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.
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|
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
The ICICI Pru Group Leave Encashment Plan offers the following benefits:
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.
Employees can take a group term policy for an additional life cover.
Under the Group Leave Encashment Plan, both the employer as well as the employee will be able to avail tax benefits.
Some of the other benefits that can be utilised by a policyholder while purchasing the ICICI Pru Group Leave Encashment Plan are:
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.
A. The minimum life cover available under the plan is Rs.1, 000 for each member.
A. You can apply for the plan at any time between the ages of 15 to 85 years.
A. The minimum policy term under the plan is one year.
A. Yes, both the employer and the employee avail tax benefits under the plan.
A. The two investment options available under the plan are – unit linked and non-participating endowment plan.