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Aviva New Group Leave Encashment Plan and Policy

Aviva New Group Leave Encashment Plan and Policy - Aviva Life iTerm Insurance Plan is an online term insurance plan which aims to fulfill the protection needs of the policyholder at minimal costs for a secured future.

Key Features - Aviva New Group Leave Encashment Plan and Policy:

  • A lump sum fund to meet the leave encashment liability of your employees
  • Life Insurance Cover of Rs.1,000 in case of death while in service
  • Flexibility to invest in various unit linked investments funds
  • The option to switch between various funds without any charges

Eligibility Details -Aviva New Group Leave Encashment Plan and Policy:

  • Master Policyholder: Employees
  • Coverage: The minimum group size is 10 members
  • Entry age: 18 to 70 years (last birthday)
  • Minimum contribution: Rs 1 lakh at inception
  • Sum Assured: Rs 1,000 per employee (fixed)
  • Reinstatement period: 5 years from date of lapse, post which the scheme gets terminated
  • Mortality Premium: This will be payable through cancellation of units from master policy account towards the cost of life cover.
  • Funds available: 7 Funds options

Advantage and Dis-advantage - Aviva New Group Leave Encashment Plan and Policy:

  • On encashment of leaves by a member while in service or in case of death/retirement/resignation or termination, the Master Policyholder will be paid an amount equivalent to the amount payable to the member as per the Company’s Leave Encashment Rules, by canceling the units of equivalent amount from the master policyholder's account. 
  • On death of a member, an additional amount of Rs.1,000/- is paid

Tax Benefits - Aviva New Group Leave Encashment Plan and Policy:

  • Tax benefits are as per the provisions of the Income Tax Act, 1961. Tax laws are subject to change.

Chargegs - Aviva New Group Leave Encashment Plan and Policy:

  • Allocation Charge
  • Fund Management Charge
  • Mortality Charge
  • Surrender Charge

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