December 31, 2024
Ajin KV,
Pathanamthitta - Alukas Bldng
Letter Of Offer
Dear Ajin KV,
We are pleased to offer you position of Branch Manager - Agency Sales (In Career Level – Managers) in our
Pathanamthitta - Alukas Bldng office. The Total Fixed Cost offered is Rs. 15,50,000 (Fifteen Lakhs Fifty
Thousand Only) and the breakup is as given below.
Components Per Month (in Rs.) Per Annum (in Rs.)
Basic 38,750 4,65,000
HRA/ Housing Entitlement 23,250 2,79,000
Supplementary Allowance 60,653 7,27,833
Retiral Benefits
Provident Fund 55,800
Gratuity 22,367
Total Fixed Cost 1,22,653 15,50,000
Guidelines of Flexi Allowance Plan (FAP):
a) Each employee is entitled to exercise his / her choice of apportionment of FAP subject to total limits available
against
each allowance.
b) The below selection shall be taxable / non taxable as provided for under the Income Tax act and the rule there
made under and amended from time to time
Pay Component Eligibility Limits (Per Annum)
Superannuation 15% of Basic Salary (only applicable to employees, joined before 1st Jan 2012 as
per eligibility) to the maximum limit of INR 1 Lac Per Annum.
National Pension System (NPS) Corporate contribution - 10% of Basic Salary
Individual Contribution – Allowed in monthly payroll cycle. (Exempt upto 50 K over
& above 80CC limit)
Meal Coupon Zeta Digital Coupons, options given as below:
INR 1100 Per Month
INR 2200 Per Month
This is a system generated Letter. All versions of printouts are uncontrolled. Before placing reliance on a printout, please have the
same validated by Authorized Officer of Tata AIA Life Insurance Company Ltd. HR Department. The Company is not responsible for
any action taken by any person placing reliance on this document.
INR 2970 Per Month
Gift Coupon Fixed INR 5000 Per Annum, 100% Tax free under Gift perquisite rule
Available for selection:
For existing employees in April & June every year
For newly joined employees within 30 days of joining till the month before
Diwali
Child Education Based on option, INR 100 per month per child up to a maximum 2 children
Hostel allowance Based on option, INR 300 per month per child up to a maximum 2 children
Leave Travel Allowance LTA eligibility (Yes / No) as per existing grade criteria will be Fixed 1 month Basic
Salary. The option will be available for changes:
Existing employees during April
Newly joined employees within 30 days post joining
Car Lease Below components will be as per limits defined for grades respectively:
Car Lease rent
Driver's Salary Reimbursement
Fuel reimbursement
Personal Car Fuel Below components will be as per limits defined for grades respectively:
Reimbursements AM & Manager = INR 75,000 Per Annum
SM & AVP = INR 90,000 Per Annum
VP & Above = INR 144,000 Per Annum
Vehicle Maintenance Below components will be as per limits defined for grades respectively:
Reimbursement AM & Manager = INR 24,000 Per Annum
SM & AVP = INR 36,000 Per Annum
VP & Above = INR 50,000 Per Annum
Driver’s Salary Reimbursement Below components will be as per limits defined for grades respectively:
Manager = INR 90,000 Per Annum
SM & AVP = INR 120,000 Per Annum
VP = INR 240,000 Per Annum
SVP & Above = 300000 Per Annum
Professional Development INR 50,000 & INR 100,000 Per Annum (Annual reimbursement)
This is a system generated Letter. All versions of printouts are uncontrolled. Before placing reliance on a printout, please have the
same validated by Authorized Officer of Tata AIA Life Insurance Company Ltd. HR Department. The Company is not responsible for
any action taken by any person placing reliance on this document.
Other Benefits:* Cover
Mediclaim Insurance Cover: Hospitalization expenses shall Rs.400,000/- per annum Manager and below
be reimbursed / cash less for Self, Spouse and up to 2
dependent children on a family floater basis. Rs.700,000/- per annum Sr. Manager and above
Voluntary Group Mediclaim Insurance Cover:For Parents
& In-laws of employees, this Insurance cover can be taken by
an employee on a voluntary basis for Parents & In-laws. Rs.400,000/- per annum
Hospitalization expenses for Parents & In-laws shall be
reimbursed on a family floater basis.
Group Life Insurance Cover: In the unfortunate event of
death on account of an accident or natural causes, an 6 times of Annual Driving Salary (i.e. Cost To Company
employee’s nominee shall be eligible for an insurance claim minus Retirals) or 10 Lakhs, whichever is higher
benefit. In addition, terminal illness benefits have been Retirals) or 10 Lakhs, whichever is higher
provided under this policy.
Employee Deposit Linked Insurance: This benefit accrues
through Employer contributions to the Provident Fund Rs.601,000/-
scheme in the event of death.
>Death Benefit - Max of 6.25 times of Annual Basic
salary or minimum Rs 15 lacs whichever is higher upto
Group Personal Accident Insurance Cover: All employees
maximum Rs 1 Cr
are covered for 24 hours, worldwide under this policy. The
>Spouse Cover - 10% of Employee Sum Insured on
policy covers an employee in the event of bodily injury due to
Capital Cover*
an accident. The policy also covers temporary or permanent
Capital Cover* - Accidental Death, Dismemberment,
disability due to an accident.
Permanent Total Disability and Permanent Partial
Disability
Gross Monthly Total is subject to tax and other deductions as per norms.
Gratuity shall be payable in accordance with The Payment of Gratuity Act, 1972, as applicable, which is
minimum of 5 years of continuous service.
Payment of any performance pay or any discretionary bonus / Ex-Gratia is not obligatory and shall be paid
solely and exclusively at the option, choice and discretion of the Company. Such discretionary payments
towards performance pay / Bonus / Ex-Gratia shall be paid only if the you are employed as a permanent
employee on the employment rolls of the Company on the date such performance pay / Bonus / Ex-Gratia is
payable. Such payments shall also not be payable nor shall the Company be liable for any such payment in the
event you have resigned and are serving the notice period post resignation in the Company.
This offer of employment shall be valid for a period of seven (07) days from the date of this offer letter and shall
stand automatically cancelled unless you confirm your acceptance. Company has the rights to revoke the offer
anytime during the validity period without assigning any reason whatsoever.
This is an offer break up document not construing to be an Appointment letter. The appointment is subject to
your being declared medically fit and clearing background verification checks.
Best wishes,
For Tata AIA Life Insurance Company Ltd.
Sankaran V
This is a system generated Letter. All versions of printouts are uncontrolled. Before placing reliance on a printout, please have the
same validated by Authorized Officer of Tata AIA Life Insurance Company Ltd. HR Department. The Company is not responsible for
any action taken by any person placing reliance on this document.
Vice President - Human Resources
For any clarification, please revert to us.
Regards,
Hiring Team
Tata AIA Life Insurance Company Ltd.
14th Floor, Tower A, Peninsula Business Park,
Senapati Bapat Marg, Lower Parel,
Mumbai 400 013.
Telephone: 022 – 6649 800
Note: This is a system generated letter. All versions of printouts are uncontrolled. Before placing reliance on a printout,
please have the same validated by Authorized Officer of Tata AIA Life Insurance Company, HR Department. The
Company is not responsible for any action taken by any person placing reliance on this document.
This is a system generated Letter. All versions of printouts are uncontrolled. Before placing reliance on a printout, please have the
same validated by Authorized Officer of Tata AIA Life Insurance Company Ltd. HR Department. The Company is not responsible for
any action taken by any person placing reliance on this document.
