Group
Term Insurance : Helps provide affordable cover
to members of a group.
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Group
Gratuity Plan : Helps employers fund their statutory
gratuity obligation in a flexible and hassle-free manner.
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Group
Superannuation Plan : A flexible scheme (defined
benefit and defined contribution) to provide a retirement
kitty
for each
member of the group.
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| Group
Term Insurance |
ICICI Pru's flexible group
term solution helps provide affordable cover to members
of a group. The cover could be uniform or based on designation/rank
or a multiple of salary, and can be extended to all employees
between the ages of 18 and 65 years. The benefit under
the policy is paid on the event of the member’s
death to the beneficiary nominated by the member. It
is a one-year renewable policy where one master policy
covers all proposed employees comprising the group, with
a minimum group size of 25 persons. New members can join
the group and outgoing members can leave the group at
any point during the policy term.
Highlights include:
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Greater convenience for the
employees with relaxed underwriting and medical requirements.
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"Free Cover Limits" with
simplified underwriting depending upon the number
of employees in the group and the level of cover
chosen.
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Guaranteed benefit : On death
during the term of the contract (while in service),
the sum assured will be paid to the beneficiary of
the employee.
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Choice of additional coverage in form
an Accident and Disability Benefit
Rider and Critical
Illness Cover
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Premium is viewed as a business expense
in the year of payment.
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For further information, please download the
brochure.
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| Group
Gratuity Plan |
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ICICI Pru's group gratuity plan helps employers
fund their gratuity obligation in a scientific manner.
Employers can avail of the tax benefits as applicable
to approved gratuity funds. The plan can also be customized
to structure schemes that can provide benefits beyond
the statutory obligations. Highlights include:
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Wider choice of investments
with Market Linked Plans - to meet the diverse financial
goals. We offer the following investment options (short-term debt, debt, balanced,
growth and capital guarantee on the short-term debt plan) where investments will be
made in accordance with the fund objectives.
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Transparency through Daily
disclosure of Unit Value and regular disclosure of
the portfolio of each of the investment option
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Flexibility through switching
and contribution redirection option to enable reshuffling
of portfolio
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Bundled Life Cover greater value to the employee by packaging
life insurance cover with the gratuity, with minimal
amount of underwriting.
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Actuarial services to provide a scientific
estimation of the gratuity liability.
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Low explicit charge structure with the
conditions for exit specified upfront.
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Enhanced service levels through faster
claim settlement, easier access to information and
regular statements.
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Complete end to end solution in the legal
and regulatory approval process for scheme set up
or transfer
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Employee Benefits
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The contribution made by
the employer is not included in the value of taxable
perquisites in the hands of the employee.
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Gratuity received up to
Rs 350000 is exempt from Income tax under Sec 10(10)
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Employer Benefits
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Annual contribution up to 8.33% of
salary bill in a financial year is allowed a deduction
for the purpose of computation of profits and gains
of business.
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Contribution towards past service
liability is allowed as deduction as per the Income
Tax rules.
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For
further information, please download the
brochure.
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| Group
Superannuation Plan |
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ICICI
Pru’s Superannuation Scheme (for both Defined
Benefit and Defined Contribution funds) offers substantial
benefits to both employers and employees. The employer
and employee can avail of tax benefits applicable to
an approved superannuation trust. The scheme will provide
for a retirement fund for each participating employee.
An employee would be able to choose from various annuity
options or opt for partial commutation of corpus
at retirement.
Highlights include:
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Wider choice of investments
with Market Linked Plans - to meet the diverse financial
goals.We offer the following investment options (short-term debt, debt, balanced,
growth and capital guarantee options on short-term debt, debt and balanced)
where investments will be made in accordance
with the fund objectives.
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Control - Each member/employer can exercise
greater control over investments by choosing one
or more of the investment options.
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Multiple Annuity Options - 5 annuity options and open market option
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Transparency - Transparency through Daily disclosure
of Unit Value and regular disclosure of the portfolio
of each of the investment option
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Flexibility - Flexibility through switching and contribution
redirection option to enable reshuffling of portfolio
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Low explicit charge structure with conditions
for exit specified upfront.
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Enhanced service levels through faster
claim settlement, easier access to information and
regular statements.
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Complete end to end solution in the legal
and regulatory approval process for scheme set up
or transfer
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For further information, please download the
brochure.
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