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The amount of money that the customer pays to purchase an Insurance Policy is called Premium. The actual calculation is a complex technical process, involving actuarial
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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.