Provide both security and investment growth to your employees with Reliance Group Leave Encashment Plus Plan offered by Reliance Nippon Life Insurance. With this group insurance plan, your employees can get Life Cover and you as an employer can invest the Leave Encashment liability funds in a savings plan and watch it grow effectively. Under this plan, you can get the following benefits:
Listed below are the eligibility factors that you must meet to purchase Reliance Group Leave Encashment Plus Plan:
|Entry age||18 to 65 years|
|Maturity age||19 to 70 years|
The Policy Term, group size, and insured death benefit for Reliance Group Leave Encashment Plus Plan are as follows:
|Annual leave encashment contribution (per scheme)||Minimum: Rs.1 lakh Maximum: No limit|
|Policy Term||1 year|
|Group Size||Minimum: 10 Maximum: No limit|
|Insured death benefit||Minimum: Rs.1,000 Maximum: No limit|
The policy will be renewed at policy anniversary every year. It will be in force until it is terminated by the master policyholder or the insurance provider at any time.
Listed below are the various charges applicable for Reliance Group Leave Encashment Plus Plan works:
|Group Money Market Fund 2||0.75%|
|Group Balanced Fund 4||0.75%|
|Group Corporate Bond Fund 3||0.75%|
|Group Equity Fund 4||0.75%|
|Year 1 to 3||Rs.5 lakh or minimum of 0.05% of Fund Value|
|Year 4 and above||Nil|
The leave encashment benefit is paid to the employees in the case of death, resignation, retirement, termination or disability, all resulting in the cessation of employment. All benefits payable under this plan (except additional death benefit) are paid by cancellation of units at the prevailing unit price. Following are the flexibilities and fund options provided 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.||
Reliance Group Leave Encashment Plus Plan doesn’t cover death caused by suicide within a year from the policy commencement or reinstatement date. In such a case, the company will limit the death benefit to the member’s accrued leave encashment benefit and no insured death benefit will be paid.
Listed below are other important features of Reliance Group Leave Encashment 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||If the employer surrenders the policy, the company will pay a surrender benefit equal to the fund value minus the surrender charges.|
|Claims||Following documents must be submitted to the company for processing an insured death benefit claim:
Under Reliance Group Leave Encashment Plus Plan, you can get tax benefits on the following:
Listed below are other benefits of buying group insurance plans from Reliance Nippon Life Insurance:
|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.|
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