Future Generali Group Superannuation Plan and Policy - For employers looking to manage the retirement fund of their employees, the Future Generali Group Superannuation Plan is just for them. Rolled out by Future Generali Life Insurance, this group superannuation plan offers employers and employees with the benefit of saving for their retirement with additional bonuses every year and a guaranteed return.
To be eligible for the Future Generali Group Superannuation Plan, customers need to meet certain criteria.
|Entry Age||Minimum: 18 years Maximum: 79 years|
|Maturity Age||Minimum: 19 years Maximum: 80 years|
|Group Size||Minimum: 10 members|
|Minimum balance in policy account||Rs.1 lakh|
|Policy Term||Yearly (Renewable)|
Sum Assured: The sum assured depends on the contribution made by the employer.
Premium: The minimum contribution that has to be made by the employer towards the Future Generali Group Superannuation Plan is Rs.2 lakh.
|Policy Term||Annual (Renewable)|
|Premium:||Minimum: Rs.2 lakh. Maximum: No limit|
The Future Generali Group Superannuation Plan comes with death and departure benefits. The details are mentioned below.
In case of unfortunate and untimely death of either the policyholder or any of the group members, a lump sum amount will be paid to the beneficiary/nominee.
If the employee decides to separate from his company, a lump sum benefit will be payable to the employee. The sum assured at this point depends on the available balance in the policy account.
The key features of the Future Generali Group Superannuation Plan are listed below.
The master policyholder or employer can choose to surrender the policy at any point. If the policyholder surrenders the policy within three years, the surrender penalty will be 0.5% of the total value of the policy up to a maximum of Rs.5 lakh. If the policy surrendered after three years, the entire policy value will be paid without any penalty.
If the policyholder fails to maintain a minimum balance of Rs.1 lakh in the policy account, a notice period of 30 days will be granted to the policyholder. If the policyholder still fails to maintain the minimum balance even after the notice period, the policy will be terminated. Once the policy is terminated it cannot be reinstated and no benefits will be applicable.
Policyholders are granted a free-look period of 15 days from the commencement of the policy. If the policyholder disagrees with the terms and conditions of the policy, the policy can be returned within this period and receive a refund for the contribution made.
|Minimum floor rate||
A guaranteed return of 1% of balance in the policy account of the minimum floor rate will be added every year.
An additional bonus over the floor rate will be added at the start of every term year to the policy balance.
|Non-zero positive residual additions||
From the commencement of the 5th year of the policy, the policyholder will be entitled to non-zero positive residual additions every year from then on.
Policyholder enrolled with the Future Generali Group Superannuation Plan are liable to tax benefits under the Income Tax Act of 1961. They can avail benefits under:
Some of the benefits of the Future Generali Group Superannuation Plan are listed below:
Future Generali India Group Life Insurance Plans and Policy
|Future Generali India Saving/ULIPS Plans|
|Future Generali India Assure Plus|
|Future Generali India Triple Anand Advantage|
|Future Generali India New Saral Anand|
|Future Generali India New Assure Plus|
|Future Generali India Easy Invest Online Plan|
|Future Generali India Dhan Vridhi|
|Future Generali India Wealth Protect Plan|
|Future Generali India Bima Advantage Plus|
|Future Generali India Bima Gain|
|Future Generali India Pramukh Nivesh ULIP|
|Future Generali India Big Income Multiplier|
|Future Generali India Pearls Guarantee|
|Future Generali India Assured Income|
|Future Generali India Saral Bima|
|Future Generali India Assured Money Back|
|Future Generali India Assured Education|
|Future Generali India Child Plans|
|Future Generali India Assured Education|
|Future Generali India Retirement Plans|
|Future Generali India Retirement|
|Future Generali India Pension Guarantee|
|Future Generali India Immediate Annuity|