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Reliance Nippon Life Traditional Group Employee Benefit Plan

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

Eligibility -Who Is The Reliance Nippon Life Traditional Group Employee Benefit Plan For

To be eligible for the Reliance Nippon Life Traditional Group Employee Benefit Plan, following is the eligibility criteria laid down by the company.

Parameter Minimum Maximum
Size of group 10 members No limit
Age at entry 18 years 79 years
Age at maturity 19 years 80 years

Sum Assured & Premium Range - What You Get and What It Costs

Sum Assured

  • The minimum amount of sum assured that an employer can opt for is Rs.1000, while there is no cap on the maximum amount of sum assured.
  • Mortality charges under Sum Assured shall be deducted on a monthly basis.
  • If a member exits the scheme or group, their insurance coverage will cease with immediate effect.

Premium Range

The minimum premium that is payable under this plan is fixed at Rs.50,000 while there is no limit to the maximum amount.

Payment Frequency/Mode

Premium contributions can be made on a yearly, half-yearly, quarterly or monthly mode.

Plan Coverage - What The Reliance Nippon Life Traditional Group Employee Benefit Plan Covers

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.

Event Benefit
Retirement of employee
  • Benefit payable shall depend on the scheme rules set by the employer.
  • Benefit amount to be paid and the extent of the company’s liability will be limited depending on the availability of funds in the Policy Account of the employer.
  • When a member exits the scheme, the Death Benefit will cease immediately.
Death/disability of employee during service
  • The benefit amount will be based on the applicable Scheme Rules of the Employer.
  • In the event of the employee’s death during service, the Base Sum Assured and Rider Sum Assured (if any) will be payable.
  • Benefit amount to be paid and the extent of the company’s liability will be limited to the availability of funds in employer’s Policy Account.
  • When a member exits the scheme, future benefits will cease immediately.
Resignation/early termination of employee from service
  • Benefit payable to the employee will be based on the scheme rules set by the employer.
  • Benefit amount to be paid and the extent of the company’s liability will be limited to the availability of funds in the employer’s Policy Account.
  • When a member exits the scheme, the Death Benefit will cease immediately.
Annual Leave Encashment by employee
  • The amount of benefit payable under Leave Encashment will depend on the rules of the scheme set by the employer.
  • Benefit amount to be paid and the extent of the company’s liability will be limited to the availability of funds in the employer’s Policy Account.

Riders / Add-On Plans – Additional Coverage Under The Reliance Nippon Life Traditional Group Employee Benefit Plan

If you wish to provide enhanced protection with this the Death Benefit, there are 2 add-on riders which you can choose from.

  • These are the Reliance Nippon Life Group Accidental Additional Death Benefit Rider and the Reliance Nippon Life Group Accidental Total and Permanent Disablement Rider.
  • The Sum Assured provided under either of these riders will not be above the Sum Assured provided under the base policy for every member.
  • The total of premiums for all riders will not be more than 100% of risk cover of the base policy.
  • Both these riders can be renewed yearly and can be chosen either at the time of policy commencement or on a policy anniversary during the tenure of the policy.
  • Rider benefits will expire with the expiry of the base policy as of immediate effect.

Other Key Features – Free Look Period, Surrender Values, Grace Period etc.

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.
Policy surrender
  • In case the policy is being surrendered by the trustees or employer, the insurer will pay a surrender benefit depending on the Market Value Adjustment (MVA).
  • If the policy is surrendered before 3 years from the date of inception, then a surrender charge of 0.05% of the fund is levied.
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.
Grace Period
  • Employers will be allowed a grace period of 30 days to make outstanding premium payments.
  • This grace period is only applicable for modes other than the annual mode of payment.
  • If contributions are not made within the grace period, the policy shall lapse.
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
  • The employer/master policyholder is given a free look period of 15 days to cancel or return the policy if they are dissatisfied with its coverage.
  • If policy has been received via distance marketing channels, a free look period of 30 days is permitted.
  • The policyholder must communicate the cancellation of the policy in writing to the insurer, along with the reason for cancellation.
  • The original policy document must be sent back to the insurer within the free look period.
  • In case of policy cancellation, the premiums paid by the policyholder will be refunded, after deducting charges like stamp duty, insurance risk cover, etc.
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.

Tax Benefits – How You Can Save With The Reliance Nippon Life Traditional Group Employee Benefit Plan

Policyholders are entitled to attractive tax benefits under this plan. Benefits provided will be according to the applicable Income Tax laws.

Other Benefits - How You Can Save With The Reliance Nippon Life Traditional Group Employee Benefit Plan

  • Reliance Nippon has established as one of the very best in the industry, in terms of claim settlement. The insurer enjoys a 95.01% claim settlement ratio.
  • Claims can be registered from the insurer’s website itself.
  • Not only can you apply for plans online but also retrieve and track your application online as well.
  • Get answers to frequently asked questions relating to different kinds of insurance plans.
  • Reliance Nippon has established a very competent and dedicated customer care cell to address all queries that customers may have regarding their policies.

Why you should buy the Traditional Group Employee Benefit Plan from Reliance Nippon Life?

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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