Specifically designed for companies that offer Superannuation Benefit to their employees
18 to 79 years
Future Generali Group Superannuation Plan is a Non Linked Participating Group Superannuation Product offering fund management. Earnings under this product will be shared through bonus at the end of financial year. The annual declared bonus amount once credited to your Superannuation policy account will be guaranteed.
This Product offers Fund Management for two types of schemes, Defined Benefit Scheme and Defined Contribution Scheme.
The Product allows for the contribution either from Employer (non Contributory) or from both the Employer and Employees (Contributory).
Under both the schemes,
The payouts will be done as per your scheme rule.
Tax benefits are available as per the prevailing and applicable tax laws. Tax benefit is subject to change in tax laws from time to time.
|Member’s Age at Entry18 to 79 years||Minimum Group Size10||Minimum Contribution at Inception 2 Lakhs||Member’s Age at Maturity19 to 80 years|
|Policy Term (PT)Yearly (Renewable)|
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.
Earnings will be declared at the end of the every financial year through annual bonuses. The annual declared bonus amount will be credited to the policy account. The declared bonus once credited will be guaranteed.
Annual and interim bonus declared shall be non-zero positive bonus.
Charges applicable under the policy
Master Policy can be surrendered any time subject to the client giving a 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.
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.
Except for exits as mentioned in the scheme rules, no other withdrawals shall be permitted.
Market Value Adjustment
No MVA shall be applied under this product.
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:
Assured benefit is equal to non-zero positive rate of return on premium paid excluding applicable taxes, from date of payment to date of vesting.
Assured Benefit payable on exit shall be maintained by declaring annual and interim bonuses which shall be non-zero positive bonus.
Defined Benefit Scheme:
In cases where defined benefits are subscribed to by an employer, where the scheme does not maintain individual member accounts and only maintains a Pension fund, the assured benefit shall be applicable on the entire Pension fund available with the insurer. The assured benefit shall also be available on death of every member.
Defined Contributions Scheme:
In cases where defined contributions are subscribed to by an employer, where the scheme maintains individual member accounts, the assured benefit shall be applicable on each of such individual accounts.
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 is allowed as per section 39 of the Insurance Act, 1938, as amended from time to time, for receipt of the superannuation benefit in the event of the death of a member.
Free Look Period
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 Policyholder disagrees to any of the terms and conditions, he/she has the option to return the policy stating the reasons for his/her objection. FGILICL will refund the policy account value after the deduction of the policy stamp charges.
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:
For further information, Section 45 of the Insurance laws (Amendment) Act, 2015 may be referred.
Future Generali Group Superannuation Plan (UIN: 133N043V03)
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