Shriram Life Group Traditional Employee Benefit Plan is a non-participating, non-linked group variable plan offered by Shriram Life Insurance for employers and employees. It helps employers meet their duties towards their employees with gratuity and leave encashment liability. And it helps the employees obtain financial security for their loved ones in case of loss of income.
The policy pays a lump sum to the nominee of the insured member in event of death of the policy member. It also pays a guaranteed return a minimum of 1% interest rate.
Listed below are the eligibility factors you must meet to purchase Shriram Life Group Traditional Employee Benefit Plan:
|Minimum Group Size||10 employees|
|Minimum Age at Entry||14 years|
|Maximum Age at Entry||74 years|
|Maximum Age at Maturity||76 years|
Shriram Life Group Traditional Employee Benefit Plan is an easily obtainable and affordable net of financial security for the employers to make sure that benefit payments to the employees go smoothly. It also pays a fixed life insurance cover of Rs.1,000 for each member.
The contribution/premium amount, Policy Term and Sum Assured for Shriram Life Group Traditional Employee Benefit Plan are as follows:
|Minimum Policy Term||1 year, renewable each year.|
|Premium Payment Mode||Yearly.|
|Minimum Initial Contribution||Rs.1 lakh per policy.|
|Maximum Contribution||Based on the actuary's certificate that the group policyholder submits in keeping with AS-15 (Revised) for gratuity liability and according to leave encashment valuations liability.|
Listed below are the various charges applicable to Shriram Life Group Traditional Employee Benefit Plan:
|Policy Account Value||Fund Management Charge|
|Rs.1 lakh to Rs.50 lakhs||0.75% p.a.|
|Above Rs.50 lakhs to Rs.1 crore||0.70% p.a.|
|Above Rs.1 crore to Rs.10 crores||0.65% p.a.|
|Above Rs.10 crores to Rs.50 crores||0.45% p.a.|
|Above Rs.50 crores to Rs.100 crores||0.35% p.a.|
|Above Rs.100 crores||0.30% p.a|
Suicide: If a policy member commits suicide during the term of the policy, whether regarded sane or insane at that point, the nominee of the policyholder forfeits all death benefits in such scenario.
Listed below are the key features of Shriram Life Group Traditional Employee Benefit Plan:
Under Shriram Life Group Traditional Employee Benefit Plan, employers get the following tax benefits:
There are several other benefits of purchasing group insurance plans from Shriram Life Insurance such as:
Following are the reasons why you should buy Group Traditional Employee Benefit Plan from Shriram Life Insurance:
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