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Group Leave Encashment

Employees in the organization are entitled to certain leaves during the year. The leaves can either be availed during the year or can be carried forward. At the time of leaving the service employee can encash the accumulated leave on salary at that time if the company's rules permit.

As per the amended section 209 (3) of the Company's Act 1956 and Accounting Standard (AS-15) dated January, 1995, the employers have to account for the liability in respect of leave encashment facility, if any, available to the employees and to provide for the same in their Annual Accounts.

Sailent Features:-
  • Many employers are providing Leave Encashment benefit in addition to other retirement benefits to their employees which is a lumpsum amount payable to the employees or their dependants on retirement, death, disablement, voluntary retirement etc.
  • End-of-the-period leave encashment facility available to employees, can be a huge liability to the company
  • To meet this need of entrepreneurs and businesses, Insurers have introduced Group Leave Encashment Schemes. Just pay a yearly premium, fund your leave encashment liability.

*May vary from insurer to insurer.

The details furnished above do not constitute the entire terms and conditions. For more details on the policy, please visit our office nearest to you. Our executives will be pleased to furnish further details.

Disclaimer: - Insurance is the subject matter of solicitation. The product brochure gives only the salient features of the plan. This document is not a contract of insurance and must be read in conjunction with the Benefit Illustration and Policy Document. The policy defines the terms and conditions within which the intent of the policy will be executed.