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A type of group insurance plan specifically designed for companies that offer Leave Encashment Benefit to their employees
As per scheme rules
5,000/- per annum
18 to 69 years
Future Generali Group Leave Encashment Plan is a non-linked non-participating group leave encashment product offering fund management.
This plan offers interest income which gets credited to the policy at the end of financial year. The interest amount once credited to the policy account will become guaranteed.
This Product offers Fund Management of employers’ liability and life cover to the employees.
The liability of Future Generali India Life Insurance Company Limited (FGILICL) at any time will be limited to the balance in the policy account.
As per the applicable tax laws. Tax benefit is subject to change in tax laws from time to time.
|Member’s Age at Entry 18 to 69 years||Minimum Contribution at Scheme Level 5 Lakhs||Minimum - Maximum Sum Assured 5,000/- (Per Member) Fixed||Member’s Maximum Age at Maturity 70 years|
|Policy Term (PT)One Year (Renewable)||Minimum Size of the Group10 Members|
The contributions made under this plan shall be made in accordance with the funding requirements as per the scheme rules. The trustee or employer or policyholder shall be required to confirm that such funding is required as per extant accounting standard governing the measurement of long term employee benefits.
The plan does not allow any top-ups, unless required to address the underfunding of the scheme as per extant accounting standard governing the measurement of long term employee benefits.
An Interest rate will be declared by the company at the end of each financial year. The interest rate will be credited to the policy on a pro-rata basis based on the number of days the fund has been invested with the company. An interim rate shall be declared at the start of each financial year for exits during the financial year for which interest rate is not yet declared. The interest amount once credited to the policy account will be guaranteed.
The interest rate credited to each fund and expenses charged to such funds shall be in accordance with the Board approved policy of the company.
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. 5000 sum assured for Life Cover
|Age as on last birthday (years)||25||35||45||55|
These charges will be subject to applicable tax, if any.
Surrender Charge (Penalty)
Master Policy Holder can surrender the policy any time by giving written request to FGILICL. The surrender penalty will be equal to 0.05% of the total policy account value subject to maximum of Rs. 500,000 /- if the policy is surrendered within the third annual renewal of the policy. Hence the surrender value will be equal to the policy account value less the surrender penalty, if any.
If the policy is surrendered after the third annual renewal, then there will be no surrender penalty. This charge will be subject to applicable tax, 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 and the policy cannot be reinstated.
Market Value Adjustment
No Market Value Adjustment is applicable.
Policy Account Value
The policy account value depicts the accrual to the policyholder account.
The Company shall maintain a Policy Account of the policy to which will be credited:
Further, the policy account will be debited with:
The Policyholder should maintain a minimum balance of Rs 1 lakh in the policy account.
The company will send a notice to the Policyholder if the policy account value falls below Rs 1 lakh. 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
Any change in amount or rate of charges as stated above will be subject to IRDAI approval.
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.
Not available under this plan
Not available under this plan
Loans are not available for this plan
Free Look Period
In case the Policyholder disagree with any of the terms and conditions of the policy, then the policy can be returned to the Company within 15 days of its receipt for cancellation, stating the objections. Future Generali will refund the policy account value after the deduction of the policy stamp charges and the cost of insurance for the period on cover up to the date of cancellation.
Section 41 of Insurance Act 1938, as amended from time to time, states:
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.
Future Generali Group Leave Encashment Plan (UIN: 133N044V03)
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