Discontinuance of Policy
If the fund is at surplus, Reliance Life will allow "nil/contributions/premiums" under the insurance contracts based on the actuary's certificate in accordance with AS15 (Revised) and such contracts shall not be treated as discontinued contracts.
Even on non-receipt of premium, the policy will automatically get renewed at the then existing terms and conditions on each renewal date, provided there is enough balance in the policy account as per the scheme rules.
Payment of gratuity liability contributions
The past service gratuity liability contribution can be paid either in a lump sum or in installments spread over not more than 5 years. Top up contribution can be paid only if it is required as per the actuary's certificate in accordance with AS15 (revised), to address under funding of the scheme.
Gratuity Contribution Redirection
A Master policyholder may instruct us in writing to redirect all the future gratuity contribution under a policy in an alternative proportion to the various unit funds available. Redirection will not affect the allocation of contributions(s) paid prior to the request.
Additional death benefit option
In addition to the minimum death benefit of Rs. 1,000 per member, the employer can opt to offer additional death benefit. The additional death benefit can be flat sum assured, flat sum assured based on grade, fixed multiples of annual salary, etc. An insurance premium along with service tax, as applicable, will be charged for the additional death benefit. The insurance premium will be collected by cancellation of units monthly in advance. Insurance cover ceases immediately on a member leaving a scheme.
The policyholder will have the flexibility to alter the allocation of his/her investments among the funds offered in order to suit his/her changing investment needs by easily switching between the funds. At any time during the policy term, the policyholder may instruct the Company, in writing, to switch some or all of the units from one unit linked fund to another. The company will give effect to this switch by cancelling units in the old fund and allocating units in the new fund. In respect of switching requisition received up to 3.00 p.m. by the company, the closing NAV per unit (unit price) of the day shall be applicable. In respect of switching requisition received after 3.00 p.m. by the company, the closing NAV per unit (unit price) of the next business day shall be applicable. The policyholder is entitled to four free switches each policy year. Unused free switches cannot be carried forward to the following year.
Addition of new members
New members will be allowed to join at any time during the tenure of the policy. The insurance cover in respect of members will start from the date of joining. Notice of new members must be signed by the master policy holder. All fulltime members are invited to join the Policy at the master policy holders' invitation. The Company will provide you with the necessary administration forms to assist you in notifying our office when a new member is admitted to the Policy.
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.