Future Generali Comprehensive Employee Benefits Plan

Future Generali Comprehensive Employee Benefits Plan

  • Age at Entry

    18 to 79 years

  • Maximum Maturity Age

    Maximum: 80 years

  • Policy Term

    Yearly renewable plan

  • Minimum Sum Assured per member

    Rs 5000 per member for gratuity and leave Encashment and NIL for superannuation

  • Minimum Group Size

    10 members

Why Buy Comprehensive Employee Benefits Plan?

  • All in one employee benefits solution : A single group insurance plan to  manage all employee benefits - gratuity leave encasement and superannuation.
  • Get rewarded with Loyalty Additions: Depending upon the size of your fund loyalty units will get added every year which boost your fund. 
  • Systematic Transfer of Funds: To safeguard the value of your funds from eroding due to the volatility of equity markets, you have the to begin your  investment to any of our Debt Funds and use the option of Systematic Transfer to automatically switch your investments to any our Equity funds in parts over a period of time.

KEY BENEFITS OF COMPREHENSIVE EMPLOYEE BENEFITS PLAN

Death Benefit

In case of death of a member,

  • Death benefit will be paid as per scheme rules
  • However, at all times, the liability of company is limited to the fund value subject to minimum Assured Benefit applicable in case of Supernannation scheme.
  • In case of gratuity or leave encashment, an additional amount equal to Sum Assured of ₹ 5000/- shall be paid over and above the fund value. This additional sum assured of ₹ 5000/- shall be paid out of the non-unit fund and shall not be paid out of the unit fund of the Master Policyholder.

 

Other Benefits as defined in Scheme rules

  • The claim amount requested by the Master policyholder will be paid from the policy fund to the Master policyholder, to allow them to make benefit payment to the beneficiary.
  • At all times, the liability of company is limited to the fund value.

 

Under superannuation schemes

  • For schemes where defined benefits are subscribed to by an employer, where the scheme does not maintain individual member accounts and only maintains a superannuation fund
    • The company shall make payments from such funds only subject to the availability of funds in the respective unit fund of the respective group policyholder’s superannuation fund.
    • Except for exits as per the scheme rules, no other withdrawals shall be allowed.
    :
  • For schemes where defined contributions are subscribed to by an employer, where the scheme maintains individual member accounts:
    • The company shall make payments from such individual member funds only subject to the availability of funds in the respective unit fund of the respective member of the group policyholder.
    • Except for exits as per the scheme rules, no other withdrawals shall be allowed.
  • Where the master policyholder maintains superannuation funds with more than one insurer, the master policyholder shall have the option to choose any insurer to purchase available annuity.

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.

PLAN SUMMARY

Step1Eligibility
Entry age Minimum : 18 years (as on last birthday)
Maximum : 79 years (as on last birthday)
Maximum Maturity Age 80 years
Type of Schemes
  • Gratuity
  • Leave Encashment
  • Superannuation
  • Defined Benefit (DB) Scheme
  • Defined Contribution (DC) Scheme
  • Combination of Defined Benefit and Defined Contribution Scheme
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.
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Fund options for your investment

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%
Low Risk
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%
Moderate Risk
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%
High Risk

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:-

  • Contributions shall be mandatorily invested in ‘Group Cash Fund (SFIN: ULGF004010118GRPCSHFUND133)’ or ‘Group Income Fund (SFIN: ULGF005010118GRPINCFUND133)’ or in certain proportion in these funds, depending upon the choice of Master Policyholder or the Member.
  • Excess of fund value compared to the Assured Benefit (as defined under Benefits section) can be switched to any of the above 6 segregated funds as per the choice of the Member except where a scheme is entirely funded by the Master Policyholder, where the right to switch shall be with the Master Policyholder.
  • At the end of each financial year i.e. on 31-March, if the sum of Fund Value of Group Cash Fund (SFIN: ULGF004010118GRPCSHFUND133) and Group Income Fund (SFIN: ULGF005010118GRPINCFUND133) is less than the Assured Benefit, then, the shortfall amount shall be met by switching units from other segregated funds to the ‘Group Cash Fund’.

 

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.

CHARGES

Premium Allocation Charge:

The premium allocation charge depends on whether the group insurance scheme is bought directly or through a sales intermediary. The premium allocation charge for a scheme as a percentage of contributions is as per the table below

Policy Bought Through Premium Allocation Charge 
(% of contribution)
Maximum Cap for the Year
Direct Marketing
“Agency, Brokers, Corporate agency and Bancassurance”
NIL
0.5%
NIL
10 Lacs

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:

Nil

Surrender 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.

Mortality Charge:

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.

Switching Charge:

Nil

Premium Re-direction Charge:

Nil

Systematic Transfer (STO) Charge:

Nil

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.

DISCLAIMERS

Future Generali Comprehensive Employee Benefits Plan (UIN: 133L080V02) 

    • Unit Linked Insurance products are different from the traditional insurance products and are subject to the risk factors.
    • The Premium paid in Unit Linked Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the policyholder/insured is responsible for his/her decisions.
    • Future Generali India Life Insurance Company Limited is only the name of the Life Insurance Company and Future Generali Comprehensive Employee Benefits Plan is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
    • Please know the associated risks and the applicable charges, from your insurance agent or the intermediary or policy document of the Company.
    • The various funds offered under this group insurance schemmes are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. Past performance is not indicative of future performance, which may be different.
    • Tax benefits are subject to change in law from time to time. You are advised to consult your tax consultant.

 

FREE LOOK CLAUSE

 

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.

 

PROHIBITION OF REBATES

Section 41 of the Insurance Act, 1938, as amended from time to time, states

  • No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: 

  • Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to Ten Lakh Rupees.

NON-DISCLOSURE

Section 45 of the Insurance Act 1938, as amended from time to time, states

  • No Policy of Life Insurance shall be called in question on any ground whatsoever after the expiry of 3 years from the date of the policy i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.
  • A policy of Life Insurance may be called in question at any time within 3 years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud. For further information, Section 45 of the Insurance laws (Amendment) Act, 2015 may be referred.

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