The Reliance Nippon Life Traditional Group Employee Benefits Plan is a non-linked non-par variable fund based insurance product which allows employers to manage their employee benefit funds efficiently to ensure they provide the best for their employees. This plan provides Gratuity and Leave Encashment benefit fund management services to allow employers meet their liabilities towards their employees, as well as life cover to protect them against any risks. The policy also provides tax benefits to you under applicable tax laws. There are 2 add-on riders – Accidental additional Death Benefit Rider and Accidental Total and Permanent Disablement Rider - which can also be chosen to enhance the protection provided by the plan
To be eligible for the Reliance Nippon Life Traditional Group Employee Benefit Plan, following is the eligibility criteria laid down by the company.
|Size of group||10 members||No limit|
|Age at entry||18 years||79 years|
|Age at maturity||19 years||80 years|
The minimum premium that is payable under this plan is fixed at Rs.50,000 while there is no limit to the maximum amount.
Premium contributions can be made on a yearly, half-yearly, quarterly or monthly mode.
Under the Traditional Group Employee Benefit plan, the benefits will be provided as per the terms and conditions of the trust deed and scheme rules that the employer has prescribed. The amount of benefits provided for each employee may vary and will depend on specific Leave Encashment benefits and Gratuity. Following is the schedule of the events for which benefits shall be payable.
|Retirement of employee||
|Death/disability of employee during service||
|Resignation/early termination of employee from service||
|Annual Leave Encashment by employee||
If you wish to provide enhanced protection with this the Death Benefit, there are 2 add-on riders which you can choose from.
|Policy Revival||The policy can be revived or reinstated only within its term. Revival is subject to underwriting policy of the insurer.|
|Policy Renewal||This policy can be renewed on a yearly basis on the annual renewal date via endorsement, subject to the insurer’s underwriting rules.|
|Past service Gratuity & Leave Encashment Liability Contribution||In case the employer has to make a past liability contribution, they can do so either in installments over a period of 5 years or in lump sum.|
|Additional Death Benefit||Over and above the benefits provided by the policy, employers can also choose to provide employees with additional risk coverage under the Additional Death Benefit option. Under this, the risk overage provided will be equivalent to the gratuity that the employee is entitled to for every future year of service until their retirement.|
|Loan Facility||Loan facility is not available under this plan.|
|Nomination||Under this plan, individual members can avail the nomination facility as per Section 39 of Insurance Act 1968.|
|Assignment||Assignment facility is not provided under this plan.|
|Free Look Period||
|New Members||New members can join the policy at any time, during its term. Sum assured and other rider benefits (if any) will commence from the date of joining.|
Policyholders are entitled to attractive tax benefits under this plan. Benefits provided will be according to the applicable Income Tax laws.
Reliance Nippon Life Insurance Company, a part of Reliance Capital, is one of India’s leading insurance provider in the private segment. Catering to a customer base of over 10 million, Reliance Nippon boasts of a robust distribution network of over 800 branches located all across India. The insurer offers insurance solutions for not only individuals but also corporates under a number of segments such as Health, Protection, Investment, Saving, Child and Retirement. The company has also been recognized and rewarded from time to time with prestigious awards such as ‘Top 3 Most Trusted Life Insurance Service Brands’ by Brand Equity‘s Most Trusted Brands Survey of 2015.
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