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Future Generali Group Superannuation Plan and Policy

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.

Eligibility - Future Generali Group Superannuation Plan and Policy

To be eligible for the Future Generali Group Superannuation Plan, customers need to meet certain criteria.

Parameters Details
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 and Premium Range - Future Generali Group Superannuation Plan and Policy

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.

Parameters Details
Policy Term Annual (Renewable)
Premium: Minimum: Rs.2 lakh. Maximum: No limit

Plan coverage - Future Generali Group Superannuation Plan and Policy

The Future Generali Group Superannuation Plan comes with death and departure benefits. The details are mentioned below.

Death benefits
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.
Departure benefits
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.

Other Key Features - Future Generali Group Superannuation Plan and Policy

The key features of the Future Generali Group Superannuation Plan are listed below.

Surrender benefit
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.
Termination
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.
Free-look period
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.
Additional bonuses
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.

Tax benefits - Future Generali Group Superannuation Plan and Policy

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:

  • Section 80C of the Income Tax Act, 1961, for contributions (premium) made towards the scheme.
  • Section 10 (10D) of the Income Tax Act, 1961, for proceeds from the death benefits.

Other benefits - Future Generali Group Superannuation Plan and Policy

Some of the benefits of the Future Generali Group Superannuation Plan are listed below:

  • With the Future Generali Group Superannuation Plan, policyholders can choose the type of scheme and the type of benefit they wish to grant their employees. Policyholder can choose between the Defined Benefit Scheme or the Defined Contribution Scheme.
  • On the Future Generali Life Insurance website, customers can avail insurance products of their choice, make claims, take advice, and check the performance of their investments.
  • Customers can also pay online using their credit cards, debit cards, e-wallets, etc. They also make premium calculations.
  • Before availing an insurance product, customers can see if the product actually suits their needs and can make an estimation before buying the product.

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