Tata AIA Life Insurance Group Employee Benefit Plan (UIN: 110L151V02)

 

A Unit-Linked, Non-Participating Group Life Insurance Plan


As an employer, you would want to take care of your employees. After all, they are the lifeblood of the organization. Their well-being and happiness will result in the company thriving, and you would want them, to be protected against life’s uncertainties.

Now you can take care of their employment benefits, and actively secure their future and the future of their families with the Tata AIA Life Insurance Group Employee Benefit Plan. This unit-linked group insurance plan helps you manage your employee gratuity and leave encashment benefit funds, while also providing the opportunity for investment growth.

Key
Benefits

Greater flexibility

Flexibility to choose from 5 different investment funds as per your investment needs

Loyalty additions

Loyalty additions for funds above Rs. 1 crore

Tax benefits

Avail tax benefits as per applicable tax laws

Highlights of Tata AIA Life Insurance Group Employee Benefit Plan

Provision to set up separate funds for your employee’s gratuity/ leave encashment benefits

Benefits are payable to employees in the event of their retirement/ resignation/ termination/ any other exit as per scheme rules

Provide life cover for all enrolled members

This plan also provides the option of fund switching

Declaration on Interest Rate for Traditional Group Employee Benefit Plan (UIN: 110N149V01)

  • The interest for JFM 2020 quarter was declared as 1.0% per annum (guaranteed MFR) + 6.5% per annum (discretionary AIR)
  • The interest for AMJ 2020 quarter is declared as 1.0% per annum (guaranteed MFR) + 3.5% per annum (discretionary AIR)
  • The interest for JAS 2020 quarter is declared as 1.0% per annum (guaranteed MFR) + 3.5% per annum (discretionary AIR)
  • The interest for OND 2020 quarter is declared as 1.0% per annum (guaranteed MFR) + 4.4% per annum (discretionary AIR)
  • The interest for JFM 2021 quarter is declared as 1.0% per annum (guaranteed MFR) + 4.25% per annum (discretionary AIR)
  • The interest for AMJ 2021 quarter is declared as 1.0% per annum (guaranteed MFR) + 4.45% per annum (discretionary AIR)

Disclaimer

  • Loyalty Additions, expressed as % of fund value, will be added at the end of each calendar month, after the date of commencement of policy. Loyalty additions vary by fund size and type of fund, and will be added in the form of additional units.
  • Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you .
  • Investments are subject to market risks.
  • Please know the associated risks, and the applicable charges from your Insurance agent, or the Intermediary or policy document issued by the insurance company.
  • Tata AIA Life Insurance Company Limited is only the name of the Insurance Company, & Tata AIA Life Insurance Group Employee Benefit Plan is only the name of the Unit Linked Life Insurance contract, and does not in any way indicate the quality of the contract, its future prospects or returns.
  • Unit-linked life insurance products are different from traditional insurance products, and are subject to risk factors.
  • The premium paid in the unit-linked life insurance policies are subject to investment risks associated with capital markets, and the NAVs of the units may go up or down based on the performance of the fund, and factors influencing the capital market. The insured is responsible for his/her decisions.
  • The various funds offered under this contract are the names of the funds, and do not in any way indicate the quality of these plans, their future prospects and returns. The underlying funds’ NAV will be affected by interest rates, and the performance of the underlying stocks.
  • The performance of the managed portfolios and funds is not guaranteed, and the value may increase or decrease in accordance with the future experience of the managed portfolios and funds. Past performance is not indicative of future performance.
  • All investments made by the Company are subject to market risks. The Company does not guarantee any assured returns. The investment income and price may go down as well as up, depending on several factors influencing the market.
  • Please make your own independent decision after consulting your financial, or other professional advisor.
  • Insurance cover is available under this product.
  • This product is underwritten by Tata AIA Life Insurance Company Limited. This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
  • Participation by customers shall be on a voluntary basis.
  • All Contribution is subject to applicable taxes, levies, duties, cesses which will entirely be borne by the master policyholder, and will always be paid by the master policyholder along with the payment of contribution. If any imposition (tax or otherwise) is levied by any statutory or administrative body under the Policy, the insurer reserves a right to claim the same from the master policyholder. Alternatively, the insurer shall also have a right to deduct the amount from the benefits payable under the Policy.
  • For more details on risk factors, terms and conditions please read the sales brochure carefully.
Frequently asked questions
What are group insurance plans?

Group insurance plans offer insurance cover to members of a group. They can either be members of a specific society, employees of a company, or a group of loan borrowers. Tata AIA Life Insurance group insurance plans extend a myriad of benefits to employer-employee groups, and non employer-employee groups. Members of these groups can get pure term, superannuation, gratuity, and loan cover among others.  

For instance, lending institutions can protect the money they lend to borrowers by purchasing credit life insurance plans, which removes the burden of outstanding debts from the shoulders of the borrowers’ families, in the event of their untimely demise. Similarly, employers can ensure the financial well-being of the families of their employees by purchasing group term insurance plans. It also helps employers retain their workforce, while meeting the statutory obligations via group insurance plans.

What are the benefits of group insurance plans?

Group insurance solutions benefit a variety of groups like employer-employee groups, non-employer-employee groups, and groups of loan borrowers from a common lender.

Benefits for employer-employee groups:

By purchasing group insurance, employers can ensure the financial security and well-being of their employees’ families. This is generally seen as a good practice, which motivates the employees, and increases employee satisfaction. Employers can also meet their statutory obligations by purchasing group insurance, while the premium paid by them can be treated as a business expense. This enables the employer to claim tax deductions.

The employees can also avail tax benefits on the premiums paid, while the funds they invest in are managed by experts.

Benefits for non employer-employee groups:

By purchasing group insurance, members of such groups can avail life cover, while credit life insurance plans provide cover against outstanding debts to the borrowers.

How do these group insurance plans work?

Group insurance policies can be purchased by either employer-employee groups, or non employer-employee groups, in order to ensure the financial well-being of the members’ families.

The non employer-employee groups can include members of a specific society, or can include borrowers from a common lender. Hence, such groups need to have a purpose of existence. Group insurance plans will also have a Master Policyholder, who will serve as the central administrator, and will act on behalf of the members of the group.

Can individuals purchase group insurance plans?

Individuals cannot purchase group insurance plans. In order to avail the benefits of a group insurance policy, one has to be a part of a specific group

Need more information?
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