Future Generali 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 Superannuation scheme.
• In case of gratuity or leave encashment, an additional amount equal to Sum Assured of ₹ 10,000/- shall be paid over and above the fund value.

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.
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• 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.

Little Privileges for you

A.Loyalty Additions

Loyalty Additions as a % of average fund value shall be added at the end of each financial year i.e. on every 31st March as per the below table, subject to policy being in-force at the time of payment of loyalty additions.

Where,
Average Fund Value = Average of Fund values on the first day of each of the calendar months falling in the financial year in which loyalty addition is payable starting from calendar month April in Year (X-1) till calendar month March in Year X for determining loyalty units on 31st March of Year X.

The Loyalty Addition Rate to be applied shall be based on Average Fund Value as computed above.

The Loyalty Addition Rate shall be proportioned for number of days the scheme was with the Company in the financial year in question.

B.Ability to switch funds

At any time the master policyholder/member may instruct the Company in writing to switch some or all of the units from one unit linked fund to another. The Company will give effect to such a request for a switch by cancelling units in the old fund(s) and allocating units in the new fund(s) at the applicable unit price.
The amount to be switched should be at least Rs.5,000/-.
Unlimited number of switches are allowed with no switching charge.
The switch request shall be processed as per IRDAI guidelines.

For Superannuation schemes, contributions will be mandatorily invested in Group Cash Fund or Group Income Fund or in certain proportion in only these funds, depending upon the choice of the Master Policyholder or the Member. Only the excess of fund value compared to Assured Benefit can be switched to any of the 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.

C.Contribution Redirection

Anytime during the currency of the policy, the master policyholder may instruct us in writing within 30 days of renewal date to redirect all future contributions in an alternative proportion to the various unit funds available. Redirection will not affect the contribution paid prior to the request. There will be no limit on the number redirections that can be done in this product. There will be no charge for redirection of contributions. All future and subsequent contributions will use the revised redirection.

For Superannuation schemes, contribution redirection request for future contributions will be mandatorily done in Group Cash Fund or Group Income Fund or in certain proportion in only these funds, depending upon the choice of Master Policyholder or the Member.

In case of Gratuity, Leave Encashment or Defined Benefit Superannuation schemes, the Master Policyholder has the right of contribution redirection and Member shall not have such rights.

In case of Defined Contribution Superannuation scheme, the right of contribution redirection can be with Master Policyholder or the Members as per the scheme rules.

D.Systematic Transfer Option (STO)

This is a facility of auto switching of units from one fund to another fund called Systematic Transfer Option (STO). STO is not applicable for superannuation schemes (either Defined Benefit or Defined Contributions on either Master Policyholder level or member level). Further, the members of the scheme in case of Gratuity or Leave Encashment scheme shall not have the option of STO and the right lies only with the Master Policyholder. The Master Policyholder has the option to monthly transfer Fund Value available under one specific fund to another fund by making a request for STO. The Master Policyholder can submit STO request anytime, however only one STO request will be taken at one point in time. The Master policyholder shall be able to make further STO requests after the elapse of a previous STO request.

The fund from which fund value will be transferred will be called ‘Selected Fund’ and the fund to which fund value will be transferred will be called ‘Target Fund’. At any point in time, STO is only applicable between any one selected fund and any one Target fund. The remaining 4 segregated funds will not be affected/participate in STO.

Once a STO request is placed, units from the Selected Fund will get transferred to the Target Fund through 12 automatic switches at the end of respective months. At the end of each calendar month, 1/Xth of units from Selected Fund will get transferred to Target Fund, where X = no of automatic switches which are left to be done in the given STO request i.e. X will be 12 in the first calendar month, it will be 11 in the second calendar month and will be 1 in the twelfth calendar month.

Contributions by Master Policyholder can come in any of the 6 segregated funds. Future contribution redirection can be done in any of the 6 segregated funds.
However, during the period in which STO is invoked, no switching can take place in any of the 6 segregated funds.

There will be no charges deducted for any STO request.

Master Policyholder has the option to stop the STO by providing a request to Company. Once STO is stopped, the Master Policyholder can switch units from funds as per their need.

Master Policyholder shall be able to make further STO requests after the elapse of a previous STO request. STO will apply to both future contributions as well as existing contribution, only for Selected Fund to be moved to Target Fund. The NAV applicable for STO shall be the NAV of the Selected Fund and the Target Fund on the day when the STO takes place.

STO will stop if:
i.The fund value of selected fund becomes zero.
ii.12 months from the STO request date have elapsed.
iii.Master Policyholder has submitted STO stop request.

Terms and Conditions

Under this plan, the liability of Future Generali India Life Insurance Company Limited (FGILICL) at any time will be limited to the Fund Value of the Scheme. FGILICL will only be concerned with fund management, and the Master Policyholder will have to bear any shortfall in funds, if it arises at any time. The liability of the company at all times will be limited to the balance of the Fund Value in the scheme.

Auto Renewal

On non-receipt of contribution, the policy will automatically get renewed as per the existing terms and conditions on each renewal date.

Partial Withdrawal

Partial withdrawal is not allowed under the product.
Except for exits as per the scheme rules, no other withdrawals will be allowed.
The amount payable pertaining to that member on exits shall be as communicated by the Master Policyholder to us.

Foreclosure of Policy

The Master Policyholder should maintain a minimum total fund value of Rs 25,000 under a particular policy at end of each calendar month.

The company will send a notice of 30 days period to the Master Policyholder if the Total Fund value under a particular policy on any calendar month falls below Rs 25,000.

If at the end of 30 days’ notice period the Fund Value continues to remain below Rs. 25,000/- then the company will terminate the policy and refund the entire amount available in the fund post deductions (surrender charges, if any) to the Master Policyholder. Thereafter the Company shall cease to be liable for any benefit payable under the policy. Once policy is terminated, it cannot be reinstated.

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.