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TATA AIA Life Insurance Group Employee Benefit Plan

Summary Info

Insurance Company	Tata AIA Life Insurance Company Ltd
Plan Name	TATA AIA Life Insurance Group Employee Benefit Plan
Plan Nature	ULIP
Plan Category	Savings & Investment Plan
UIN No.	110L151V01
About Plan	This is a Unit Linked, Non-Participating Group Insurance Plan. This is a Unit linked group insurance plan offered to employer-employee groups that not only helps manage your employee gratuity and leave encashment benefit funds but also provides the opportunity for investment growth.

Basic Details

Minimum Entry Age	18 Years
Maximum Entry Age	79 Years (as per scheme rules)
Maximum Maturity Age	80 Years (as per the scheme rules)
Policy Term	1 Years (Yearly renewable)
Sum Assured	Rs. 5,000/- per member
Minimum Contribution / Premium	Rs. 2,00,000/- (at inception annual contribution: In accordance with the Actuarys certificate submitted by the employer as per AS15
Maximum Contribution / Premium	No limit

Key Benefits

Benefits

Particulars	Description
Death Benefits	On death of the enrolled member, the benefit payable shall be: The Sum Assured; and the gratuity / leave encashment benefit in accordance with the scheme rules (by cancellation of units from the Unit Fund Value). if the policyholders Unit Fund Value is not sufficient to cover the Gratuity / leave encashment amount, the liability of the insurer will be limited to the Unit Fund Value of the scheme.
Employees Benefit	Gratuity / Leave Encashment benefit as decided by employer and stated in the scheme rules will be paid on exit due to retirement (early or otherwise), resignation, termination of service, exit other than normal death, or any other exit as per scheme rules. This benefit will be paid by cancellation of units from the Unit Fund Value of the chosen investment funds. Unit Fund Value is the total value of the units at that point of time in a segregated fund.
Surrender Benefit	This policy may be surrendered by the Master Policyholder and the insurer will pay the surrender value i.e. the Unit Fund Value as on the date of surrender after deduction of Surrender Charge if, any. No surrender Charge is applicable on surrendering the policy after completion of three policy years. The policy shall terminted once the surrender value has been paid.
Loyalty Benefits	Loyalty Additions (as a percentage of fund value) shall be regularly made for schemes where the fund value is higher than Rs. 1 crore. Loyalty Additions (p.a.), vary by fund size ad type of fund, will be added in the form of additional units at the end of each calender month after date of commencement of policy.

Tax Benefits

Section	Description
SEC 36 (I) V	The employer may contribute up to 8.33% of annual wage bill and claim it as deductiable business expense under section 36 (i) V of the Income Tax Act, 1961.
43B (F)	Any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee
10(10)	Gratuity benefits are tax free up to Rs. 10,00,000/- u/s 10(10)
10(10AA)	Any amount received for enchashment of accumulated leave at the time of retirement/superannuation is exempt from tax u/s 10(10AA)
SEC 10 (25) (IV)	any income received by the trustees on behalf of approved gratuity fund.

Rider Name

Plan Speciality

Fund Option

Group Defensive Managed Fund

Group Growth Advantage Fund

Group Income Advantage Fund

Group Premier Equity Fund

Group Short Term Debt Fund

Particulars	Range
Group Defensive Managed Fund
	0% - 20%
	60% - 100%
	0% - 40%
Group Growth Advantage Fund
	0% - 60%
	40% - 100%
	0% - 60%
Group Income Advantage Fund
	60% - 100%
	0% - 40%
Group Premier Equity Fund
	80% - 100%
	0% - 20%
Group Short Term Debt Fund
	60% - 100%
	0% - 40%

Latest NAV

NAV Name	Nav Date	Nav Rs
Group Defensive Managed Fund	18-Jan-2022	11.13
Group Growth Advantage Fund	18-Jan-2022	10
Group Income Advantage Fund	18-Jan-2022	11.43
Group Premier Equity Fund	18-Jan-2022	14.62
Group Short Term Debt Fund	18-Jan-2022	10.14

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