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