How to enroll for Reliance Traditional Group Employee Benefits?
• Imagica IT Solutions (IIS) is a software development company. They want to outsource their group gratuity/ leave encashment fund management to Reliance Nippon Life Insurance Company Limited (RNLIC). For this, they shared the scheme details and employee data in the prescribed format.
• The employer, IIS, is the Master Policyholder for this Master Policy.
• RNLIC accepted the contribution amount based on the actuarial valuations, provided by an independent qualified actuary. The contributions can be made in monthly, quarterly, half yearly or yearly mode or as a lump sum at periodic intervals as agreed with RNLIC, depending on the funding requirements. Also, the past service liability contribution can be paid either in a lump sum or in installments spread over not more than 5 years. Contributions are accepted only through the employer, IIS.
• IIS has opted for a life cover equal to annual CTC of their employees along with an equal amount of Group Accidental Additional Death Benefit rider (UIN:121B007V02) & Group Accidental Total and Permanent Disablement rider (UIN:121B005V02) benefit for their employees. The Mortality Charges and Rider premiums will be deducted on a monthly basis from the Policy Account and it is the responsibility of IIS to ensure sufficient funds are available for the same.
• RNLIC undertakes fund management and administration of the IIS’s group gratuity/ leave encashment scheme
• IIS is able to manage their gratuity/ leave encashment funds without any administrative hassles
• Employees who exit the group receive their gratuity/ leave encashment amount within a given timeframe
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. UIN for Reliance Nippon Life Traditional Group Employee Benefit Plan:121N102V01