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A Non-Linked Non-Par Life/Pension Group Savings Insurance Plan which caters to needs of employers, trustees or group administrator who would like to fund their group member's retirement.
Group Traditional Plan
About Group Traditional Plan
A Non-Linked Non-Par Life/Pension Group Savings Insurance Plan which caters to needs of employers, trustees or group administrator who would like to fund their group member's retirement and other welfare benefit schemes like gratuity, leave encashment, post retirement medical benefits or superannuation.
Product Parameters
This plan covers a wide variety of schemes like,
1. Defined Benefit (DB) - Gratuity, Leave Encashment, Superannuation and Post Retirement Medical Benefits
2. Defined Contribution (DC) - Superannuation
Why Buy
1. Composite solution to cater to the requirements of Gratuity, Leave Encashment, Post Retirement Medical Benefits and Superannuation to the employees as per scheme rules
2. No medicals are required
3. Funds will be invested and managed in an efficient manner aiming to provide stable and safe returns
4. At the end of every financial year, the interest rates are declared in arrears as per Board Approved Interest Rate & Expense Policy. The interest amount (based on the weighted average Scheme Account value and the interest rate as declared by the Company) will be added to the Scheme Account of the Master Policyholder
5. Avail Tax Benefits as per the prevailing Tax laws and the same are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.
Benefits
The benefits on various events will be based on a pre-defined formula as prescribed in the scheme rules and are payable as here under:
1. Death benefit: The death benefit as per the scheme rules will be paid from the Scheme Account to the beneficiary. Additionally, we will pay the sum assured of Rs. 1,000 as death benefit
2. Resignation: On resignation, the benefit amount as per the scheme rules will be paid from the Scheme Account to the member
3. Retirement: On retirement the benefit amount as per the scheme rules will be paid from the Scheme Account to the member
4. In case of any other event as per scheme rules (as agreed at the inception of contract with Master Policyholder), the benefit will be paid from the Scheme Account
5. In case of DC schemes, there shall be an assured benefit that shall be applicable on each of such individual accounts wherein the absolute amount to be paid on maturity shall result in non-zero positive return
Covered
Death benefit: The death benefit as per the scheme rules will be paid from the Scheme Account to the beneficiary. Additionally, we will pay the sum assured of Rs. 1,000 as death benefit.
