• Future Generali Group Gratuity Plan

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    The Gratuity Act, 1972, mandates all employers to offer gratuity benefit to their employees. If an employee stays in an organisation for more than a specified period of time(usually 5 years), employers are legally bound to pay gratuity benefit. After an employee successfully completes the specified period of time, he/she is eligible to receive a minimum of 15 days’ salary for every completed year. Please note that unlike the Provident Fund which can be withdrawn anytime, gratuity can be withdrawn only after the employee completes working in a company for the number of years as mentioned while joining the firm. The gratuity benefit becomes payable when an employee retires, resigns from service, in case of unfortunate death of the employee during service, or in case of permanent total disability.

    To help employers offer the best gratuity plan to their employees, Future Generali offers a Group Gratuity Plan. As Future Generali is one of the leading insurance providers in India, they have accumulated a large pool of funds which will be invested appropriately to ensure safe returns to the policyholder.

    Eligibility – Who is the Future Generali Group Gratuity Plan for?

    If you are interested in buying the Future Generali Group Gratuity Plan, you will have to meet the below eligibility criteria:

    Parameter Details
    Plan Type Group Gratuity Plan
    Minimum Entry Age 18 years
    Maximum Entry Age 69 years
    Maximum Maturity Age 70 years
    Policy Term One year renewable plan
    Minimum Group Size Any employer-employee group with minimum 10 members.
    Minimum Contribution Rs.5,00,000 (As per scheme level)

    Sum Assured and Premium Range – What You Get and What It Costs

    At the inception of the policy, the policyholders will be given an option to choose the sum assured amount.

    Parameter Details
    Sum Assured The minimum and maximum sum assured under the Future Generali Group Gratuity Plan is Rs.1,000 per member.
    Premium Payment Mode Annually, half-yearly, or quarterly.

    Plan Coverage – What the Future Generali Group Gratuity Plan Covers

    Some of the benefits under the Future Generali Group Gratuity Plan are as follows:

    Guaranteed Rate of Return Under the Future Generali Group Gratuity Plan, 1% p.a will be credited every quarter as Minimum Floor Rate. This is the guaranteed rate of return that the policyholder will get under this policy. This benefit will be added to the balance of the plan throughout the policy term.
    Non-Zero Positive Additional Interest Rate Apart from the guaranteed rate of return, at the beginning of every quarter, non-zero positive additional interest rate will be declared.
    Liquidity Though this plan invests the accumulated amount to reap the returns, it ensures that employers always have liquidity and are in a position to pay any benefits which become payable from time to time.
    Life Cover Irrespective of the employee’s salary or the position held, life cover of Rs.1,000 is given to all employees uniformly.

    Riders/Add-On Plans – Additional Coverage Under the Future Generali Group Gratuity Plan.

    Generally, while buying an insurance policy, policyholders can attach an add-on to their base policy if they are looking for extra protection. Please note that when issuing the Future Generali Group Gratuity Plan, riders will not be available. However, the insurance company may allow riders under this plan in the future, subject to approval by a regulator.

    Other Key Features

    Following are some of the other key features of the Future Generali Group Gratuity Plan:

    • Mortality charge
    • Surrender charge
    • Market value adjustment
    Termination To keep the Future Generali Group Gratuity Plan active, a policyholder should always ensure that their account is funded with Rs.1,00,000. If the account balance drops below Rs.1,00,000, the insurer will send a notification to the policyholder to keep the account funded within 30 days. If the policyholder fails to deposit the funds required, the insurance company will go ahead and terminate the policy and will return the balance available in the account. In this case, the insurance provider is not obliged to pay any benefits. Please note that a terminated insurance plan cannot be revived.
    Nomination Nomination facility is available as per Section 39 of the Insurance Act, 1938.
    Grace Period Please note that there is no grace period under the Future Generali Group Gratuity Plan.
    Revival Option Once an account is terminated or cancelled, it cannot be revived.
    Free Look Period The Future Generali Group Gratuity Plan has a free look period of 15 days within which the policyholder can cancel the policy and get the premiums paid refunded after deducting stamp charges and other charges, if any.
    Loan Facility Loan facility is not available under this plan.

    Exclusions – What is Excluded from the Future Generali Group Gratuity Plan

    Please note that there are no exclusions under the Future Generali Group Gratuity Plan plan. Please read all the policy=related documents carefully.

    Tax Benefits – How You Can Save with the Future Generali Group Gratuity Plan

    Policyholders who have purchased the Future Generali Group Gratuity Plan will enjoy tax benefits under Section 80C of the Income Tax Act, 1961.

    Why You Should Choose the Future Generali Group Gratuity Plan

    With more than 500 offices in the country, Future Generali Insurance is one of the reputable insurance providers in India. Within less time, Future Generali is recognised not just as an insurance company but as a well-established brand. They offer a wide range of insurance products that can be customised to suit the policyholder’s requirements. If you are looking for affordable insurance plans with an umbrella of benefits, Future Generali is the place to go. Whether you are an individual who is looking for a savings plan or a group looking for group insurance plans, Future Generali has a plan for you. From endowment plans to unit-linked plans, they offer it all. Visit the official Future Generali website to buy an insurance policy online without much hassle. The company also allows their customers to submit claims online which saves a lot of time.

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