- Home
- About Us
- Credit Interest Rates
- Group-Products
- 2022-2023
Group-Products -
Select
| Fund Size | NEW GROUP FUND – GROUP LEAVE ENCASHMENT (133N044V03) |
NEW GROUP FUND – GROUP GRATUITY (133N045V03) |
|---|---|---|
| < 1 Cr | 7.30% | 6.85% |
| >= 1 Cr and < 2 Cr | 7.40%% | 6.90% |
| >=2 Cr and < 5 Cr | 7.40% | 6.90% |
| >=5 Cr and < 15Cr | 7.40% | 6.95% |
| >=15 Cr | 7.50% | 7.00% |
Please Note –
- The interest rate would be credited on a pro-rata basis based on the number of days the fund has been invested with the company.
- Fund size for a particular scheme will be determined based on fund value (without interest) as on 31 March 2023. The Fund Value of all non-linked fund-based schemes managed by Future Generali for a given Master Policyholder (one company or all companies belonging to same group) shall be clubbed to determine the size of fund.
- The interim rates for 2023-24 @ 5% p.a. for NEW group funds which will be applied for exits during the financial year for which interest rate is not yet declared.
This is based on 10-year G-sec rate (7.44%) less 2% rounded down to nearest 1%
Bonus Rate Declaration for Group Superannuation Funds for FY 2022-23
| Product name | UIN | Bonus Rates for FY 2022-23 |
|---|---|---|
| Future Generali Group Superannuation plan (VIP) | 133N043V01 & 133N043V02 | 6.88% p.a. |
| Future Generali Group Superannuation plan (Non VIP) | 133N043V03 | 7.00% p.a. |
Please Note –
- The above bonus rate for Group Superannuation VIP (UIN 133N043V01 & 133N043V02) excludes the 1% p.a. minimum floor rate (minimum floor rate gets credited in advance on the fund).
The bonus rate above will be credited on the fund value after applying the minimum floor rate of 1% p.a. and credited on 31st March 2023 leading to an effective rate of 7.95% p.a. - For Group Superannuation New (UIN 133N043V03), there is no minimum advance interest rate. Hence, effective rate is the same as declared bonus rate of 7.00% p.a.
- The minimum floor rate and bonus rate to be applied is on the number of days, the tranche of money was with us divided by number of days in the year as per policy terms and conditions.
Interim Bonus Rates Declaration
The interim bonus rates applicable till next bonus declaration date will be:
| Product name | UIN | Bonus Rates for FY 2022-23 |
|---|---|---|
| Future Generali Group Superannuation plan (VIP) | 133N043V01 & 133N043V02 | 4% p.a. for closed schemes (in addition to 1% p.a. declared in advance) |
| Future Generali Group Superannuation plan (Non VIP) | 133N043V03 | 5% p.a. for open schemes (with no minimum advance interest rate) |
Interest rate for Variable Insurance Plans - Group Leave Encashment and Group Gratuity
| Fund Size | Interest Rate Declaration |
GROUP LEAVE ENCASHMENT (per annum) (133N044V01 & 133N044V02) |
GROUP GRATUITY (per annum) (133N045V01 & 133N045V02) |
|---|---|---|---|
| < 5 Cr | Quarterly in Advance for Quarter 1st April 2021 to 30th June 2021 |
7.10% | 7.50% |
| >= 5 Cr but < 10 Cr | 7.10% | 7.50% | |
| >= 10 Cr | 7.10% | 7.50% |
Please Note -
- The above interest rates are including the 1% p.a. minimum floor rate which needs to be credited in advance every quarter hence the additional interest rate to be declared will be 1% less.
- With this, the effective annualized return for the quarter April-June 2021 shall be 7.73% for Group Gratuity and 7.31% for Group Leave Encashment
Interest rate for Variable Insurance Plans - Group Leave Encashment and Group Gratuity
| Fund Size | Interest Rate Declaration |
GROUP LEAVE ENCASHMENT (per annum) (133N044V01 & 133N044V02) |
GROUP GRATUITY (per annum) (133N045V01 & 133N045V02) |
|---|---|---|---|
| < 5 Cr | Quarterly in Advance for the Quarter 1st July 2021 to 30th September 2021 |
7.10% | 7.50% |
| >= 5 Cr but < 10 Cr | 7.10% | 7.50% | |
| >= 10 Cr | 7.10% | 7.50% |
Please Note -
- The above interest rates are including the 1% p.a. minimum floor rate which needs to be credited in advance every quarter hence the additional interest rate to be declared will be 1% less.
- With this, the effective annualized return for the quarter July-September 2021 shall be 7.73% for Group Gratuity and 7.31% for Group Leave Encashment.
Interest rate for Variable Insurance Plans - Group Leave Encashment and Group Gratuity
| Fund Size | Interest Rate Declaration |
GROUP LEAVE ENCASHMENT (per annum) (133N044V01 & 133N044V02) |
GROUP GRATUITY (per annum) (133N045V01 & 133N045V02) |
|---|---|---|---|
| < 5 Cr | Quarterly in Advance for the Quarter 1st October 2021 to 31th December 2021 |
6.90% | 7.40% |
| >= 5 Cr but < 10 Cr | 6.90% | 7.40% | |
| >= 10 Cr | 6.90% | 7.40% |
Please Note -
- The above interest rates are including the 1% p.a. minimum floor rate which needs to be credited in advance every quarter hence the additional interest rate to be declared will be 1% less.
- With this, the effective annualized return for the quarter October - December 2021 shall be 7.62% for Group Gratuity and 7.10% for Group Leave Encashment.
Interest rate for Variable Insurance Plans - Group Leave Encashment and Group Gratuity
| Fund Size | Interest Rate Declaration |
GROUP LEAVE ENCASHMENT (per annum) (133N044V01 & 133N044V02) |
GROUP GRATUITY (per annum) (133N045V01 & 133N045V02) |
|---|---|---|---|
| < 5 Cr | Quarterly in Advance for the Quarter 1st January 2022 to 31th March 2022 |
6.90% | 7.50% |
| >= 5 Cr but < 10 Cr | 6.90% | 7.50% | |
| >= 10 Cr | 6.90% | 7.50% |
Please Note -
- The above interest rates are including the 1% p.a. minimum floor rate which needs to be credited in advance every quarter hence the additional interest rate to be declared will be 1% less.
- With this, the effective annualized return for the quarter January - March 2022 shall be 7.73% for Group Gratuity and 7.10% for Group Leave Encashment.
