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  • Reliance Group Leave Encashment Plus Plan

    Life Insurance
    • 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

    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:

    • Depending on your risk appetite and investment needs, you have the chance to invest your funds across a range of investment options.
    • You can switch assets from one investment fund to another at any time you deem necessary. Every year, you can make up to 4 switches free of charge.
    • You can choose the Life Cover amount for your employees (minimum Rs.1,000 per employee).
    • Hassle-free enrollment and chance to choose your premium payment frequency.
    • Additional death benefit can be provided to the employees at your discretion.

    Eligibility -Who is the Reliance Group Leave Encashment Plus Plan for?

    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

    Sum Assured and Premium Range - What you get and what it costs?

    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.

    Charges

    Listed below are the various charges applicable for Reliance Group Leave Encashment Plus Plan works:

    • Fund Management Charges: The fund management charges are as follows:
    Fund Annual Rate
    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%
    • Insurance Premium: It is determined based on the entry age at the start of policy year, amount of insured death benefit, health, and gender of the member. Insurance premium is charged for the additional death benefit.
    • Switching Charge: Every year, you can switch assets 4 times free of charge. Additional switches will be charged 0.1% of the switched amount, subject to a maximum of Rs.5,000 per switch.
    • Surrender or Discontinuance Charge:
    Year 1 to 3 Rs.5 lakh or minimum of 0.05% of Fund Value
    Year 4 and above Nil
    • Service Tax Charge: This charge is levied on switching charge, insurance premium, and fund management charge. The current ST is 12.36%.

    Plan coverage - What the Reliance Group Leave Encashment Plus Plan covers?

    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:

    • Flexibility:
      • Addition of new members: New members can join the policy at any time at the discretion of the master policyholder.
      • Additional death benefit option: Along with the minimum death benefit of Rs.1,000 per member, the employer can opt to offer additional death benefit to his or her employees.
      • Switching: As the policyholder, you have the option to change the allocation of investments among the funds offered to suit your changing investment needs at any time. You can make up to 4 switches free of charge per year. Additional switches will have switching charges.
      • Payment of leave encashment liability contribution: The payment modes of leave encashment liability contributions are half-yearly, quarterly, monthly and yearly. The initial contribution will be paid either in lump sum or in installments over a period of 5 years.
    • Fund Options: You are offered 4 fund options as listed below:
    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.
    • Corporate bonds and other debt instruments, bank deposits or money market instruments
    • Equities
    • Corporate bonds and other debt instruments, bank deposits or money market instruments: 0-10%
    • Equities: 0-100%
    • Corporate bonds and other debt instruments, bank deposits or money market instruments: 0%
    • Equities: 100%
    Group Corporate Bond Fund 3 Returns exceed inflation rate while taking credit risk. Negative returns in short term. Risk appetite is low to moderate.
    • Money market instruments
    • Corporate bonds and other debt instruments
    • Money market instruments: 0-10%
    • Corporate bonds and other debt instruments: 0-100%
    • Money market instruments: 0%
    • Corporate bonds and other debt instruments: 100%
    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.
    • Money market instruments
    • Debt securities
    • Equities
    • Money market instruments: 0-10%
    • Debt securities: 0-85%
    • Equities: 0-25%
    • Money market instruments: 0%
    • Debt securities: 80%
    • Equities: 20%
    • Fund Value of a Group Leave Encashment Scheme: The account will be credited with leave encashment contributions made by the trustees plus leave encashment benefits transferred from previous leave encashment scheme minus insurance premium, benefits already paid, applicable charges, taxes, duties, and surcharges.

    Exclusions - What the Reliance Group Leave Encashment Plus Plan doesn’t cover?

    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.

    Other key features – Freelook Period, Surrender Values, Grace Period etc

    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:
    • Certificate of Insurance
    • Death Certificate
    • Investigation Report in the case of death claim (for unnatural death)
    • Post-mortem report
    • Claim Form (A) filled by nominee
    • Claim Form (B) filled by doctor
    • KYC documents of claimant (address and identity proofs)
    • Cancelled cheque leaf, ECS mandate form or self-attested passbook copy of claimant

    Tax benefits – How you can save with the Reliance Group Leave Encashment Plus Plan?

    Under Reliance Group Leave Encashment Plus Plan, you can get tax benefits on the following:

    • Leave Encashment Benefit when paid by the employer to an employee, the cash equivalent of the benefit is deductible from the employer's income as per the Income Tax Act, 1961.
    • Benefits received by an employee at the time of retirement is subjected tax relief as per the Income Tax Act, 1961.

    Other benefits – How you can save with the Reliance Group Leave Encashment Plus Plan?

    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.

    Why should you buy Reliance Group Leave Encashment Plus Plan from Reliance Nippon Life Insurance Company?

    • Reliance Nippon Life Insurance Company is currently the leading private sector insurance company in India.
    • It serves more than 10 million customers and employs over 1 lakh insurance advisors in 800 branches across India.
    • Reliance Nippon Life Insurance was voted 'Most Trusted Brand' in the Life Insurance Category in 2015.
    • The Claims Settlement Ratio of Reliance Nippon Life Insurance was 95.01% in FY 2015-16.

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