ABSLI’s Group CapSecure Plan is a non-linked, non-participating, fund-based group insurance plan designed to help organizations manage and secure funds for employee retiral benefits such as gratuity, leave encashment, and post-retirement medical schemes.
Key Features:
- Fund Accumulation: Contributions received are added to the respective policy accounts.
- Coverage: Includes gratuity, leave encashment, and post-retirement medical schemes.
- Interest Declaration: Interest on investments is declared quarterly and accrues at the end of each fiscal quarter.
- Guaranteed Amount: Offers a guaranteed amount in the policy account.
Benefits:
- Claim Benefits: Employers can claim from the policy to pay death benefits or gratuity amounts to employees or their nominees upon the employee’s death or exit from service.
- Automatic Life Cover: Provides automatic life insurance cover of Rs. 5,000 for all employees as a bundled benefit.
- Surrender Option: Option to surrender the policy at any time and receive the actual surrender proceeds.
- Account Flexibility: Flexibility to create separate non-pooled accounts for each employee or a single pooled account for all employees.
Eligibility:
- The plan is available to various entities including employers, trustees, central and state governments, public sector undertakings, corporates, multinational corporations, and other groups.
For more details, you can download the Plan Brochure or contact ABSLI for personalized assistance.