Reliance Group Gratuity Plus Plan is a unit-linked product that helps employers manage the gratuity program of their employees. This product follows the rules of the Trust Deed and Rules of the individual employer’s gratuity scheme and the quantum of benefits payable may vary for each individual employer.
The plan offers the members the flexibility to choose from different funds options and
Listed below are the various eligibility factors that you must meet to purchase Reliance Group Gratuity Plus Plan:
|Minimum age at entry||18 years|
|Maximum age at entry||65 years|
|Minimum age at maturity||Not Applicable|
|Maximum age at maturity||70 years|
|Minimum policy term||1 year|
|Maximum policy term||Renewable every year till the master policyholder or Reliance decides to terminate policy.|
|Minimum Group Size||10 members|
|Maximum Group Size||No Limit|
The company will credit the Group Gratuity Plus account with gratuity contributions by trustees and gratuity benefits carried over from an earlier gratuity scheme.
The company will the debit the account of any benefits paid, other than death benefit, fund switching charges, taxes and fees as applicable, and insurance premium.
Gratuity Contribution: The contribution to be made for past service Gratuity Service liability is as follows:
|Minimum Annual past service gratuity liability contribution||Rs.2 lakh|
|Maximum Annual past service gratuity liability contribution||No limit|
Premium Paid: The amount of premium depends on the age, gender, amount of Sum Assured on death and the class of occupation. The premium for insurance is recovered by the insurer by cancelling units in advance at the current unit price at the start of each policy month.
Reliance Group Gratuity Plus Plan provides the following coverage to the life insured under this plan:
|Fund name||Investment objectives||Asset Category||Asset Allocation Range||Target|
|Group Equity Fund 4||High real rate of return in long term and negative returns in short term. Risk appetite is high.||
|Group Corporate Bond Fund 3||Returns exceed inflation rate while taking credit risk. Negative returns in short term. Risk appetite is low to moderate.||
|Group Money Market Fund 2||Maintain capital value of all contributions and interest additions at all times. Risk appetite is low.||Money market instruments||100%||100%|
|Group Balanced Fund 4||Investment returns exceeding inflation rate in long term while expecting negative returns in short term. Risk appetite is low to moderate.||
If a group member commits suicide for any reason within a year of commencement of the policy, whether in sound or unsound mental condition, the benefit will be limited to the past service gratuity benefit paid from the scheme’s unit-linked fund.
Other key features
Following are other key features of Reliance Group Gratuity Plus Plan:
|Free Look Period||After receiving the policy document, you have 15 days to review the terms and conditions of the policy. If you find the terms and conditions objectionable then you can return the policy and claim refund. The refund amount will be paid after some deductions. For policies purchased through distance marketing, you have 30 days to review the terms and conditions.|
|Surrender||A surrender or discontinuance charge will be applicable as per IRDA guidelines. These charges are:
|Claims||Following documents must be submitted to the company for processing an insured death benefit claim:
Under Reliance Group Gratuity Plus Plan, taxes will be applicable on the gratuity benefits as applicable under the Income Tax Act, 1961.
There are several other benefits of purchasing life insurance plans from Reliance Nippon Insurance such as:
|Customer Service||For all your insurance related queries, call toll-free number 1800 3000 8181 or place a request for call back from a customer care representative.|
|Online Application||You can easily purchase an insurance policy online by filling up an application form on the company website.|
|Claims||Your claim will be processed within 12 working days. For any clarifications regarding your claim, you can visit the nearest Reliance Nippon Life Insurance branch or talk to your insurance advisor.|
Following are the reasons why you should buy Group Gratuity Plus Plan from Reliance Nippon Insurance:
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