Aviva Traditional Group Gratuity Plan is yet another gratuity based insurance policy from Aviva Life Insurance that has been designed specifically to offer lump sum benefits to the employees either after their death or after their retirement.
Apart from this Aviva Traditional Group Gratuity Plan also offers Tax benefits to the employer regarding the initial or the regular contributions that has been made by the employer. According to this policy the employer has been referred as the master policy holder since this is the individual that the head of the group.Some of the features of Aviva Traditional Group Gratuity Plan are as follows:
- In this policy the master policy holder is also referred as the trustees.
- At least ten members must be there in a group. If riders are opted in this policy then the number of individuals in a group must be at least twenty.
- The person must be more then eighteen years of age to become eligible for this policy. It must also be noted that the individual must not be more then sixty nine years of age.
- The minimum contribution that is to be made at the time of inception is rupees one lakh.
- This above mentioned money can also be paid by the master policy holder or employer in five installments.
- The minimum sum that is to be assured in this policy is rupees thousand for every employee and the maximum amount is rupees five crore for every employee.
- The frequencies for making the payment of premiums can be chosen by the policy holder. The options that are offered regarding this are annually, half yearly, quarterly and monthly.
- Tax benefits are also available in this policy and that is as per the provisions of the Indian Income tax Act, 1961.