The Orissa High Court has held that excess payment made to a government employee cannot be recovered by the employer from his leave encashment benefits after his retirement, especially when it is.
Highlights
To get the benefits of this scheme, the employer needs to attain a minimum age of 18 years and a maximum of 75 years.
Also, the employee is required to deposit a minimum of Rs 10,000 and pay the Risk Cover Premium.
Also, the minimum sum insured is Rs 1,000 and there is no limit to the maximum contribution.
The Life Insurance Corporation of India comes with a lot of schemes that prove to be beneficial to the employees of organisations. This time, it is the LIC New Group Leave Encashment Plan, which basically provides the extension of leave encashment to the employees of a company. Besides that, it also gives life cover for employees who either resign from the company or in terms of death or retirement.
Updated Feb 15, 2021 | 18:57 IST
LIC Group Leave Encashment Plan helps meet employer’s Liability for providing Leave Encashment facility to their employees. The Plan also offers Life Cover Benefit so that in case of death of a group member. LIC Group Leave Encashment Plan | Photo Credit: iStock Images
Key Highlights
Each policy year a Policyholder shall pay Contributions to secure Leave Encashment Benefit as per Scheme Rules and also to provide Life Cover Benefit.
All the Contributions paid by employer/ trustees will be credited to the Policy Account maintained in the name of employer/trustees.
The yield earned on each of the policy account shall be calculated using the money weighted rate of return method at end of each policy year.