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  • 5 Reasons
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  • Benefits
  • How this
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As an employer, you want to provide the best opportunity to your employees while ensuring the interest of your company. It is important to strike a balance between these twin objectives without compromising on either.

Presenting, Reliance Nippon Life Traditional Group Employee Benefits that provides you with Gratuity and Leave Encashment benefits fund management services to meet your liabilities towards your employees based on your Scheme Rules, along with life cover to insure your employees against future contingencies. 

  • 1

    Avail expert professional fund management services

  • 2

    Get guaranteed returns with an upside

  • 3

    Opt for additional protection at competitive rates

  • 4

    Get free of administrative hassles of the scheme

  • 5

    Avail tax benefits as per applicable tax laws


Disclaimer
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
 
Benefits payable based on the scheme rules:

Benefits payable under this product are governed by the trust deed and scheme rules prescribed by the employer. The quantum of benefits payable may vary for each individual employee and the exact quantum of benefits under this plan will depend on the specific employer’s Gratuity and Leave Encashment benefits.

Generally, the events for benefit payment and the quantum of benefit paid will be as given below:

Retirement of the employee:

  • The benefit amount will be based on the applicable Scheme Rules of the Employer
  • The benefit amount payable will be subject to the Scheme Rules and availability of funds under the employer’s Policy Account. The Company’s liability will be limited to availability of funds under the employer’s Policy Account
  • The Death Benefit ceases immediately on a member leaving a scheme
 
Death / disability of the employee in service:
  • The benefit amount will be based on the applicable Scheme Rules of the Employer
  • In case of Death, base Sum Assured and Rider Sum Assured, if any, as opted by the employer, will be payable
  • The benefit amount payable from the Policy Account will be subject to the Scheme Rules and availability of funds under the employer’s Policy Account. The Company’s liability will be limited to availability of funds under the employer’s Policy Account
  • All future benefits for the member shall cease on payment of benefits on account of Death
 
Resignations / early termination of service of the employee:
  • The benefit amount will be based on the applicable Scheme Rules of the Employer
  • The benefit amount payable from the Policy Account will be subject to the Scheme Rules and availability of funds under the employer’s Policy Account. The Company’s liability will be limited to availability of funds under the employer’s Policy Account
  • The Death Benefit ceases immediately on a member leaving a scheme
 
Annual Leave Encashment by employees:
  • The benefit amount will be based on the applicable Scheme Rules of the Employer, in case of Leave Encashment benefits. 
  • The benefit amount payable from the Policy Account will be subject to the Scheme Rules and availability of funds under the employer’s Policy Account. The Company’s liability will be limited to availability of funds under the employer’s Policy Account
Disclaimer
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
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


Disclaimer
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
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  • Shivrana Jinsiwal

    Patna

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

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  • Shailesh Arya

    Mumbai

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

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  • Vanita Damodar Vangera

    Karnataka

    “Payment is easy and quick. You get all the details on phone....“

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