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Insurance Company
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Reliance Life Insurance Co Ltd
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Plan Name
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Reliance Group Gratuity Plus Plan
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Plan Nature
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ULIP
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Plan Category
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Gratuity Plan
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UIN No.
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121L081V01
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About Plan
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We at Reliance Life Insurance Company Limited can be of help to find answers to most of these very relevant questions. We can assist you to meet your obligations under the Payment of Gratuity Act while providing innovative solutions and deivering long-term results for your investment through our Reliance Life Insurance Group Gratuity Plus Plan. You can also transfer your existing gratuity liability managed under some other funds to Reliance Life Insurance Company Limited. This is a unit linked group Gratuity product with nine different fund options, namely, Group Gratuity Growth Fund, Group Gratuity Balanced Fund, Group Gratuity High Growth Fund, Group Gratuity PureDebt Fynd, Grouup Gratuity Money Market Fund, Group Gratuity Corporate Bond Fund, Group Gratuity Gilt Fund, Group Gratuity Equity Fund, and Group Gratuity Mid Cap Fund.
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Minimum Entry Age
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18 years last birthday
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Maximum Entry Age
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65 years last birthday
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Maximum Maturity Age
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70 years last birthday
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Minimum Policy Term
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5 years
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Maximum Policy Term
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No Maximum. The policy will be in force unless it is specifically terminated
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Benefits
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| Particulars | Description |
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Death Benefits
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Broadly, this benefit is equal to 15 days' salary at the time of death for each year of past service of the employee up to the time of death/disability, and may be subject to a maximum of Rs.10,00,000.The death benefit, is subject to a minimum of Rs.1,000 for each member. An insurance risk premium will be charged for the death benefit. The death cover ceases immediately on a member leaving a scheme.
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Additional Benefits
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In addition to the minimum death benefit of Rs.1000 per member, the employer can opt to offer additional death benefit. The additional death benefit can be future service gratuity, flat sum assured, flat sum assured based on grade, fixed multiples of annual salary, etc.
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Surrender Benefit
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If the employer/trustees decide to surrender their policy or the policy becomes discontinued because of deficit in the fund, Reliance Life Insurance Company Ltd. will pay a surrender/discontinued benefit equal to the fund value minus the surrender/discontinuance charges, if any.
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Tax Benefits
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| No data for Tax Benefits |
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Retirement of the Employee:Broadly, this benefit is equal to 15 days's salary at the time of retirement for each year of past service of the retiring employee, and may be subject to a maximum of Rs.10,00,000.
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Resigations/early termination of service of the employee:Broadly, this benefit is equal to 15 days' salary at the time of resignation of the employee for each year of past service up to the time of his resignation, and may be subject to a maximum of Rs.10,00,000, provided the employee has completed at least five years of service.
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In addition to the minimum death benefit of Rs.1000 per member, the employer can opt to offer additional death benefit. The additional death benefit can be future service gratuity, flat sum assured, flat sum assured based on grade, fixed multiples of annual salary,etc.
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Group Balanced Fund 2
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Group Corporate Bond Fund 2
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Group Equity Fund 3
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Group Gilt Fund 2
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Group Money Market Fund 2
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Particulars
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Range
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Group Balanced Fund 2
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Corporate Debt
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0% - 80%
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Equity
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0% - 20%
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Group Corporate Bond Fund 2
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Bond Instrument
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0% - 100%
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Group Equity Fund 3
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Equity
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0% - 100%
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Group Gilt Fund 2
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Government Securities
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0% - 100%
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Group Money Market Fund 2
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Money Market Instruments
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0% - 100%
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Group Balanced Fund 2
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17-May-13
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16.6815
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Group Corporate Bond Fund 2
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17-May-13
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15.6487
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Group Equity Fund 3
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17-May-13
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17.9752
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Group Gilt Fund 2
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17-May-13
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13.8504
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Group Money Market Fund 2
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17-May-13
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14.8017
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Group Balanced Fund 2
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Group Corporate Bond Fund 2
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Group Equity Fund 3
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Group Gilt Fund 2
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Group Money Market Fund 2
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10-Jul-09
11:59
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Concerns over insurers' IPO listing
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06-Jun-09
10:21
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Reliance Life Insurance to mop up Rs 1,500-2,000 cr through IPO
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23-May-09
12:40
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Reliance Cap plans to sell 10 to 26% of its life insurance unit
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22-May-09
10:40
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Reliance Capital is planning to IPO of its insurance arm
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13-May-09
11:23
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Reliance Life Insurance reduced the number of agents
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30-Mar-09
15:56
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Seeking CEO for Insurance JV
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09-Feb-09
09:58
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Expanding operation beyond Indian shores: Reliance Life CEO
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05-Feb-09
09:50
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Reliance General Insurance launched claim survey 'Motoveys Claimlook'
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20-Jan-09
12:50
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Private insurers see market share rise to 62%
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12-Jan-09
14:50
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Reliance ADAG is in talks to sell a minority stake in its insurance distribution business to THB
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12-Jan-09
13:50
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Reliance Life Insurance launched Group Savings Linked Plan
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22-Dec-08
14:56
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Reliance Life launches Guaranteed Return Plan Series I
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12-Dec-08
11:40
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Reliance Life launches Super InvestAssure Plan - Plus
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08-Dec-08
12:56
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Reliance Life expects the first premium income to cross $1 billion
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05-Dec-08
12:46
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Reliance Life to hire 2,500 managers, 90,000 advisers in 4 months
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