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18 to 79 years
Maximum: 80 years
Yearly renewable plan
5000 per member for gratuity and leave Encashment and NIL for superannuation
In case of death of a member,
Other Benefits as defined in Scheme rules
Under superannuation schemes
Assured Benefit in Superannuation Schemes:-
Assured Benefit payable on exit is equal to 100.1% of (Total contributions paid net of withdrawals already made from the account).
For Superannuation group insurance schemes where only master policyholder's account is maintained and member level accounts are not maintained, Assured Benefit shall be applicable at the time of exit of the master policyholder.
For Superannuation schemes where individual members' account are maintained, Assured Benefit shall be applicable at the member level at the time of exiting the scheme.
Target Group :-
For employer who want a single solution to manage the statutory responsibility of providing Gratuity and various other employee benefits under the group insurance plan such as Leave Encashment and Superannuation.
|Entry age||Minimum : 18 years (as on last birthday)
Maximum : 79 years (as on last birthday)
|Maximum Maturity Age||80 years|
|Type of Schemes||
|Sum Assured||Rs. 5000 per member for Gratuity and Leave Encashment and NIL for Superannuation|
|Policy Term||Yearly renewable plan|
|Minimum Group Size||10 members|
|Minimum Contribution||Minimum Contribution:
Minimum contribution at inception: Rs 50,000/- on a scheme level
Minimum subsequent instalments is Rs. 5,000/- per scheme.
For Defined Contribution Superannuation scheme :Minimum
contribution per member per instalment is Rs. 100/-
There are no restrictions on the number of installments to be paid either by the Master Policyholder or the Member in a year.
|Premium Frequency||The contributions or premiums to group schemes by the master policyholder shall be made in accordance with the funding requirements as per the scheme rules. The trustee or employer shall confirm that such funding is required as per the Actuary’s certificate based on extant accounting standard governing the measurement of long term employee benefits. The master policyholder may not pay future contributions or premiums under the policy and the policy shall not be treated as discontinued. The policies will participate in the fund performance, subject to deduction of all applicable charges.|
|Top Up||No top-up contributions shall be allowed, unless required as per the actuary’s certificate in accordance with the extant accounting norms, to address the underfunding of the scheme.|
Depending on your ability to expose yourself to risks associated with the markets, choose to invest your premiums in any of the following 6 fundsunder the Comprehensive Employee Benefits Plan. Your premium, net of applicable charges, will be invested in the funds of your choice. The funds in turn, are segregated into liquid investments, fixed income securities and equity investments in line with their risk profile.
The following is a summary of funds available under this product and the investment strategy of each fund:
|Segregated Fund Name||Investment Strategy||Portfolio Allocation||Risk Profile|
|Group Cash Fund(SFIN: ULGF004010118GRPCSHFUND133)||This fund aims to safeguard the nominal value of investment through investment in short maturity liquid instruments. This fund will largely invest in money market instruments.||• Money market instruments and Cash – 75% to 100%
• Debt Securities – 60% to 100%
• Equity – 0%
|Very low Risk|
|Group Income Fund(SFIN: ULGF005010118GRPINCFUND133)||This fund aims to provide stable returns by investing in assets with relatively low to moderate level of risk. The fund will invest in fixed income securities such as Govt. Securities, Corporate Bonds & any other fixed income investments along with Money Market Instruments for liquidity.||• Money market instruments a cash: 0% – 40%
• Debt Securities – 0% to 25%
• Equity – 0%
|Group Enhanced Income Fund(SFIN: ULGF006010118GRPEINFUND133||This fund aims to provide stable returns by investing in assets with relatively low to moderate level of risk. The fund will invest primarily in fixed income securities, such as Govt. Securities, Corporate Bonds, Money Market Instruments and other fixed income investments.||• Money market instruments and cash : 0% to 40% • Government Securities: 0% to 30% • Corporate Bonds/Other Fixed Income Investments: 30% to 100% • Equity – 0%||Low Risk|
|Group Secure Fund(SFIN: ULGF007010118GRPSECFUND133||This fund aims to provide progressive returns compared to fixed income instruments by taking a low exposure to high risk assets like equity. Fund aims to provide stable return due to high exposure to Fixed Income instruments while generating additional return through small exposure to equity.||• Money market instruments and Cash: 0% – 40%
• Debt Securities – 60% to 100%
• Equity: 0% – 20%
|Low to Moderate Risk|
|Group Balanced Fund(SFIN: ULGF008010118GRPBALFUND133)||This fund aims to provide capital growth by availing opportunities in debt and equity markets while maintaining a good balance between risk and return. The fund will also invest in money market instruments to provide liquidity.||• Money market instruments and Cash: 0% – 40%
• Debt Securities – 40% to 80%
• Equity: 20% – 40%
|Group Growth Fund(SFIN: ULGF009010118GRPGTHFUND133)||This fund aims to provide potentially high returns by investing a significant portion in equities to target growth in capital value of assets. The fund will also invest to a certain extent in govt. securities, corporate bonds and money market instruments to generate stable return.||• Money market instruments and Cash: 0% – 40%
• Debt Securities – 30% to 70%
• Equity: 30% – 60%
In case of Gratuity, Leave Encashment or Defined Benefit Superannuation schemes, the Master Policyholder reserves the right to choose Investment Fund(s) and the Member shall not have any such rights.
In case of Defined Contribution Superannuation scheme, the right to choose Investment Fund(s) can be either with the Master Policyholder or the Members as per the scheme rules.
UNDER SUPERANNUATION SCHEME:-
Default Fund (in case of closure):
A fund can be closed with prior approval from IRDAI. In case the existing fund is closed the default fund is the Group Income Fund (SFIN: ULGF005010118GRPINCFUND133)
In case any existing fund is closed, the Company shall seek prior instructions from the Master Policyholder for switching units from the existing closed fund to the any other available fund under the group insurance policy.
Company will also seek instructions for future contribution redirections in case of closure of the existing fund.
On such closure of fund, if the Company does not receive the choice of the fund from the Master Policyholder, the Company shall transfer the units of the Master Policyholder in the fund which is intended to be closed to the Group Income Fund (SFIN: ULGF005010118GRPINCFUND133 ) and all future redirections related to the closed fund shall be redirected to the Group Income Fund (SFIN: ULGF005010118GRPINCFUND133).
Modification of Fund:
A fund can be modified with prior approval from IRDAI.
In case any existing fund is modified, the company shall seek prior instructions from the Master Policyholder/Member for switching units from the existing modified fund to any other fund available under the policy.
Company will also seek instructions for future contribution redirections in case of modification of the existing fund. On such modification of the fund, if the company does not receive the choice of the fund from the Master Policyholder/Member, the company shall continue to invest in the modified fund.
|Policy Bought Through||Premium Allocation Charge
(% of contribution)
|Maximum Cap for the Year|
“Agency, Brokers, Corporate agency and Bancassurance”
Premium allocation charges are deducted from contributions paid and the contributions, net of premium allocation charges, are used to purchase units in any of the six underlying funds as per choice of Master Policyholder.
Policy Administration Charge:
0.05% of Fund Value subject to maximum of Rs. 5 Lac in the first policy year and Nil thereafter.
Fund Management Charge:
|Fund management charge (% p.a.)|
|Group Cash Fund||(SFIN: ULGF004010118GRPCSHFUND)||0.55%|
|Group Income Fund||(SFIN: ULGF005010118GRPINCFUND)||0.55%|
|Group Enhanced Income Fund||(SFIN: ULGF006010118GRPEINFUND)||0.55%|
|Group Enhanced Income Fund||(SFIN: ULGF006010118GRPEINFUND)||0.55%|
|Group Secure Fund||(SFIN: ULGF007010118GRPSECFUND)||0.55%|
|Group Balanced Fund||(SFIN: ULGF008010118GRPBALFUND)||0.55%|
|Group Growth Fund||(SFIN: ULGF009010118GRPGTHFUND)||0.55%|
Fund Management Charges (FMC) are deducted on a daily basis at 1/365th of the annual charge in determining the unit price/NAV. The FMC shall be apportioned by adjusting the NAV and shall be levied at the time of computation of NAV.
Rs. 0.50 per annum per 1000 sum assured per member
The mortality charges are determined using 1/12th of the annual mortality charge and are deducted from the unit account monthly at the beginning of each monthly anniversary (including the policy commencement date) of a policy by cancellation of units.
Premium Re-direction Charge:
Systematic Transfer (STO) Charge:
Revision of Charges:
After taking prior approval from IRDAI, the Company reserves the right to revise Fund Management Charges. Fund Management Charge can be up to a maximum of 1.35% per annum.
The Company will give the Master Policyholder/Member a notice of 30 days before any revision in charges. In case the Master Policyholder/Member does not agree with the modified charges then the Master Policyholder shall be allowed to surrender the scheme and terminate the policy.
Future Generali Comprehensive Employee Benefits Plan (UIN: 133L080V02)
The Master Policyholder has a period of 15 days from the date of the receipt of the policy document to review the terms and conditions of the policy and where the master policyholder disagrees to any of the terms and conditions, he/she has the option to return the policy by giving a written request for cancellation of the policy to the company, stating the reasons for such cancellations.
On cancelation of the policy after such a request, the Fund Value as on the date of cancellation plus non allocated contribution plus charges levied by cancellation of units less deduction for proportionate cost of insurance cover for the period, if any, and expenses towards policy stamp duty and medical examination, if any, will be refunded.
Section 41 of the Insurance Act, 1938, as amended from time to time, states
Section 45 of the Insurance Act 1938, as amended from time to time, states
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