Future Generali Group Gratuity Plan and Policy - The Gratuity Act, 1972, mandates all employers to offer gratuity benefit to their employees. If an employee stays in an organisation for more than a specified period of time(usually 5 years), employers are legally bound to pay gratuity benefit. After an employee successfully completes the specified period of time, he/she is eligible to receive a minimum of 15 days’ salary for every completed year. Please note that unlike the Provident Fund which can be withdrawn anytime, gratuity can be withdrawn only after the employee completes working in a company for the number of years as mentioned while joining the firm. The gratuity benefit becomes payable when an employee retires, resigns from service, in case of unfortunate death of the employee during service, or in case of permanent total disability.
To help employers offer the best gratuity plan to their employees, Future Generali offers a Group Gratuity Plan. As Future Generali is one of the leading insurance providers in India, they have accumulated a large pool of funds which will be invested appropriately to ensure safe returns to the policyholder.
If you are interested in buying the Future Generali Group Gratuity Plan, you will have to meet the below eligibility criteria:
|Plan Type||Group Gratuity Plan|
|Minimum Entry Age||18 years|
|Maximum Entry Age||69 years|
|Maximum Maturity Age||70 years|
|Policy Term||One year renewable plan|
|Minimum Group Size||Any employer-employee group with minimum 10 members.|
|Minimum Contribution||Rs.5,00,000 (As per scheme level)|
At the inception of the policy, the policyholders will be given an option to choose the sum assured amount.
|Sum Assured||The minimum and maximum sum assured under the Future Generali Group Gratuity Plan is Rs.1,000 per member.|
|Premium Payment Mode||Annually, half-yearly, or quarterly.|
Some of the benefits under the Future Generali Group Gratuity Plan are as follows:
|Guaranteed Rate of Return||Under the Future Generali Group Gratuity Plan, 1% p.a will be credited every quarter as Minimum Floor Rate. This is the guaranteed rate of return that the policyholder will get under this policy. This benefit will be added to the balance of the plan throughout the policy term.|
|Non-Zero Positive Additional Interest Rate||Apart from the guaranteed rate of return, at the beginning of every quarter, non-zero positive additional interest rate will be declared.|
|Liquidity||Though this plan invests the accumulated amount to reap the returns, it ensures that employers always have liquidity and are in a position to pay any benefits which become payable from time to time.|
|Life Cover||Irrespective of the employee’s salary or the position held, life cover of Rs.1,000 is given to all employees uniformly.|
Generally, while buying an insurance policy, policyholders can attach an add-on to their base policy if they are looking for extra protection. Please note that when issuing the Future Generali Group Gratuity Plan, riders will not be available. However, the insurance company may allow riders under this plan in the future, subject to approval by a regulator.
Following are some of the other key features of the Future Generali Group Gratuity Plan:
To keep the Future Generali Group Gratuity Plan active, a policyholder should always ensure that their account is funded with Rs.1,00,000. If the account balance drops below Rs.1,00,000, the insurer will send a notification to the policyholder to keep the account funded within 30 days. If the policyholder fails to deposit the funds required, the insurance company will go ahead and terminate the policy and will return the balance available in the account. In this case, the insurance provider is not obliged to pay any benefits. Please note that a terminated insurance plan cannot be revived.
Nomination facility is available as per Section 39 of the Insurance Act, 1938.
Please note that there is no grace period under the Future Generali Group Gratuity Plan.
Once an account is terminated or cancelled, it cannot be revived.
|Free Look Period||
The Future Generali Group Gratuity Plan has a free look period of 15 days within which the policyholder can cancel the policy and get the premiums paid refunded after deducting stamp charges and other charges, if any.
Loan facility is not available under this plan.
Please note that there are no exclusions under the Future Generali Group Gratuity Plan plan. Please read all the policy=related documents carefully.
Policyholders who have purchased the Future Generali Group Gratuity Plan will enjoy tax benefits under Section 80C of the Income Tax Act, 1961.
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