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Group Leave Encashment Plan enables you to fund your Leave encashment liability payable to your employees and offers market linked policy.
Are you running a scheme for your employees that offers leave encashment benefits that will be payable in the future? Since such a liability increases with time, it may become difficult to pay the benefit as you go. It is therefore beneficial that the employer sets up a separate fund from which this benefit may be paid out.
Also, with the revision in the Accounting Standard (AS-15) of January, 1995 and the amendment in Section 209(3) of the Companies Act, 1957, it has become necessary for the employers to recognize the accrued liabilities in respect of Leave Encashment benefits available to all the employees in the books of final accounts.
ICICI Prudential Life Insurance now offers a market linked Group Leave Encashment Policy designed to fund for such benefits. The contributions that you pay to fund your scheme will be invested in our unit-linked funds and will be available for payment of the benefit when it falls due. Additionally, the product also provides for term cover for all the employees covered under the policy.
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