Group Traditional Plan

Make fulfilling their promises a part of your business plan

  • No Medical Examination Required
  • Efficient Fund Management
  • Range of Employee Schemes Covered
  • Tax Benefits Applicable

Make fulfilling their promises a part of your business plan

  • No Medical Examination Required
  • Efficient Fund Management
  • Range of Employee Schemes Covered
  • Tax Benefits Applicable

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About Group Traditional Plan

UIN: 136N014V02

A Non-Linked Non-Par Life/Pension Group Savings Insurance Plan which caters to needs of employers, trustees or group administrator who would like to fund their group member’s retirement and other welfare benefit schemes like gratuity, leave encashment, post retirement medical benefits or superannuation.
CLICK HERE for declared Interest Rates.

Product Parameters

This plan covers a wide variety of schemes like,

  • Defined Benefit (DB) – Gratuity, Leave Encashment, Superannuation and Post Retirement Medical Benefits
  • Defined Contribution (DC) – Superannuation
  Minimum Maximum

 

Age at entry
(last birthday)

Higher of

  • 18 years
  • Minimum age as
    per scheme rules

Lower of

  • 79 years
  • Maximum age as
    per scheme rules

 

Maturity Age (last birthday)

 

Not applicable

Lower of

  • 80 years
  • Maximum maturity age as per scheme rules
Group Size
10 membersNo limit

Initial Contribution

  • Defined Benefit Schemes
  • Defined Contribution Schemes
 
  • ₹ 50,000 per scheme
  • ₹ 1,000 per
    employee per annum

No limit

Why Buy

  • Composite solution to cater to the requirements of Gratuity, Leave Encashment, Post Retirement Medical Benefits and superannuation to the employees as per scheme rules
  • No medicals are required
  • Funds will be invested and managed in an efficient manner aiming to provide stable and safe returns
  • At the end of every financial year, the interest rates are declared in arrears as per Board Approved Interest Rate & Expense Policy. The interest amount (based on the weighted average Scheme Account value and the interest rate as declared by the Company) will be added to the Scheme Account of the Master Policyholder
  • Avail Tax Benefits as per the prevailing Tax laws and the same are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.

Brochures

PRODUCT BROCHURE

POLICY CONTRACT

PRODUCT INFORMATION

WEBSITE DISCLOSURE INTEREST RATES

CUSTOMER INFORMATION SHEET

Benefits

The benefits on various events will be based on a pre-defined formula as prescribed in the scheme rules and are payable as here under:

  • Death benefit: The death benefit as per the scheme rules will be paid from the Scheme Account to the beneficiary. Additionally, we will pay the sum assured of Rs. 1,000 as death benefit
  • Resignation: On resignation, the benefit amount as per the scheme rules will be paid from the Scheme Account to the member
  • Retirement: On retirement the benefit amount as per the scheme rules will be paid from the Scheme Account to the member
  • In case of any other event as per scheme rules (as agreed at the inception of contract with Master Policyholder), the benefit will be paid from the Scheme Account
  • In case of DC schemes, there shall be an assured benefit that shall be applicable on each of such individual accounts wherein the absolute amount to be paid on maturity shall result in non-zero positive return