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Product Information
Group Plans Reliance Nippon Life Group Leave Encashment Plus Plan
Synopsis:
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You believe in providing the best opportunities for your employees while keeping the interests of the company in mind. With the Reliance Group Leave Encashment Plus Plan, you can manage your employees' funds better, providing security alongside growth. Now you can strike the perfect balance between providing protection cover on lives of your employees and gaining an optimum utilization of the Leave Encashment liability contributions, while we manage your investments efficiently.

Benefits:

Key Benefits:

The exact benefits in a scheme under this plan will depend on the individual employer's Leave Encashment scheme. Generally, the contingencies for benefit payment and the benefit level will be as given below:
  • Annual leave encashment by employees - This benefit is typically based on the last drawn annual salary, leave balance and leave actually encashed by the employees as at the end of financial year of the employer.
  • Resignations/early termination of service of the employee –This benefit is typically based on the last drawn annual salary and leave balance of the employee as on the date of resignation / early termination. The leave balance is typically subjected to a maximum accumulation and encashment of the scheme rules.
  • Retirement of the employee –This benefit is typically based on the last drawn annual salary and leave balance of the employee as on the date of retirement. The leave balance is typically subjected to a maximum accumulation and encashment of the scheme rules.
  • Death/disability of the employee in service –  This benefit is typically based on the last drawn annual salary and leave balance of the employee as on the date of the death / disability. The leave balance is typically subjected to a maximum accumulation and encashment of the scheme rules. Upon death of an employee, an additional death benefit is payable under this plan. The additional death benefit is equal to the sum assured chosen for the concerned employee by you as an employer, subject to a minimum of Rs. 1,000 per employee.
  • Surrender/Discontinuance of policy – If you decide to surrender your policy or the policy becomes discontinued because of deficit in the fund, Reliance Life Insurance Company Ltd. will pay a surrender/discontinuance benefit equal to the fund value minus the surrender/discontinuance charges, if any.