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Future Generali Group Leave Encashment Plan and Policy

Future Generali Group Leave Encashment Plan and Policy - The Group Leave Encashment Plan by Future Generali is a leave encashment plan which has been designed to offer employers with flexible options to manage their leave encashment liabilities. This plan offers several other benefits like guaranteed returns with minimum 1% Floor Rate that is credited in advance every quarter, additional interest rate above minimum floor rate and advice from investment experts on fund management. The minimum contribution for this plan is Rs.5 lakh and employers will be eligible for attractive tax benefits on the purchase of this scheme.

Eligibility - Future Generali Group Leave Encashment Plan and Policy

Following is the eligibility criteria for the Group Leave Encashment Plan from Future Generali.

Member’s minimum age at entry 18 years
Member’s maximum Age at entry 69 years
Member’s maximum age at maturity 70 years
Minimum group size 10 people
Policy Term 1 year
Renewal Yearly Renewals

Sum Assured & Premium Range - Future Generali Group Leave Encashment Plan and Policy

Sum Assured

If the covered policy member passes away, the insurer is liable to pay the Death Benefit as per the Policy Schedule. Death Benefit is the sum assured amount which will be paid in addition to leave encashment benefits which will be determined as per the policy rules. The amount of sum assured to be provided under the Group Leave Encashment Plan is fixed at Rs.1,000 per member.

Premiums

  • Premium Range - The minimum contribution for this scheme is fixed at Rs.5 lakh.
  • Payment Mode - Premium payment for the policy can be done on a yearly, half-yearly and quarterly basis.

Plan Coverage - Future Generali Group Leave Encashment Plan and Policy

  • If the covered policy member leaves the company’s service for any reason, they will be entitled to receive Leave Encashment Benefit as a lump sum amount according to the rules of the scheme.
  • In the event of the unfortunate death of a policy member their family will be entitled to receive Death Benefits (Sum Assured) of Rs.1,000, in addition to the Leave Encashment Benefit amount as per the rules of the scheme.

Other Key Features - Future Generali Group Leave Encashment Plan and Policy

Member Additions
The master policyholder must communicate to the insurer about the entry of new members by the 10th of the month following the one in which the member has been added to the policy.
Member Deletions
In case any member has exited the policy, the master policyholder must inform the insurance company about the same by the 10th of the following month in which the member has exited.
Termination of member participation
A policy member will no longer be a part of the policy or take part in its benefits from the earliest of the following:
  • Date starting which the employee is no longer a member of the plan.
  • Date starting which the employee is fails to adhere to the eligibility criteria of the plan.
  • Surrender date of policy.
  • Termination date of policy. the date of termination of this policy
Participation in Profits
Non-participating policy.
Benefit Statement
The insurer will provide a benefit statement which lists details like benefit payment, member details and calculation of benefit payable to each member.
Nomination
Nomination facility is allowed under this policy for payment of leave encashment benefit in case of death of policy member, as per the provisions of Section 39 of the Insurance Act, 1938.
Loan Facility
Loan facility is not provided under this policy.
Surrender Value
The policy can be surrendered by the master policyholder any time by putting in a written request for the same. Surrender value of the policy will be equivalent to value of the policy account, after deducting surrender penalty (if any).
Free Look Period
If the policyholder is not satisfied with the terms and coverage of the policy, they can return the policy to the insurer within a period of 15 days, starting from the date of receiving the policy. The original policy must be returned along with the reason for cancellation. The policy account value will be refunded after stamp charges and proportional cost of insurance cover up to date of cancellation have been deducted.
Revival
Revival of policy not applicable
Partial Withdrawal Partial withdrawal is not allowed except in case of member exit, subject to policy terms.
Assignment Assignment of the policy is not allowed. Benefits that are payable under the policy will only be provided to the original covered policy member.

Tax Benefits - Future Generali Group Leave Encashment Plan and Policy

Policyholder is entitled to tax benefits as per applicable tax laws. Tax laws are subject to change.

Other Benefits - Future Generali Group Leave Encashment Plan and Policy

  • Purchase Policy Online – You can easily purchase a Future Generali policy online without having to visit the branch. Just head over to the website and select from a wide range of policies.
  • Online Premium Payments - You can easily make your Future Generali policy premiums online via the Quick Pay feature. You can also pay your policy premiums from your phone, at the branch or with the auto-debit facility.
  • Check NAV Performance - If you have chosen a plan which allows you to invest in a fund, you can easily check the NAV performance of your fund from the Future Generali website itself. Click on ‘NAV Performance’ and then choose your plan, the fund and whether you want the latest or a past NAV detail.
  • Online Calculators - The website provides customers with the facility of a Human Life Value Calculator and a Premium Calculator/Benefit Illustration.
  • Send An Advisor - If you require expert advice to purchase your insurance policy, Future Generali also provide the services of an on-demand advisor who can visit you and help you choose the best plan as per your requirements.
  • Self-service SMS Facility - Customers can also obtain policy related information by sending an SMS to the designated number provided by the insurer. They must send the message from their registered mobile number to the one mentioned on the Future Generali website for Self-service requests. Some of the requests which one can carry out via the SMs facility are locating nearest branch, finding out latest NAV or fund value, get premium due date, current policy status, unit statement, request a call-back, register or update their email ID and many others.
  • Claims Corner - Future Generali has also dedicated a separate section on their website for all claim related information. Here customers can find info about how to file a claim, claim procedure, get claim forms and also view claim related FAQs.

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