Serving over 15 lakh customers in over 200 cities in India.

Call Us (Toll Free) 1800 _419 _8228

Exide Life Group Traditional Employee Benefit Plan

X
Loading...
Have a Query ?
Are you an existing customer?

Contact me via

Mandatory Fields Disclaimer XBy sharing your details, you are authorizing an Exide Life Insurance representative to contact you.
Last Visits
Loading...
X

What is Exide Life Group Traditional Employee Benefit Plan?

Exide Life Group Traditional Employee Benefit Plan has been designed to manage employee benefits like leave encashment and gratuity for the employees, and helps in building a substantial fund, to ensure hassle free discharge of the liabilities as a responsible employer.

3 Reasons to buy this plan

1 Guaranteed growth in fund
2 Tax benefits
3 Gratuity liability management services

Key Benefits

1. Minimum Floor Rate (MFR)
Get a minimum guaranteed interest rate of 1.5%p.a. for the entire term of the Policy.
2. Additional Interest Rate (AIR)
The Company shall also declare a non-zero-positive additional interest rate at beginning of every quarter and will remain guaranteed for that quarter.
3. Tax Benefits
Tax benefits for employer and employees as per the applicable tax laws.
4. Gratuity Liability Management Services

The Company will assist employer/trustees in managing gratuity liabilities.

How this plan works?

Step 1: The Contribution with respect to defined benefit group fund based Schemes shall be made in accordance with the Actuary's certificate as per AS 15 (Revised) obtained by the Employer.

Step 2: The Company will earmark assets for this product separately and the Policy Account under the product shall be disclosed on a daily basis in the company’s website through specifically assigned identification number (SAIN) for the fund for this product

Step 3: The contributions may be made monthly, quarterly, half-yearly or yearly.

Step 4: A Policy Account will be maintained in respect of every scheme as a whole.

Step 5: Shadow policy account value shall be maintained on daily basis. Such shadow policy account shall be computed based on the actual accruals of all income elements like premiums, income from investments as and when received and all actual debits from the policy account value as and when debited, to arrive at the actual gross investment return and reduction in yield to the policy account value, at the end of each policy year.

Step 6: An insurance cover of Rs. 1,000 shall be provided under this plan and the mortality charges for the same shall be deducted from Policy Account Value at the start of every year.

Key Features

Type of Group Employer Employee Groups
Minimum Size of the Group 10 members
Maximum Size of the Group No Limit
Minimum / Maximum Age at Entry 18 years – 84 years age last birthday or As per Scheme Rules
Minimum / Maximum Maturity Age 85 years or As per Scheme Rules
Minimum Policy Term 1 Year (Yearly Renewable)
Maximum Policy Term The policy will be renewed at Policy Anniversary date every year and will be in force unless it is specifically terminated by Master Policyholder or Exide Life Insurance.
Minimum / Maximum Sum Assured of a Member Rs. 1,000
Minimum Balance in the Policy Account Rs. 1,00,000
Maximum Balance in the Policy Account No Limit
Mode of Contribution Annual, Quarterly, Half Yearly, Monthly

Charges

Following Charges are to be paid by the Employer:

  • Fund Management Charges - NIL
  • Mortality Charges: Mortality Charges will be Rs. 1 per thousand Sum Assured and will be deducted from the Policy Account.
  • Surrender Charge : Surrender charge of 0.05% of the Policy Account Value less unrecovered additional funding (if applicable) with a maximum of Rs 500,000, if there is Surrender in the first 3 years of the Policy. There will be no surrender charges after 3 years except Market Value Adjustment (MVA) where applicable.
  • Market Value Adjustment (MVA): The market value adjustment is a factor to cover the market value losses of the underlying investment in relation to the balance in the Policy Account. MVA is applicable on complete Surrender and in case of Bulk Exits, where Bulk Exits mean if the total amount on exit, due to any event, as defined in the Rules of the Scheme, in a Policy Year (including the current exit amount) exceeds 25% of the balance in the Policy Account as at the beginning of that Policy Year.
    Formula to arrive at the Market Value Adjustment (MVA) is:

    MVA amount = [Maximum (0, Policy Account Value – Market Value) / Policy Account Value] * (Net amount which is over and above the amount representing Bulk Exit$)
    $ Net amount would represent full Account Value in case of complete Surrender
    Where, Market Value is derived from the revaluation of assets at the time when MVA is carried out. The assets will be earmarked separately for this product. The MVA amount, if any, will be deducted from the Policy

Disclaimer:
UIN: 114N075V01. For more details on risk factors, terms and conditions, please read the terms and conditions document of the product carefully before concluding the sale. Tax benefits are subject to change in tax laws from time to time. URN : EXL/ONLINE/2014/146
Exide Life Group Traditional Employee Benefit Plan 
Who should buy
Who should buy?
X

Who should buy?

Employers who want this plan to take care of their Employee Benefit Scheme like Gratuity and Leave Encashment with expert Fund Management by the Company.
Key Features
Key Features
What is Exide Life Group Traditional Employee Benefit Plan?

Exide Life Group Traditional Employee Benefit Plan has been designed >>

(UIN:114N075V01)
X
What is Exide Life Group Traditional Employee Benefit Plan?
Exide Life Group Traditional Employee Benefit Plan has been designed to manage employee benefits like leave encashment and gratuity for the employees, and helps in building a substantial fund, to ensure hassle free discharge of the liabilities as a responsible employer.
Key Benefits
Key Benefits
How does plan work
How this plan works?
Product Brochure
Product Brochure
Benefit Illustration
Terms & Conditions
3 Reasons
to buy this plan
X
Interested? Have us call you!

Please enter Name

Please enter valid Email ID

Continue

Mandatory Fields Disclaimer XBy sharing your details, you are authorizing an Exide Life Insurance representative to contact you.
Retirement Plan
Human Life Value
Calculate how much
life cover you need
My Life
exide Life Mobile App
Exide Life Insurance Mobile