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  • 5 Reasons
    To Buy
  • Benefits

You believe in providing the best opportunities for your employees while keeping the interests of the company in mind. With the Reliance Group Leave Encashment Plus Plan, you can manage your employees' funds better, providing security alongside growth. Now you can strike the perfect balance between providing protection cover on lives of your employees and gaining an optimum utilization of the Leave Encashment liability contributions, while we manage your investments efficiently.

One of the several benefits offered to your employees is Leave Encashment Benefit. This benefit is associated with the salary of the individual employee which generally increases with time. Hence, it is highly essential for employers to manage the Leave Encashment liability effectively. Normally, the leave encashment benefit is payable in cases of death, retirement, resignation, termination and disability leading to cessation of employment. These events, by nature, are uncertain and hence you are faced with the risk of a financial liability at completely uncertain timelines. This can lead to major adverse cash flow situations for you.

Hence you need to create adequate provisions in the accounts to meet such leave encashment liabilities at any time during the tenure of employees in the company.

This can be best achieved by opting to contribute to the Reliance Group Leave Encashment Plus Plan, which ensures that your Leave Encashment liability, as and when they occur, is most effectively met.

  • 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 Leave Encashment Plus Plan – 121L083V02

Key Benefits

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

  • Annual leave encashment by employees - This benefit is typically based on the last drawn annual salary, leave balance and leave actually encashed by the employees as at the end of financial year of the employer.
  • Resignations/early termination of service of the employee – This benefit is typically based on the last drawn annual salary and leave balance of the employee as on the date of resignation / early termination. The leave balance is typically subjected to a maximum accumulation and encashment of the scheme rules.
  • Retirement of the employee – This benefit is typically based on the last drawn annual salary and leave balance of the employee as on the date of retirement. The leave balance is typically subjected to a maximum accumulation and encashment of the scheme rules.
  • Death/disability of the employee in service – This benefit is typically based on the last drawn annual salary and leave balance of the employee as on the date of the death / disability. The leave balance is typically subjected to a maximum accumulation and encashment of the scheme rules.
    Upon death of an employee, an additional death benefit is payable under this plan. The additional death benefit is equal to the sum assured chosen for the concerned employee by you as an employer, subject to a minimum of Rs. 1,000 per employee.
  • Surrender/Discontinuance of policy – If you decide to surrender your policy or the policy becomes discontinued because of deficit in the fund, Reliance Life Insurance Company Ltd. will pay a surrender/discontinuance benefit equal to the fund value minus the surrender/discontinuance charges, if any.

 

All benefits under this plan, except the additional death benefit provided to the employees, shall be payable by cancellation of units at the prevailing unit price.

Reliance Life Insurance Company Ltd. (RLIC) does not take any investment risk under this plan. The maximum liability of RLIC at any time, will be limited to the Fund Value for a given employer, plus the additional death benefit provided under this plan.

Disclaimer

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. UIN for Reliance Group Leave Encashment Plus Plan – 121L083V02

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