Build Reserves For Your Employees Benefit Payouts

Edelweiss Tokio Life – Group Employee Benefit Plus provides wealth accumulation solution to employers for meeting the funding requirements of various employee benefit schemes, where the scheme does not maintain individual member accounts and only maintains a consolidated fund, such as, Gratuity and Leave Encashment schemes, where Employer will be the Master Policyholder. This plan caters to corporates, business establishments and other groups maintaining Gratuity and Leave Encashment schemes for its members.

The minimum group size for this plan is 10 members.

The minimum entry age is 18 years and maximum entry age is 80 years.

The minimum initial contribution is ₹10 lakhs.

The maximum maturity age is 81 years.

The minimum and maximum policy term is 1 year.

The minimum and maximum sum assured is ₹5000 per member.

Yes, there is a mortality charge. A mortality cost will be charged to the Policy Account Value on a monthly basis at the start of each month. The mortality cost corresponding to average age of the Members of the scheme at the start of each policy year will be considered.

There is no discontinuance charge. However, if at any point of time, the Policy Account Value falls below Rs. 50,000, the Master Policy will be foreclosed, and no other charges will be applied. The Policy Account Value shall be paid to the Master Policyholder.

Market Value adjustment (MVA) may be imposed in case of bulk exit or complete surrender, where bulk exit is said to occur if the amount to be paid on total exits during the policy year exceeds 25% of the Policy Account Value of the scheme as at the beginning of the year, where exit shall be as per the scheme rules.

This product offers a free look period of 15 days and that of 30 days in case of electronic policies and policies obtained through distance mode.

Yes, this plan has a surrender value. The Master Policyholder may surrender the complete Policy at any time after serving minimum notice period of 15 working days. The surrender value shall be equal to the Policy Account Value on the day of surrender less applicable Surrender Charges less Market Value Adjustment, if any.

In case of death due to suicide within 12 months from the date of risk commencement for the individual member or from the date of revival, the nominee or beneficiary of the individual member shall be entitled to at least 80% of the total premiums, provided the coverage is in force.

There is no grace period applicable.