Benefits payable under this product are governed by the trust deed and scheme rules prescribed by the employer.
The quantum of benefits payable may vary for each individual employee and the exact quantum of benefits under this plan will depend on the specific employer’s Gratuity and Leave Encashment benefits.
Generally, the events for benefit payment and the quantum of benefit paid will be as given below:
Retirement of the employee:
- The benefit amount will be based on the applicable Scheme Rules of the Employer
- The benefit amount payable will be subject to the Scheme Rules and availability of funds under the employer’s Policy Account. The Company’s liability will be limited to availability of funds under the employer’s
Policy Account
- The Death Benefit ceases immediately on a member leaving a scheme
Death / disability of the employee in service:
- The benefit amount will be based on the applicable Scheme Rules of the Employer
- In case of Death, base Sum Assured and Rider Sum Assured, if any, as opted by the employer, will be payable
- The benefit amount payable from the Policy Account will be subject to the Scheme Rules and availability of funds under the employer’s Policy Account.
The Company’s liability will be limited to availability of funds under the employer’s
- All future benefits for the member shall cease on payment of benefits on account of Death
Resignations / early termination of service of the employee:
- The benefit amount will be based on the applicable Scheme Rules of the Employer
- The benefit amount payable from the Policy Account will be subject to the Scheme Rules and availability of funds under the employer’s Policy Account.
The Company’s liability will be limited to availability of funds under the employer’s Policy Account
- The Death Benefit ceases immediately on a member leaving a scheme
Annual Leave Encashment by employees:
- The benefit amount will be based on the applicable Scheme Rules of the Employer, in case of Leave Encashment benefits.
- The benefit amount payable from the Policy Account will be subject to the Scheme Rules and availability of funds under the employer’s Policy Account.
The Company’s liability will be limited to availability of funds under the employer’s Policy Account
