What is Pramerica Life New Group Traditional Employee Benefit Plan?
UIN: 140N083V01
Presenting “Pramerica Life New Group Traditional Employee Benefit Plan” which is a Non-Linked Non-Participating Group Savings Life Insurance Plan product offered to employer-employee groups to provide financial security to employees and helps you provide solutions for a better work place as well as helps in being one of the key differentiators while attracting talent. As an employer, you can use this plan for provisioning of employee benefits i.e. funding gratuity, leave encashment and post-retirement medical benefits.
Why choose this plan
Learn more about the plan
Eligibility
Minimum
Maximum
Entry Age (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 retirement age as
per scheme rules
Group Size
5 members
No Limit
Initial Contribution (Per scheme)
Rs. 50,000
No Limit
Sum Assured (per member)
Rs. 10,000
Rs. 10,000
Benefits of buying a this plan
The Master Policy will acquire a surrender value immediately. The Master policyholder may surrender the complete Master Policy at any time after serving minimum notice period of 7 working days.
In such case, the surrender benefit shall be equal to the Scheme Account Value. The surrender value so
calculated shall be after crediting interest rates on pro-rata basis but may also be subject to Market Value
Adjustment (MVA).
The Group Policy for Employee Benefit Schemes shall be renewed on a yearly basis under the policy by
adjusting the Mortality fees either by way of deduction from the Scheme Account Value or paying
Annual Mortality Premium (along with applicable taxes) separately into the Scheme Account.
For payment of life cover premium, grace period of 30 days from due date will be
allowed. If the life cover premium is not received by the end of Grace Period, then the applicable
Mortality Fee (including applicable tax) under the Master Policy shall be deducted from the Scheme
Account Value and the Death Benefit shall continue for all Insured Members.
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?
Unshakeable life insurance products tailored for your needs
A knowledgeable you is an informed you
Disclaimer:
This product provides Life Insurance coverage. Pramerica Life New Group Traditional Employee Benefit Plan UIN: 140N083V01. 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. The brochure gives the salient features for the product. Please refer to Policy Document for further details of the terms and conditions.
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.