Future Generali Group Leave Encashment Plan

Mortality Charge
These are annual charges. Mortality charges will be deducted at the start of every month from the policy account. Monthly charge would be 1/12th of annual charge.

Below mentioned are the sample mortality charges for various age groups for Rs. 10,000 sum assured for Life Cover

These charges will be subject to applicable tax, if any.

Surrender Charge (Penalty)
The Master Policyholder can surrender the policy at any time by giving a written request, however, if the Policy is surrender within third annual renewal term of the policy than a surrender charge of 0.05% of the total policy fund value subject to a maximum of Rs 500,000/- is deducted from the total Policy Fund Value to determine the Surrender Value. Hence the surrender value will be equal to the policy account value less the surrender penalty , if any.

Once the policy is surrendered and the surrender value is paid, the Company shall cease to be liable for any benefit payable under the policy. Once the policy is terminated , it cannot be reinstated.

Except for exits as mentioned in the scheme rules, no other withdrawals shall be permitted.

Market Value Adjustment
No Market Value Adjustment is applicable.

Policy Account Value
The policy account value depicts the accrual to the policyholder.

The Company shall maintain a Policy Account of the policy to which will be credited:

• All the contributions received from the employer / trustees on the date when such contributions were received by the Company;
• Amounts transferred in from a former leave encashment scheme with effect from the date such amounts were received by the Company; and
• Interest income credited as on 31st March every year (or on date of surrender in case of surrender of policy), if any, as stated above.

Further, the policy account will be debited with:

• All benefits as defined in the scheme rules paid in respect of members as on the date when paid by the Company;
• taxes, duties or surcharges of whatever description levied by any statutory authority;
• interest or late fee, if any, payable on the benefits
• Surrender penalty if any
• Mortality charges for life cover

Termination of the Master Policy
The Master Policyholder should maintain a minimum balance of Rs 100,000 in the policy account.

The company will send a notice to the Policyholder if the policy account value falls below Rs 100000. The Policyholder can get a valuation done as per extant accounting standard governing the measurement of long term employee benefits to see if the scheme is underfunded or not.

If the scheme is not underfunded, the policy will continue as it is.

If the scheme is underfunded, then the company will give the Policyholder 30 day’s period to pay additional contributions to address the underfunding of the scheme. If additional contributions are not received within the stated period, then the company will terminate the policy and refund the entire amount available in the policy account to the Policyholder. Thereafter the Company shall cease to be liable for any benefit payable under the policy. Once policy is terminated, it cannot be reinstated.

Variability of Charges

• The surrender charge (penalty) and mortality charge is guaranteed

Any change in amount or rate of charges as stated above will be subject to IRDAI approval.

Nomination and Assignment
Nomination will be allowed as per section 39 of the Insurance Act, 1938, as amended from time to time, for receipt of leave encashment benefits in the event of the death of the member. Any nomination or change of nomination of the beneficiaries will be maintained by the Employer or Policyholder. In the event of death of the member, the Company will pay the leave encashment benefits to the Employer or Policyholder. In case the leave encashment benefits are to be paid directly to the member’s beneficiary, the Employer or Policyholder should advise the Company in writing of this request along with the beneficiary details.

Assignment is not allowed.

Grace Period
Not available under this plan

Revival
Not available under this plan

Loan
Loans are not available for this plan

Free Look Period
The Master Policyholder has a right to return the policy within 30 days of receipt of the Policy Document whether received electronically or otherwise, if Master Policyholder disagree with any of the terms and conditions by giving a request for cancellation of the policy which states the reasons for objections. We will cancel the policy and refund the premium received after deducting proportionate risk premium for the period of cover , stamp duty charges and expenses incurred by Us.

Section 41 of 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 out 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 rebates 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.

Section 45 of 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.

Grievance Redressal Processes

In case you have any grievances on the solicitation process or on the Product sold or any of the Policy servicing matters, you may approach the Company in one of the following ways:

• Calling the Customer helpline number 1800-102-2355 for assistance and guidance
• Emailing @ care@futuregenerali.in
• You may also visit us at the nearest Branch Office. Branch locator - https://life.futuregenerali.in/branch-locator/
• Senior citizens may write to us at the following id: senior.citizens@futuregenerali.in for priority assistance
• You may write to us at: Customer Services Department Future Generali India Insurance Co. Ltd, Unit 801 and 802, 8th floor, Tower C, Embassy 247 Park, L.B.S Marg, Vikhroli ( W ) Mumbai – 400083

We will provide a resolution at the earliest. For further details please access the link: https://life.futuregenerali.in/customer-service/grievance-redressal-procedure