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Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
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Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
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- 2022-2023
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| Fund Size | NEW GROUP FUND – GROUP LEAVE ENCASHMENT (133N044V03) |
NEW GROUP FUND – GROUP GRATUITY (133N045V03) |
|---|---|---|
| < 1 Cr | 7.30% | 6.85% |
| >= 1 Cr and < 2 Cr | 7.40%% | 6.90% |
| >=2 Cr and < 5 Cr | 7.40% | 6.90% |
| >=5 Cr and < 15Cr | 7.40% | 6.95% |
| >=15 Cr | 7.50% | 7.00% |
Please Note –
- The interest rate would be credited on a pro-rata basis based on the number of days the fund has been invested with the company.
- Fund size for a particular scheme will be determined based on fund value (without interest) as on 31 March 2023. The Fund Value of all non-linked fund-based schemes managed by Generali Central for a given Master Policyholder (one company or all companies belonging to same group) shall be clubbed to determine the size of fund.
- The interim rates for 2023-24 @ 5% p.a. for NEW group funds which will be applied for exits during the financial year for which interest rate is not yet declared.
This is based on 10-year G-sec rate (7.44%) less 2% rounded down to nearest 1%
Bonus Rate Declaration for Group Superannuation Funds for FY 2022-23
| Product name | UIN | Bonus Rates for FY 2022-23 |
|---|---|---|
| Future Generali Group Superannuation Plan (VIP) | 133N043V01 & 133N043V02 | 6.88% p.a. |
| Future Generali Group Superannuation Plan (Non VIP) | 133N043V03 | 7.00% p.a. |
Please Note –
- The above bonus rate for Group Superannuation VIP (UIN 133N043V01 & 133N043V02) excludes the 1% p.a. minimum floor rate (minimum floor rate gets credited in advance on the fund).
The bonus rate above will be credited on the fund value after applying the minimum floor rate of 1% p.a. and credited on 31st March 2023 leading to an effective rate of 7.95% p.a. - For Group Superannuation New (UIN 133N043V03), there is no minimum advance interest rate. Hence, effective rate is the same as declared bonus rate of 7.00% p.a.
- The minimum floor rate and bonus rate to be applied is on the number of days, the tranche of money was with us divided by number of days in the year as per policy terms and conditions.
Interim Bonus Rates Declaration
The interim bonus rates applicable till next bonus declaration date will be:
| Product name | UIN | Bonus Rates for FY 2022-23 |
|---|---|---|
| Future Generali Group Superannuation Plan (VIP) | 133N043V01 & 133N043V02 | 4% p.a. for closed schemes (in addition to 1% p.a. declared in advance) |
| Future Generali Group Superannuation Plan (Non VIP) | 133N043V03 | 5% p.a. for open schemes (with no minimum advance interest rate) |