This one is a unit linked group gratuity plan that offers different types of fund options such as Capital Secure Fund, Growth Fund, Balanced Fund, Super Growth Fund, Growth Plus Fund, High Growth Fund, Pure Debt Fund, Money Market Fund, Corporate Bond Fund, Gilt Fund, Equity Fund, Infrastructure Fund, Energy Fund, Mid Cap Fund and Pure Equity Fund. Reliance Life Insurance policy still allows the employer to outsource the management for its employee’s gratuity funds. But in this case the number of employees must be more the 20.
This is a unit linked plan that enables the employer to choose the past service gratuity that is to be paid to each employee as well as the insured death benefit, of thousand rupees to all member. Here the premium would be decided by the insurance company that is to be paid by the insured. Under this policy the contributions for gratuity liability would be used in making the purchase of the units by the employer.
The benefits that an insured is eligible to have under this policy are as follows:
- If an employee looses its life throughout his or her service then the family member of the insured would be getting the amount of death benefit along with previous service gratuity.
- In case of disability of an employee during its service then the person would be getting the gratuity for its previous service. The same thing is applicable for the retirement of an employee as well.
- In case of acknowledgment or termination, the employee would be getting its past service gratuity.
At any point of time the insured can surrender the policy on which the insurance company would pay the surrender value, which is equivalent to the fund value less the surrender charges. If the premium of this policy is not paid within the prescribed time limit along with the gratuity contribution then the policy would not remain effective anymore.
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