GROUP SAVING LINKED INSURANCE SCHEME

Insurance protection + saving.

Product sold depending upon the status of the

employee in the company. Saving contribution returned within interest at the time of retirement. In case of death during service, the amount for which the member was covered at the time of death & accumulated saving will be paid

Group superannuation
Contribution made by company towards pension
-

benefit of an employee Attainment of certain age Retirement Cessation of service Event of death

 Using a trust fund

Entering a group supperannuation scheme

arrangement with insurance company Tax exempt upto 15%

Group Gratuity Scheme

Gratuity is a payment that the company makes to the employee at the end of the service. It consist of the addition to the provident fund and other retirement benefits.

This scheme is available to an employee on Retirement Cessation of service Event of death

 It is compulsory for a company which is covered

under the payment of gratuity act ,1972 to pay gratuity for every half month salary for every completed year of service. An employer may pay gratuity through Out of internal reserves Out of a trust set up for administering the funds Tax exemption is allowed in these funds

 Administered by trust Employer contributes

Gratuity payment does not come under the preview of

insurance business. It is linked with gratuity. And this is known as Gratuity cum Life assurance Scheme Imp. Employee who die in service. Ensuring full amount to the nominees or heirs.

Met Group Gratuity Unit Linked Insurance Plan

It offers a comprehensive solution for employers to

outsource gratuity management in an effective and integrated manner. Benefits-Maturity benefits In case of retirement, resignation/termination, and disablement etc. In case of death of Member. In case the account balance is not sufficient to pay the stated benefits

Services Offered
Choice of two linked Funds - Debt Fund and Balanced

Fund. MetLife India would provide statement of account once in a year. Switching facility between the two Funds. Facility to pay the gratuity contribution (both past service liability and current service cost) in installments. Assistance with legal, tax and accounting services. Annual actuarial valuation to determine contribution under the Scheme.

Fund Management Charges

Premium Allocation Charges

The maximum Premium Allocation Charge is
0.50% of the Initial Contribution, and 2% of the Annual Contribution

What is EDLI?
All employees to whom the Employee's Provident Fund and

Miscellaneous Provision Act , 1952 applies, have a Statutory liability to subscribe to Employee's Deposit Linked Insurance Scheme, 1976 to provide for the benefit of Life insurance to all their employees. Under the scheme the insurance benefit is equal to the average balance to the credit of the deceased employee in the Provident Fund during the last 12 months. Thus if the length of service is not adequate and/ or the salary is low the average balance may be substantially less and such the benefit to the employee's family is either inadequate or non-existent.

ADVANTAGES TO THE EMPLOYER : The premium payable by the employer is usually less than the total contribution being paid by the employer to R.P.F.C; particularly when the salary level is high and average age of the group is low.
Settlement of claim is quicker, LIC requires only the death certificate

and the Claim Form from the employer.

Premium paid by the employer is treated as normal business expenses

for Income-Tax purpose.

ADVANTAGES TO THE EMPLOYEE: Each employee is covered for a sum assured ranging between 5,000 to 2,00,000 depending upon the current salary. .Every employee/ worker can be covered for a uniform sum assured which will be decided depending upon the group size.