
| Pay-out Frequency | Monthly, quarterly, half-yearly, and yearly |
| Premium Payment Frequency | Once |
*Premiums vary based on age, location, plan term and other factors
Plan Coverage - What the ICICI Pru Group Leave Encashment Plan Covers:
The ICICI Pru Group Leave Encashment Plan offers the following benefits:
| Investment Options |
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| Pay-out Options |
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Benefits in Detail:
Investment Options: There are two investment options under the Group Leave Encashment Plan from ICICI Prudential. They are Unit Linked Plan or Non-participating Endowment Plan.
- Life Annuity: Post-retirement, regular pay-outs throughout life
- Life Annuity with Return of Purchase Price: Employee receives pay-outs for life. In the employee’s absence, nominee receives the purchase price.
- Joint Life, Last Survivor without Return of Purchase Price: Employee receives pay-outs for life. In employees’ absence, the spouse receives it as pension.
- Joint Life, Last Survivor with Return of Purchase Price:
- In this option, the employee receives the payout amount for life. In case of an unfortunate event, the employee’s spouse will continue to receive the same amount as pension for life. In the absence of both the employee and the spouse, the purchase price of this plan will be returned to the nominee.
- Life Annuity guaranteed for 5/10/15 years and thereafter: Employee or their spouse receives regular pay-outs for a chosen period.
Add-On Plans – Additional Coverage under the ICICI Pru Group Leave Encashment Plan:
Employees can take a group term policy for an additional life cover.
Tax Benefits – How you can save with the ICICI Pru Group Leave Encashment Plan?
Under the Group Leave Encashment Plan, both the employer as well as the employee will be able to avail tax benefits.
Other Benefits of the ICICI Pru Group Leave Encashment Plan:
Some of the other benefits that can be utilised by a policyholder while purchasing the ICICI Pru Group Leave Encashment Plan are:
- A financial advisor provided by the company
- Online plan brochure
- Call back from ICICI with details of the plan
- Online comparison with other plans
- Online application for the plan
- Locate the nearest ICICI Prudential branch
Why you should Buy the ICICI Pru Group Leave Encashment Plan from ICICI Prudential?
The ICICI Pru Group Leave Encashment Plan is a flexible plan that allows customers to customise solutions to meet their specific needs. A dedicated group of service team that enables you to have a relationship manager for the policy. The settle claims and payouts are made on time. ICICI Pru Life is a company that has continued to dominate the Indian life insurance sector since its inception. As one of the company’s core values is customer focus, it is an ideal choice to buy the Group Leave Encashment Plan from ICICI.
Frequently Asked Questions (FAQs):
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What is the minimum life cover that can be availed under the ICICI Pru Group Leave Encashment Plan?
A. The minimum life cover available under the plan is Rs.1, 000 for each member.
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What is the age range within which I can apply for the Group Leave Encashment Plan from ICICI Prudential?
A. You can apply for the plan at any time between the ages of 15 to 85 years.
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What is the minimum policy term that I can avail under the Group Leave Encashment Plan?
A. The minimum policy term under the plan is one year.
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Are there any tax benefits associated with the Group Leave Encashment Plan from ICICI Prudential?
A. Yes, both the employer and the employee avail tax benefits under the plan.
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What are the investment options available under the plan?
A. The two investment options available under the plan are – unit linked and non-participating endowment plan.