ICICI Pru Group Unit Linked Employee Benefit Plan

ICICI Pru Group Unit Linked Employee Benefit Plan provides life cover to the employees. So in case they die during the policy term, their family members will receive the financial support to sustain their lifestyle. But it also allows them to reap investment benefits. The key features of ICICI Pru Group Unit Linked Employee Benefit Plan are as follows –

1. Life Cover
2. Loyalty Additions
3. Option of 7 Different Funds

Read this page further and understand the benefits of the ICICI Pru Group Unit Linked Employee Benefit Plan in detail.

ICICI Pru Group Unit Linked Employee Benefit Plan Benefits

The employees will be entitled to the following benefits if they are covered under ICICI Pru Group Unit Linked Employee Benefit Plan –

Death Benefit

In case of death of any of the life assured, the insurer will pay a sum assured on death. This term insurance covers each member under the policy by offering a sum assured  of INR 1,000. The cover will commence from the date of entry of a member into the policy or on the annual renewal date.

Note – The sum assured on death will be payable only upon the death of the member, provided the member is in service of the employer.

Loyalty Additions

The insurance company will provide loyalty additions at the end of every financial year, based on the Policy Value, Option and Extra Allocation. Loyalty Additions will be added to your policy fund in the form of additional units, which will be allocated to the funds in the same ratio as the premiums allocated at the time of allocation. If you choose option B, an extra allocation will apply and get credited to your account in the first policy year.

Benefits Payable On Leave Encashment, Provided Employee is in Service

The insurer will provide a benefit if an employee encashes leave while in service as per the Employee Benefit (EB) scheme rules. A claim amount will be paid by the cancellation of units at the prevailing NAV.

Benefits Payable On Employee’s Exit from the Employer’s Service

If an employee leaves the employer’s service as per the EB scheme rules (resignation, retirement, termination or ceasing service due to disability), an amount shall be paid by cancellation of units at the prevailing NAV.

The company’s liability to the insured employee is limited to the Policy Fund Value. The master policyholder (employer) at its discretion can pay a higher amount of benefit, than the one laid down under EB Scheme Rules, to the insured member.

Funds Options

The following funds will be offered by ICICI Prudential Life under this group plan –

1. Group Short Term Debt Fund III
2. Group Debt Fund II
3. Group Balanced Fund II
4. Group Growth Fund II
5. Group Equity Fund II
6. Group Government Securities Fund
7. Group Corporate Securities Fund

Automatic Transfer Strategy (ATS)

You can choose to automatically transfer, a predefined premium amount, from investments in a fund, every month, into any of the available funds under this plan. If you use this option, you must intimate the employer that the premium will be transferred from one target fund to another. After that, the employer opts for a transfer date of either the 1st or 15th of every month.

At the time of transfer, the required number of units will be withdrawn from the specified Fund, and new units will be allocated in the specified destination fund as per their NAVs.

Note – The minimum transfer amount is INR 2,000 and is subject to change as per the rules of the insurance company and subject to prior approval of the regulator from time to time.

Eligibility ICICI Pru Group Unit Linked Employee Benefit Plan

Your employer will provide you life cover under the ICICI Pru Group Unit Linked Employee Benefit Plan if you meet the following eligibility criteria –

1. Your age must be at least 15 years (as on the date of the last birthday) and shouldn’t be more than 85 years (as on the date of the last birthday)

The employer needs to submit the necessary information about the new member. All existing employees shall be covered from the policy commencement date, while all future employees shall be covered under this policy if they meet the above-mentioned criteria.

Free Look Period

The employer has 15 days from the date of receipt of the policy document or 30 days, if the policy is purchased through distance mode, to review its terms and conditions and return the same if not acceptable. This duration of policy evaluation is called the Free Look Period. On cancellation, the employer will be entitled to an amount equal to the non-allocated premium plus charges levied on the cancellation of units plus Fund Value as on the date of cancellation less stamp duty expenses, if any.