Group plans in India have risen in prominence, with a major percentage of working class Indians being benefited. Group policies also help bereaved families pay off loans or liabilities in the absence of the policyholders.
Group policies come with quite an advantage as they are almost always associated with lower insurance premiums and higher covers. Companies use group plans to increase the cover for high-ranking employees with a bid to ensure retention of the right talent. More than anything else, group insurance policies in India allow the employee to extend the insurance cover to his/her loved ones – in most cases, the employee’s spouse and children (until the children become major), are covered.
Group plans have helped increase the reach insurance in particular as they allow more individuals to be covered under a particular plan. There are several companies in India that offer Group policies at varying premiums. Among the popular insurance providers, Future Generali is a popular company that offers individuals with Group policies.
Future Generali’s group insurance policies are quite popular as they come with a host of advantages besides the traditional life insurance offerings. Let us look at some advantages of purchasing a group life insurance policy from Future Generali.
Benefits of Future Generali Group Plans
Future Generali Group Plans come with an array of benefits indeed. Let us look at the most prominent benefits that can be derived from Future Generali’s Group Insurance policies.
- Guaranteed cover: Future Generali’s group insurance plans provide guaranteed cover to the individual and the individual’s family (in the case that the employee wishes to get an extended cover for his family members). The employer is basically the policyholder of a group insurance plans and employees benefit from the policy opted for the employer.
- Tax Benefits: Like any other insurance policy, group insurance plans also offer tax benefits. The employer purchasing the group insurance plan will be benefited through tax cuts. The tax cuts are in correspondence with the amount spent on purchasing the group plan.
- Low Premiums: The biggest advantage of a group insurance plan – mostly from the employee’s perspective – is that the premiums are low. Several companies charge just a one-time premium from employee. Quite to the advantage of the employee, the insurance cover is high.
- Multiple options to choose from: Future Generali, besides offering traditional group insurance plans to the institutions or groups, also offer gratuity, superannuation and leave encashment plans. So if you are an employer or institution intending to purchase a group insurance plan, you have a range of options to choose from.
List of Group Insurance Plans offered by Future Generali
Future Generali offers 5 insurance plans that can be classified under Group Insurance Plans. Each of these plans come with their own benefits, features and privileges. Let us take a look at the various Group Insurance Policies offered by Future Generali:
Future Generali Group Superannuation Plan
The Group Superannuation Plan is one of the most popular group plans offered by Future Generali and comes with a string of impressive benefits indeed. Let us look at the various benefits under this plan:
- This plan offers heightened flexibility to employers or group institutions to help manage their employees’ retirement benefits. The plan can be customised to meet the individual requirements of employers or group institutions.
- Future Generali’s investment team directly assists institutions in managing their funds effectively.
- The policyholder is guaranteed a return with a minimum floor rate of about 1% of the total contributions made. This can hugely benefit large organisations that employ several thousands of employees.
- Residual addition and additional bonus returns can also be derived from the Future Generali Group Superannuation Plan.
Future Generali Leave Encashment Plan
- The Leave Encashment plan is particularly structured to benefit companies that offer the leave encashment option to their employees.
- The mode of premium payment is flexible – the policyholder can choose a half-yearly, yearly, monthly or quarterly option to make premium payments.
- The minimum group size under the policy is 10 and the minimum floor rate as per the policy is 1%.
- The plan offers tax benefits under relevant sections of the Indian Income Tax Act, 1961.
Future Generali Group Gratuity Plan
- The plan is specifically designed for organizations that offer gratuity benefits to their employees.
- The Minimum Group Size under the plan is 10 and the Minimum Floor Rate is 1%.
- Organizations purchasing the policy can make premium payments on a half-yearly, yearly or quarterly basis. No monthly premium payment option is available under the plan.
- The plan provides the policyholder with a good degree of flexibility to suit the organization’s requirements.
Future Generali Group Term Life Insurance Plan
- The Group Term Life Insurance Plan is one of the most important plans that offers death cover to employees of an organization, with most companies preferring to purchase this plan for the benefit of their workers.
- The minimum group size to purchase the Group Term Life Insurance plan is 25.
- The plan offers tax benefits under relevant provisions of the Income Tax Act, 1961.
- The organization can choose the number of members it wishes to cover under this plan and all employees can be covered by the term policy under a single plan.
Future Generali Loan Suraksha
- The Loan Suraksha policy is a unique policy that seeks to provide individuals who’ve availed loans with a term life cover and also cover their loan or credit.
- There are two types of cover under the plan – Reducing Cover and Level Cover. All types of loans are covered under the policy.
- The plan can be purchased in the form of a Single Life or a Joint Life (Co-borrower) cover.
- The plan entails tax benefits on premiums paid, maturity proceeds and death proceeds.
||Minimum Group Size
|Future Generali Group Superannuation plan
||18 years - 69 years
|Future Generali Group Leave Encashment Plan
||18 years - 69 years
|Future Generali Group Gratuity Plan
||18 years - 69 years
|Future Generali Group Term Life Insurance Plan
||18 years - 65 years
||Minimum Premium; Rs. 2,500
No limit on the maximum premium
|Future Generali Loan Suraksha
||18 years - 65 years
Single Premium Payment Term
Why one needs Future Generali Group Plans?
All Group Plans come with a host of benefits, especially for the members covered under the plan. Here are some notable benefits of choosing a Group Plan from Future Generali:
Employee’s welfare: Group Plans allow you to take care of various aspects of your employee’s welfare. From leave encashment to gratuity and term insurance, there are various plans available for employees of an organization.
Tax Benefits: Group Plans entail tax benefits under sections 80C and 10D of the Income Tax Act.
Flexibility: With the five different plans offered under Group Insurance Plans, you can choose the ideal plan and customize it in accordance with your requirements.