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Liability for your employees' gratuity is often the trickiest thing to forecast accurately and manage well. While doing so you may come across some pertinent questions: What is my true liability for employees' gratuity? How do I manage this liability? Am I maximizing my potential tax benefit? Am I rewarding my most valuable employees adequately? Am I matching long-term liabilities under Gratuity with my investment strategy? Are my Gratuity assets professionally managed?

At Reliance Life Insurance Company Limited, we can help find answers to most of these relevant questions. We can assist you to meet your obligations under the Payment of Gratuity Act while providing innovative solutions and delivering long-term results for your investment through our Reliance Group Gratuity Plus Plan. You can also transfer your existing gratuity liability managed under other funds to Reliance Life Insurance Company Limited.

  • 1

    Flexible investment options offering you an opportunity to spread your investment risk across a range of investment options available, depending on your risk appetite and investment objectives.

  • 2

    Transferring (switching) assets from one investment fund to another can be done any time. You can make up to four switches free of charge every year.

  • 3

    Flexibility to select the level of life insurance cover (subject to a minimum of 1,000/- per employee) thus, promising protection on the life of your employee, at a nominal cost

  • 4

    Convenience to enjoy a hassle-free enrollment and decide your premium payment frequency

  • 5

    Option to offer additional death benefit to employees


Disclaimer

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. UIN for Reliance Group Gratuity Plus Plan is 121L081V02.

Key Benefits

 

The exact benefits in a scheme under this plan will depend on the individual employer’s gratuity scheme. Generally, the contingencies for benefit payment and the benefit level will be as given below:

  • 1) Retirement of the employee – Broadly, this benefit is equal to 15 days’ salary at the time of retirement for each year of past service of the retiring employee, and may be subject to a maximum of Rs. 10,00,000

  • 2) Death/disability of the employee in service– Broadly, this benefit is equal to 15 days’ salary at the time of death for each year of past service of the employee up to the time of death / disability, and may be subject to a maximum of Rs. 10,00,000. 
    The death benefit, is subject to a minimum of Rs. 1,000 for each member. An insurance risk premium will be charged for the death benefit. The death cover ceases immediately on a member leaving a scheme

 

  • 3) Resignations/early termination of service of the employee – Broadly, this benefit is equal to 15 days’ salary at the time of resignation of the employee for each year of past service up to the time of his resignation, and may be subject to a maximum of Rs. 10,,00,000, provided the employee has completed at least five years of service

  • 4) Surrender/ Discontinuance of policy– If the employer / trustees decide to surrender their policy or the policy becomes discontinued because of deficit in the fund, Reliance Life Insurance Company Ltd. will pay a surrender/discontinued benefit equal to the fund value minus the surrender/discontinuance charges, if any

Disclaimer

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. UIN for Reliance Group Gratuity Plus Plan is 121L081V02.

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  • Shivrana Jinsiwal

    Patna

    “I am sure about the benefits that I will get after maturity...“

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    Mumbai

    “Kudos to the team for the excellent work....“

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    Karnataka

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