Why is ICICI Pru Leave Encashment Plan special?

This plan helps you save money and build a pool that will pay the leave encashment amount to your employees.

What is Leave Encashment?

Leave encashment is a benefit offered by you to your employees, in which an employee can accumulate his or her leaves over a period of time. The accumulated leaves are paid in lump sum to your employees once they are no longer a part of your organization. In the absence of the employee, this amount is given to his or her loved ones. This payment is made as per the guidelines set by you.

How does this plan work?

Once you choose to set aside money for the ICICI Pru Group Leave Encashment plan, we invest this amount in various instruments of debt and equity. This plan gives you the opportunity to earn potentially better returns and helps you build a leave encashment pool. The wealth created by the plan can be used to make leave encashment payment claimed by the employees on exit.

We, at ICICI Prudential Life Insurance understand that service is of utmost importance to maintain a long-term relationship with you. As a result, we aim to ensure your convenience and ease while managing your policy.

What are the services provided under this plan?

We have a dedicated service team that provides services under this plan. This team will appoint a Relationship Manager for your policy. Your Relationship Manager will help you with all your policy related requirements.

We offer a complete and competitive range of investment product options. These include both Unit Linked insurance plans and non-linked plans thereby, allowing you to choose a plan as per your needs.

What are the different options available for managing my Group policy?

For managing your plan, you can choose from the following products:

Group Unit Linked Employee Benefit Plan – This is a Unit Linked Insurance Plan that offers various fund options of equity and debt.

Group Suraksha Plus – This is a Non-participating Endowment Plan which provides a minimum floor rate* and an additional interest rate every quarter.

*Minimum floor rate is the minimum percentage of premium that is guaranteed to the employee on their retirement savings at the time of purchase.

 

As an employer, annual contribution can be allowed as business expenditure and can be tax free. Leave encashment received by the employee is tax-free up to the limit specified and subject to conditions under Section 10(10AA).*

*Tax benefits are as per Income Tax Act, 1961 and Income Tax Rules, 1962. Please consult your Legal/ Tax expert for details. ICICI Prudential Life Insurance Company Limited shall not be held responsible in any manner in case you do not get the above stated tax benefits. Please note that the prevailing and applicable tax laws shall be final, conclusive and binding on both the parties.

Product Snapshot

Employee exits are uncertain and can create an additional liability of paying expenses such as leave encashment. To create a provision for such expenses, a wise decision would be setting up a leave encashment pool.

This can be achieved with ICICI Pru Group Leave Encashment Plans that will help you set up a fund for leave encashment. Through this plan, you will be able to meet your leave encashment liability as an employer and manage the future expenses of your company.

Product at a Glance

 

Which are the investment options available in this plan?

There are two investment options available under this plan. You can choose a Unit Linked or a Non-participating Endowment plan.

At what age can an employee start this plan?

The minimum age of entry for an employee is 15 years. But, the maximum age of entry should not exceed 85 years.

How long does the policy last?

The policy lasts for one year. It is renewable and will be auto-renewed on the policy anniversary.

What is the minimum amount of Life Cover offered?

This plan provides a flat cover of ₹1000 to the employees. You may take a group term policy for an additional Life Cover.

Which are the investment options available in this plan?

There are two investment options available under this plan. You can choose a Unit Linked or a Non-participating Endowment plan.

At what age can an employee start this plan?

The minimum age of entry for an employee is 15 years. But, the maximum age of entry should not exceed 85 years.

How long does the policy last?

The policy lasts for one year. It is renewable and will be auto-renewed on the policy anniversary.

What is the minimum amount of Life Cover offered?

This plan provides a flat cover of ₹1000 to the employees. You may take a group term policy for an additional Life Cover.

ICICI Pru Group Unit Linked Employee Benefit Plan (UIN: 105L137V01)
ICICI Pru Group Suraksha Plus (UIN: 105N147V01)

Unlike traditional products, Unit Linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. The names of the Company, Product names or fund options do not indicate their quality or future guidance on returns. Funds do not offer guaranteed or assured returns.

W/II/0282/2016-17

 

This is not applicable for this product.

 

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