IndiaFirst New Corporate Benefit Plan - iflwebportal
With the New Corporate Benefit Plan you can invest your funds that were kept aside towards your member’s retirement benefits such as leave encashment besides Gratuity. So, that they can get their due benefits while you make the most of your money with assured returns.
Reasons to buy IndiaFirst New Corporate Benefit Plan
A separate plan for each scheme – gratuity, leave encashment etc.
Enjoy a minimum guaranteed return of 0.5% per annum on your investment
Manage your member’s liabilities through a transparent and value-for-money plan
Earn easy returns by providing security and stability on the gratuity and leave encashment
Additional returns and bonuses as declared each year, as per company’s performance
Death benefit (under group insurance) is tax exempted under Section 10 (10D), provided a trust is formed for rebate
Gratuity benefits are tax free up to Rs. 10,00,000 under section 10(10) for the member.
On retirement, resignation or early termination, the member is handed an accrued leave encashment benefit (as per the policy)
What are the eligibility criteria?
Minimum age at entry is 18 years and maximum age at entry is 70 years
There is no minimum age at normal exit while the maximum age at normal exit is 71 years
Minimum group size is 50 members (in case of approved gratuity it is 10 members)
No limit on maximum group size
Minimum annual contribution is Rs 50,000 and there is no limit on the maximum annual contribution
No limit on the size of fund
The plan has a life cover of Rs 1000 as death benefit under gratuity and leave encashment with a Rs. 1 life cover premium, per member, per year