The SBI Life - CapAssure Gratuity under Group Employee Benefit Products is a conventional Group Gratuity Scheme. Under this scheme the contributions made are continued to accumulate on the traditional platform of investment. At the finishing of a commercial year the investment earned is credited to the gratuity fund.
The key features of SBI Life - CapAssure Gratuity under Group Employee Benefit Products are as follows:
- This policy gives the capital on guarantee on fund under management.
- The unique pooling advantage is also available under this policy which gives high returns based on aggregated value of the non linked funds.
- The policy gives additional funding up to 3% to absorb the exit penalty charged by the prior insurer.
- Under this policy no suicide clause for exclusion is there for the basic life cover.
- The flexibility to partial transfer of fund from the scheme to the unit linked life gratuity scheme.
- The additional benefit for the employee through permanent disability rider and group accidental death is available.
The benefits of SBI Life - CapAssure Gratuity under Group Employee Benefit Products are as follows:
On the unfortunate death of the policy holder the nominee will get the higher of the accrued gratuity benefit payable according to the rules of the act of gratuity. Along with that the basic sum assured is also opted for the master policy holder.
Total permanent disability
Higher of the accrued gratuity benefit is paid according to the gratuity act along with the rider sum assured. The amount will be paid in any case due to accident.
On retirement, resignation or termination
Higher of accrued gratuity benefits payable according to the scheme rules or the Gratuity Act.