Group insurance plans are meant for employers to secure the job and life of its staff. According to Indian rules, companies have to offer insurance plans – life cover, retirement and superannuation plans – to its employees. Group insurance plans also protect the employers from liabilities such as leave encashment and accidental death of employees.
Reliance Nippon Life Insurance Company is part of the Reliance Capital group of companies. Japan’s Nippon Life Insurance owns a 49% stake in the company. The company offers a range of life insurance plans from term insurance to investment-linked insurance and retirement plans to group insurance schemes. Reliance Nippon’s group insurance portfolio has a large list of products for the benefit of employers and employees.
The main advantages of having a group insurance scheme by Reliance Nippon are:
Reliance Nippon offers three kinds of Group Plans:
If you choose additional death benefit on any policy, then you need to pay an insurance premium for that category alone. Group plans usually need a contribution and not a premium payment.
List of Reliance Nippon Group Insurance Plans
Now let us look at each plan in detail:
A brief summary of the policies is given in the table below:
|Plan Name||Minimum size of group||Entry Age||Maturity Age||Minimum contribution|
|Reliance Nippon Life Traditional Group Employee Benefit Plan||10||18 to 79 years||19 to 80 years||Rs.50,000|
|Reliance Group Gratuity Plus Plan||10||18 to 65 years||19 to 70 years||Rs.2 lakh|
|Reliance Group Leave Encashment Plus Plan||10||18 to 65 years||19 to 70 years||Rs.1 lakh|
|Reliance Traditional Group Superannuation Plan||10||18 to 69 years||19 to 70 years||Rs.2 lakh|
|Reliance Group Credit Assure Plan||20||14 years to 65 years||16 years to 70 years for Single Pay plan, and 22 years to 70 years for Limited Pay schemes||As per sum assured|
|Reliance Group Term Assurance Plan EDLI||10 to 50||14 years to 80 years||15 years to 81 years||As per sum assured|
|Reliance Group Credit Assure Plus||20 to 50||16 years to 65 years||18 years to 70 years for Single Pay plan, and 24 years to 70 years for Limited Pay schemes||As per sum assured|
|Reliance Group Term Assurance Plus||10 to 50||14 years to 80 years||15 years to 81 years||As per sum assured|
|Reliance Group Sarv Samriddhi||20||14 years to 60 years||24 years to 70 years||Rs.1,000|
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