This plan helps you build reserves to give your employees Gratuity and Leave Encashment as and when needed.
A non-zero*⁵ positive interest rate is applied to your Policy Account Value daily for the entire term of your plan.
Every employee included under this plan gets a life cover to live a secured life.
Add some toppings! You can make top-up payments to maintain the Policy Account Value as and when needed.
Fixed life cover for everyone! We understand you want to look out for your employees. When you opt for Edelweiss Tokio Life Group Employee Benefit Plus, all your employees get a life cover of Rs. 5000.
Give your employees the benefits they deserve! Opting for this plan will help you build a secured fund that you can use to pay your employees their dues like Gratuity and Leave encashments.
Grow with us! When you opt for this plan, an interest will be applied to your Policy Account Value every day. This rate of interest is determined every quarter and the minimum value is at least 0.5% p.a.
Add some toppings ! With this plan, you can make top-up payments as and when required to maintain your Policy Account Value. These contributions to the fund are permitted to address the underfunding of the scheme. Your Policy Account Value should not reduce below Rs. 50,000.
Don’t worry about taxes! Premiums paid are considered as business expenses and are eligible for tax benefit under section 37 of the Income Tax Act, 1961.
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As an employer, you may need funds to provide employee benefits such as Gratuity and Leave Encashment. These could be considerable amounts and hence need to be planned for in advance. A group employee benefit plan helps you to build a consolidated reserve for this purpose.
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.
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0-Provided the premium paying term is more than or equal to 10 years.
1- This is applicable only if all due premiums are paid and the policy is inforce.
3- As per provisions of Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
*5- Subject to a minimum of 0.5% p.a., shall be declared within 15 days at the beginning of the quarter
Edelweiss Tokio Life – Group Employee Benefit Plus is only the name of a Group, Non-Linked, Non-Par, Savings, Life Insurance Fund based Product with yearly renewable policy term and does not in any way indicate the quality of the plan, its future prospects or returns. Please know the associated risks and the applicable charges from your Personal Financial Advisor or the Intermediary. Tax benefits are subject to changes in the tax laws. For more details on risk factors and terms and conditions, please read sales brochure carefully before concluding a sale.
IRDAI Reg. No.: 147. CIN: U66010MH2009PLC197336. UIN: 147N064V01.