Aviva Group Leave Encashment Plan is yet another insurance policy from Aviva Life Insurance that has been designed specifically to offer help so as to help the employees to meet their leave encashment liabilities. This plan is also well known for its cost effectiveness and is also very systematic.
Some of the salient features and benefits of Aviva Group Leave Encashment Plan are as follows:
- This insurance plan is meant for those people are between the ages of eighteen to sixty nine years. Here an employee can be more then eighteen years of age but not be more then sixty-nine years.
- The minimum annual premium that is to be paid is rupees two lakh at the time of policy commencement.
- This policy is also known to have an in-built flat free insurance cover of rupees one thousand for every employees.
- The term for making the payment of premiums in this policy is annually, half yearly, quarterly or monthly. This offers ample flexibility to the policy holder since he or she can choose the term that suits best according to them.
- In this policy the master policy holder or the employer would be paying the equivalent amount to the employee after its death, retirement, resignation or termination. It is done by canceling the units of the same amount from employer’s account. As per the rules, the employer needs to pay an additional thousand rupees to the family holder of the employee after its death.
- In this policy the charges for the management of funds are 0.8 to 1.3 per cent and this is used to calculate the Net Asset Value or NAV on daily basis.
So these are some of the features and the benefits of the Aviva Group Leave Encashment Plan. For more information about this policy, one must visit their nearby branch office of Aviva Life Insurance.