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Retiresurance Group Insurance Plan
Introduction/Overview Retiresurance Group Insurance Plan is a group insurance plan designed specifically for employer-employee groups providing employers a plan to manage the employees retirement compensations like gratuity, superannuation or leave encashment. Key Features It is a yearly renewable plan The plan can be availed only by employer-employee groups where a minimum of 10 members are required A Master Policy held by the employer is issued covering the members for a pre-determined amount. Defined Benefit scheme and Defined Contributions scheme is covered under the scope of the plan Gratuity, Superannuation and Leave Encashment is managed under the Defined Benefit scheme while only Group Superannuation is managed under the Defined Contribution scheme
Product Specification
Policy Details Grace Period: not applicable under the plan Policy Termination or Surrender Benefit: on surrender, the balance in the policy account net of applicable surrender charges and Market Value Adjustment is returned Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Additional Features or Riders Employers can make additional contributions as per the terms and conditions
Benefits
A guaranteed Minimum Floor Rate @ 0.5% p.a. will be credited to the policy account quarterly throughout the term A non-negative Additional Interest rate will be credited to the policy account quarterly A non-negative Residual Additions from the 5th policy year will be credited to the policy account to meet the maximum Reduction in Yield On death, under the Defined Contribution scheme, the aggregate Account balance is paid subject to a minimum of 100.1% of all premiums paid for each member and for the Defined Benefits scheme, the accrued liability as per scheme rules is payable On death under the Gratuity and Leave Encashment scheme, the accrued liability + a fixed Sum Assured equal to Rs.1000 is payable The benefits as payable in case of death are payable in case of retirement, resignation or disablement of members except the Sum Assured of Rs.1000
Documents Required
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the details of every group member. New Delhi Marathon to be sponsored by IDBI Federal Life Insurance 8 Day Claim Settlement Guarantee by IDBI Federal Seven New Plans by IDBI Federal Life Insurance