Pramerica Life Group Secured Employee Benefit Plan
Benefits of superannuation, gratuity, leave encashment,
post-retirement medical benefits, etc. payable to the employees as per scheme rules
Life cover of Rs. 10,000 per member (except in
superannuation schemes)
A Non-Linked Non-Participating Group Savings Life Insurance Plan. UIN: 140N078V01
What is Group Secured Employee Benefit Plan?
UIN: 140N078V01
Pramerica Life Group Secured Employee Benefit Plan is a traditional life non-linked, non-participating group savings insurance product, which can be taken by you (an employer) to manage employee benefits like superannuation, gratuity, leave encashment, post retirement medical benefits (PRMBS), employee welfare funds and any other group scheme with significant savings element for your employees. This scheme helps in building a substantial fund, to ensure hassle free discharge of your liabilities as a responsible employer.
Why choose this plan
Learn more about the plan
Eligibility
Parameters
Entry Age (Last Birthday)
Minimum
Higher of
• 18 years
• Minimum age as per scheme rules
Maximum
Lower of
• 85 years
• Maximum age as per scheme rules
Maturity Age (Last Birthday)
19 years
• 86 years
Group Size
5 members
No Limit
Initial Contribution (Per scheme)
₹25,00,000
No Limit
Sum Assured (per member)(Not Applicable for superannuation)
₹10,000
Policy Term
One year
There is no fixed policy term. The scheme under the product shall be annually renewable.
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Benefits of buying a Saral Jeevan Bima
Benefit is payable in accordance with the scheme rules, subject to a maximum of the Policy Account Value or Assured Benefit.
For all schemes other than superannuation scheme, the Sum Assured of Rs 10,000 will also be paid
The Master Policyholder has the following 3 options:
Option 1 (Default): The maturity/vesting amount of the tranche can be transferred to any existing Group Employee Benefit plan then available with the Insurer and the tranche shall be closed.
Option 2: The Master Policyholder can choose to reinvest the maturity/vesting benefit amount in a new tranche of its choice at prevailing rates at that time. In this case the policy will continue with a new tranche created.
Option 3: The Master Policyholder can choose to withdraw the entire maturity/vesting benefit amount. Once this benefit is paid, the existing tranche will be closed.
The Master Policyholder may surrender the policy at any time, by giving one month’s notice. Such
notice period can be waived by the company. Surrender Benefit shall be Policy Account Value less MVA
applicable if any.
Benefit is payable in accordance with the scheme rules, subject to a maximum of the Policy Account
Value or Assured Benefit.
• The Master Policyholder may renew the policy by paying mortality premium (along with applicable tax) into the Policy Account at every policy anniversary.
• If Mortality Premium is not received within Grace Period (30 days), the Company shall renew the policy automatically by deducting the Mortality Fees, at every policy anniversary.
• Once the policy is renewed, a renewal intimation shall be provided by the Insurer to the Policyholder.
Tax Benefits under the policy will be as
per the prevailing Tax laws and are subject to amendments
from time to time. For tax related queries, contact your
independent tax advisor. The Goods and Services Tax (GST)
& applicable cess (es)/levy, if any levied by the government
will be charged separately as per the prevailing tax laws as
amended from time to time.
Why choose Pramerica Life Insurance?
99.18% Claim Settlement Ratio
Individual Death Claim Paid Ratio as per audited financials for FY 2024-25
134 Branches PAN India
As reported on Mar 2025
Over 5.2 Million Lives Secured
As on September 2023
Need assistance?
We are happy to help you. Talk to our expert and choose the right plan as per your needs.
Unshakeable life insurance products tailored for your needs
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- Return of Mortality & Waiver of Premium Charges on survival till the end of the Policy Term
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- Covers different stages of Cancer and Heart conditions
- Monthly Income payable as recuperation benefit to meet your needs.
- No need to pay any premium from the date of first claim for next 3 Policy years
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Rakshak Smart
- Flexibility to choose from two plan options
- Flexible Premium Payment Modes
- Comprehensive death benefit in Enhanced Life Option
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Disclaimer:
*Specified Period is the period for which the contribution is being made, it is selected by Master Policyholder at the time of making each contribution.
BEWARE OF SPURIOUS / FRAUD PHONE CALLS: IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
This product provides Life Insurance coverage. Pramerica Life Group Secured Employee Benefit Plan UIN: 140N078V01. Goods & Services Tax will be charged over and above the quoted premium. Tax Benefits may be available as per the applicable laws as amended from time to time.
