Aviva New Traditional Employee Benefit Plan

Overview

Aviva Traditional Employee Benefit Plan is a fund based group insurance product designed for the corporate sector. This is a group employer-employee benefit product suitable for employers to meet their fund management needs to make the employee benefit payments e.g pertaining to Gratuity and Leave Encashment on resignation, retirement or death of their employees.

The leave encashment benefit may include the encashment of leaves by the members while in service depending upon the scheme rules.

Specifications

  • Master Policyholder: Employer/Trustees

  • Coverage: The minimum group size is 10 members

  • Entry age: 18 to 74 years (last birthday)

  • Minimum Contribution: Rs 1,00,000 at inception

  • Minimum Sum Assured : Rs 1,000 per employee

  • Maximum Sum Assured: Rs 1 Crore per employee

  • Premium Payment Frequency: Annual, Half Yearly, Quarterly or Monthly

  • Reinstatement period: 5 years from date of lapse, post which the scheme gets terminated

  • Mortality and Rider Premium: These will be payable separately from the Contribution

  • Funds available:                    

          Pension Cash Fund(ULGF00531/03/2006GROUPCASHF122), 
          Pension Debt Fund(ULGF00310/03/2006GROUPDEBTF122), 
          Pension Secure Fund(ULGF00113/07/2005GROUPSECUR122),
          Pension Growth Fund(ULGF00410/03/2006GROUPGROWT122), 
          Pension Balanced Fund(ULGF00210/03/2006GROUPBALAN122), 
          Pension Short Term Debt Fund (ULGF00613/02/2009GROUPSDEBT122), 
          Pension Income Fund(ULGF00728/03/2011GROUPINCOM122)

What are the employees (members) going to get?

Retirement, resignation / termination of employment of employee:

The Master Policyholder will be paid an amount equivalent to the amount payable to the employee as per the Gratuity Rules of the company by canceling the units of equivalent amount from the Master Policyholder's account.

Death Benefit:

In case of death of the insured employee, the sum assured will be paid to the master policyholder, who in turn, will settle the account with the beneficiary of the insured employee. If the master policyholder opts for DAB rider, an additional amount equal to the Sum Assured shall be paid in case of accidental death of the insured employee.

In case PTD rider has been opted for and the insured employee suffers from Total Permanent  Disability then the rider sum assured will be paid and membership will cease thereafter.

What is the organisation going to get?

Tax Benefits

Tax benefits are as per the provisions of the Income Tax Act, 1961. Tax laws are subject to change.

What are the charges applicable?

  • Allocation Charge

  • Fund Management Charge

  • Mortality Charge

  • Surrender Charges

Download Brochure Policy Account Value  Terms and Conditions  Policy Schedule

 

UIN: 122N102V01

Advt No: sep 59/16