The driving force behind any organization are its employees. All renowned companies ensure the welfare of their employees, not only during their term of employment, but also when they retire. The Group Superannuation Plan by Canara HSBC Oriental Bank of Commerce life is a non-linked, non-participating group life insurance plan which has been designed specially for organizations which wish to provide its employees with life insurance plans. The Group Superannuation Plan provides multiple benefits like flat Life Insurance cover on an annual basis, interest credits, tax benefits, surrender , withdrawals and other such features.
Eligibility for Group Superannuation Plan
|Minimum Age of Entry||18 years OR minimum age according to the scheme rules.|
|Maximum Age of Entry||79 years or maximum age as per the scheme rules.|
|Minimum Age at Maturity||Not Applicable.|
|Maximum Age at Maturity||80 years OR maximum age as per the scheme rules.|
|Group size||Minimum – 10 members; Maximum – No limit.|
|Initial contribution||A minimum of Defined Benefit of Rs 1,00,000 must be made per scheme; minimum Defined Contribution of Rs 1,000 must be made for each member per year. must be made. No upper limit. There is no maximum limit to the DB and DC contribution.|
Key Features of Group Superannuation Plan
|Plan Type||Non-linked, non-participating plan.|
|Plan Basis||Group Insurance Plan|
|Premium Payment Frequency||Premium payments may only be made on an yearly mode only.|
|Free Look Period||A Free look period of 15 days is allowed, starting from the day the Master policy is received.|
|Nomination Facility||Nomination facility is available and can be done in accordance with Section 39 of the Insurance Act, 1938.|
|Sum Assured Amount||Minimum amount of Sum Assured - Rs 1000; Maximum amount of Sum Assured – Rs 1000 (per member)|
|Surrender||The Master policy can be surrendered any time, following an observation of a notice period of at least 3 days.|
Benefits of Group Superannuation Plan
- Tax Benefit – With this scheme, beneficiaries may be eligible for tax benefits under the relevant law (subject to changes).
- Interest Credits – Under the Group Superannuation Plan, all contributions made to the scheme account will be supplemented by a minimum guaranteed interest of 0.01%, per year, on pro-rata basis.
- Benefits – Under this scheme, benefits are payable on the occurrence of various events like death, resignation, termination, retirement and disability, according the rules of the scheme. The amount of the benefit to be provided will be paid as per the rules of the scheme from the Scheme account. In the event of death, the company will provide an amount of Rs 1,000 additionally as Death Benefit.
- Withdrawals: Withdrawals (exits), other than those permitted as per the scheme rules, are not allowed.
- Simple and Easy Administration Process – In order to provide maximum convenience, not only to the employee but also the employer, the Group Superannuation Plan features an easy and hassle free administration process, which is easy to comprehend and carry out.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017