The Group Leave Encashment Plan by Future Generali is a leave encashment plan which has been designed to offer employers with flexible options to manage their leave encashment liabilities. This plan offers several other benefits like guaranteed returns with minimum 1% Floor Rate that is credited in advance every quarter, additional interest rate above minimum floor rate and advice from investment experts on fund management. The minimum contribution for this plan is Rs.5 lakh and employers will be eligible for attractive tax benefits on the purchase of this scheme.
Following is the eligibility criteria for the Group Leave Encashment Plan from Future Generali.
|Member’s minimum age at entry||18 years|
|Member’s maximum Age at entry||69 years|
|Member’s maximum age at maturity||70 years|
|Minimum group size||10 people|
|Policy Term||1 year|
If the covered policy member passes away, the insurer is liable to pay the Death Benefit as per the Policy Schedule. Death Benefit is the sum assured amount which will be paid in addition to leave encashment benefits which will be determined as per the policy rules. The amount of sum assured to be provided under the Group Leave Encashment Plan is fixed at Rs.1,000 per member.
|Member Additions||The master policyholder must communicate to the insurer about the entry of new members by the 10th of the month following the one in which the member has been added to the policy.|
|Member Deletions||In case any member has exited the policy, the master policyholder must inform the insurance company about the same by the 10th of the following month in which the member has exited.|
|Termination of member participation||A policy member will no longer be a part of the policy or take part in its benefits from the earliest of the following:
|Participation in Profits||Non-participating policy.|
|Benefit Statement||The insurer will provide a benefit statement which lists details like benefit payment, member details and calculation of benefit payable to each member.|
|Nomination||Nomination facility is allowed under this policy for payment of leave encashment benefit in case of death of policy member, as per the provisions of Section 39 of the Insurance Act, 1938.|
|Loan Facility||Loan facility is not provided under this policy.|
|Surrender Value||The policy can be surrendered by the master policyholder any time by putting in a written request for the same. Surrender value of the policy will be equivalent to value of the policy account, after deducting surrender penalty (if any).|
|Free Look Period||If the policyholder is not satisfied with the terms and coverage of the policy, they can return the policy to the insurer within a period of 15 days, starting from the date of receiving the policy. The original policy must be returned along with the reason for cancellation. The policy account value will be refunded after stamp charges and proportional cost of insurance cover up to date of cancellation have been deducted.|
|Revival||Revival of policy not applicable|
|Partial Withdrawal||Partial withdrawal is not allowed except in case of member exit, subject to policy terms.|
|Assignment||Assignment of the policy is not allowed. Benefits that are payable under the policy will only be provided to the original covered policy member.|
Policyholder is entitled to tax benefits as per applicable tax laws. Tax laws are subject to change.
Future Generali was established following a joint venture between the Future Group of India with the Generali Group, a leading Italy-based insurance provider. In India, Future Generali operates via 2 divisions – Generali India Life Insurance Co. Ltd. And Generali India Insurance Co. Ltd. The company has consistently performed well over the years, owing to its strong foundation and currently boasts of AUM worth Rs.2,600 crore. Catering to a massive customer base of over 11 lakh people, the insurer has offices in over 80 locations across India. Offering simple to understand products across several insurance verticals, Future Generali is one of the most financially sound insurance provider in the market, boasting of a 2x the required Solvency Margin.
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