Aviva New Traditional Employee Benefit Plan
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.
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
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.
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 are as per the provisions of the Income Tax Act, 1961. Tax laws are subject to change.
What are the charges applicable?
Advt No: sep 59/16