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| Generic Benefit Illustrator | Email | Ask for a Visit |
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Introduction
Key Features
Benefits
Tax Benefits
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Introduction:
As per the Accounting Standard (AS-15) (revised 2005), it has become necessary for the employers to provide for the accrued liabilities in respect of Leave Encashment benefits available to all the employees in the books of accounts. It helps the employer in ascertaining the true cost of their products and services.
Hence, SBI Life provides SBI Life - CapAssure Leave Encashment Scheme - a scheme that not only guarantees your investment but also offers additional funding and many more added benefits…!
SBI Life - CapAssure Leave Encashment Scheme (CA-LE):
It is a Non-Participating yearly renewable traditional group leave encashment scheme. Under this scheme, the contributions paid continue to accumulate on traditional platform of investments and at the end of the financial year, an investment income earned on your contributions is credited to your CA-LE fund account.
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Key Features:
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Capital Guarantee on Fund Under Management
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Unique Pooling Fund Advantage: Get higher returns based on aggregated value of all your non-Linked funds
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Additional Funding upto 3% to absorb exit penalty charged by the previous insurer
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No Suicide Exclusion clause for basic life cover
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Additional benefit for your employee through our Group Accidental Death and Permanent Disability Rider (UIN: 111B002V01)
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Benefits:
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On Retirement/ Resignation/ Termination: Accrued Leave Encashment benefits as per scheme rules.
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On occurrence of Total Permanent Disability (TPD): Accrued Leave Encashment benefit as per scheme rules + Rider Sum Assured, if any,in case of TPD is due to an accident.
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On an unfortunate Death: Accrued Leave Encashment Benefit, as per scheme rules will be payable + Basic Sum Assured as opted for by the master policy holder + Rider Sum Assured, if any, in case death due to accident.
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However, maximum benefit under Accidental Death & Total Permanent Disability (AD&TPD) rider will be limited to lower of basic sum assured or Rs. 5 Lacs.
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Grace Period:
A grace period of 30 days will be allowed for payment of life cover premium.
However, if death occurs during the grace period, the death claim shall become payable subject to the receipt of the due and unpaid risk premium or renewal risk premium for the entire group from the Master Policyholder.
In case of non-receipt of the risk/rider premium within a grace period of 30 days, the life cover/rider would lapse. However, the accumulation of the fund will be continued without life cover/rider and the Leave Encashment claims will be settled subject to the availability of funds.
Revival Period:
Life Cover can be revived within two years from the first due but unpaid premium, subject to payment of risk premium for the future.
Charges:
Our charges are certainly most competitive and are designed to benefit you irrespective of size of your Gratuity fund. We ensure you pay only for what you benefit -- No hidden costs! What more….. we ask no Fund Management Charges, no Administration Costs and recovery of Additional Funding is without interest !!!
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Tax Benefits*:
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The cash equivalent of the leave Encashment Benefit as and when paid by the employer is deductible from his income under section 43B (f) of the Income Tax Act.
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For the Employee the leave encashment benefit is taxable under section 15 of the Income Tax Act
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However the benefit received by the employee at the time of retirement, gets tax relief as per section 10(10AA) of Income Tax Act, subject to maximum of ten months leave.
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The amount of risk premium paid for Life Insurance cover will be treated as business expenses.
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*Above tax benefits are as per Income Tax Act, 1961 and Income Tax Rules, 1962. Please consult to your Legal/ Tax expert for details.
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The above information is a brief summary of SBI Life - CapAssure Leave Encashment Scheme.
For further details, ask for an appointment with our Relationship Officers on below mentioned number or addresses.
1800 22 9090 (toll free) or Email: corporate@sbilife.co.in
Insurance is subject matter of solicitation. |
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Section 41 of Insurance Act 1938 states:
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:
Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees
Section 45 of Insurance Act, 1938 : "No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was effected be called in question by an insurer on the ground that statement made in the proposal or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policy-holder and that the policy-holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose:
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal".
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