 Introduction:Gratuity, Leave Encashment….Savings for Retirement… the must benefits for your employees/ group members….and while deciding on how to manage these sacred funds … you would like to have a strong partner with an effective solution.SBI Life – Kalyan ULIP Plus, is a unique plan for both formal and informal organizations; coming from SBI Life, the name that you always trust, supported by a robust investment team. SBI Life Insurance Kalyan ULIP Plus Plan is a non-participating, unit linked group insurance scheme. It is truly unique with its variety of features that benefit not only the Master Policyholder but also to each Group Member. This plan is a one-stop solution to all your fund management needs and can be extended to both employer-employee and non-employer-employee groups. You get the flexibility of paying in your contribution at any time during the year according to scheme rules. What does SBI Life – Kalyan ULIP Plus offer? A Group ULIP platform to manage your Group funded needs as below |
| • | Defined Benefit (DB) scheme |
| • | Defined Contribution (DC) scheme |
| • | Any scheme combination of above … because life is never black and white! |
Key Features: |
| • | Loyalty Additions, based on Fund Size!We know how loyalty should be rewarded. Higher the fund size higher will be the Loyalty Additions. |
| • | Now chance to earn Guaranteed Returns on your valued investments! Guarantee Plus Fund offers a minimum guaranteed return on your invested funds. It thus provides you protection from market downturn. The possibility however, of earning a return higher than the minimum guaranteed remains. |
| • | Fusion Advantage, for higher benefits! On Request, your entire SBI Life group unit linked master policies, along with your parent company’s will be aggregated for calculating Loyalty Additions. |
| • | Competitive fund management charges in the market |
| • | Systematic Transfer Option (STO): Ride smoothly the ups and downs of the capital markets! Take advantage of this special rupee-cost-averaging technique which minimizes the risk due to market-linked volatility, at absolutely no extra cost.. |
| • | Optional Life Cover We not just manage your funds but also care for lives of your members. This plan comes with an optional Life Cover of Rs. 1000/- for each member. |
Who can be part of this Scheme? |
| • | Group Members between the age of 18 years and 79 years as on their last birthday |
| • | Group Size of 10 and above |
| • | Contributions can be made by both Master Policyholder and the Group Members |
Additional Benefits: |
| Customised Services: |
| • | Dedicated service team as one point of contact |
| • | Dedicated operations & Claim department to cater to your operational needs. |
| • | Legal advice on trust formation and other related query. |
| • | Investment counseling : Conference-calls with our Investment Team |
| • | Help in creation of Trust Deeds, Deed of Variations, CIT filing etc. |
| • | Monthly investments newsletter to keep our clients abreast with the latest developments |
| • | Switching Facility:Manage your investments the way you want by switching your assets between the given fund options, any time. |
| • | Contribution Redirection:The contributions can be redirected for investments into a fund of your choice and need not adhere to the initial investment pattern. |
| • | Charges: Transparency is not just a concept but a practice at SBI Life. Our charges are certainly most competitive and are designed to benefit you irrespective of your fund size. We ensure you pay only for what you benefit -- No hidden costs! |
Tax Benefits*: |
| Gratuity: |
| • | For Employer: |
| • | The contributions made through an approved Gratuity fund may be claimed as business expenditure under section 36 (1)(v) of the Income Tax Act, 1961 subject to the conditions contained therein. |
| • | Income on the investments received by an approved Gratuity fund is exempt from tax under Section 10(25)(iv) of the Act. |
| • | For Employee: |
| • | Gratuity benefits are tax free up to Rs.10,00,000 in the hands of employee. |
| • | The contribution made by the employer is not included in the value of taxable perquisites in the hands of the employee. |
| • | Any death benefit under life cover is tax-exempt under section 10 (10D) of the Income Tax Act, 1961. |
| • | Leave Encashment: |
| • | For Employer: |
| | • | 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. |
| | • | The amount of risk premium paid for Life Insurance cover will be treated as business expenses. |
| • | For Employee: |
| | • | 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. |
*Above tax benefits are as per Income Tax Act, 1961 and Income Tax Rules, 1962 and are subject to change in Tax Laws. Please consult to your Legal/ Tax expert for details. |
NOTE ON THE RISK OF INVESTMENT UNDER THIS POLICY |
| • | Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. |
| • | The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. |
| • | The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. |
| • | SBI Life Insurance Co. Ltd. is only the name of the Insurance Company and SBI Life - Kalyan ULIP is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. |
| • | Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer. |
| IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER |