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.

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Why choose this plan

Composite Solution

Composite solution to cater to the requirements of Gratuity, Leave Encashment and Post-Retirement Medical Benefits etc. payable to the employees as per scheme rules
Interest Rates

Attractive Interest Rates declared at start of every financial quarter
Funds Manage

Professionally managed fund with high service levels

Learn more about the plan

1

The Company will maintain a pooled fund at Master Policy level. The pooled fund maintained for every scheme is referred to as Scheme Account. The Scheme Account Value will be calculated by crediting all contributions received & interest credited less all applicable charges and withdrawals, as per scheme rules.

2

Scheme Benefit: As per the scheme rules, the benefit on various events (like resignation, death, retirement, disability, termination or sickness) will be paid from the respective Scheme Account as per scheme rules

3

Insurance Benefit: The flat life cover of Rs. 10,000 will be provided to each member under the scheme on yearly renewable basis. If the Master Policyholder wants higher risk cover, the same may be arranged through a separate one year renewable Group Scheme of the Company open for sale from time to time

4

Contribution: In case the Scheme Account Value is overfunded, the Company may allow “nil contribution” under the schemes until further contribution is required. In all such cases of nil contribution, the scheme shall not be treated as discontinued. No top ups are allowed unless required to address the underfunding of the schemes as per extant accounting standards.

5

Interest Credits: The Interest rate shall be declared at the start of every financial quarter and applied at the end of every quarter. Contributions net of withdrawal would be given proportional interest.

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


Downloads

Product Brochure

Download

Terms & Condition

Download

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?

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

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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.