Aviva launches 'Traditional Group Employee Benefit Plan'
- Offers Capital Guarantee
- Single platform for leave encashment, gratuity and superannuation liabilities of an employer
- Provides tax benefits to the employer*
- Life cover to all members for extra protection
Aviva Life Insurance today announced the launch of its group Retirement Benefit product “Aviva Traditional Group Employee Benefit Plan”. The plan aims at helping employers efficiently manage funds set aside to meet their Employee Benefit program liabilities. These pertain to meeting Gratuity, Pension and Leave Encashment liabilities payable 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 on the scheme rules.
With this launch, the company now has a comprehensive group portfolio, with products both on the ULIP and traditional platforms. On the ULIP front, the company offers Gratuity and Leave Encashment solutions.
The Aviva Traditional Group Employee Benefit policy will cover any employee between the age of 18-69 years with Rs.100,000 as the minimum contribution and a minimum group size of 10, if the employer is the master policy holder. An important feature of this policy is the availability of a Capital Guarantee that protects the contributions as well as the declared past returns in the Policy. The policy will invest in a diversified portfolio as per IRDA guidelines with the twin objectives of Capital Preservation and Consistent Returns. The policy is flexible and can be customized for each of the following requirements - Gratuity, Pension or Leave Encashment.
Speaking on the new launch Mr. Munish Sharda, Director- Direct Sales Force, Aviva Life Insurance India said, “At Aviva, we understand the diverse needs of our customers, and aim to provide them prosperity and peace of mind through our products. Our latest launch, the Aviva Traditional Group Employee Benefit Plan will address the fund management needs of employers and help them earmark, and manage funds for their employees related to gratuity, pension and leave encashment.”
Key Highlights of AvivaTraditional Group Employee Benefit Plan -
- Capital Guarantee for the contributions
- Flexibility to pay premiums yearly, half-yearly, quarterly or monthly
- Minimum and maximum sum assured per employee are Rs 1000 and Rs 5 crore respectively
- Option of Free Cover Limit (FCL) - Sum Assured up to Free Cover Limit (FCL) for each member in all the schemes will be provided without any individual evidence of health
- Optional Life Cover for Group Pension Schemes
- Tax Benefits to the employers*
* wherever applicable.