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.
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.
Understanding the Public Provident Fund and How It Works
2 mins
2.1KWhat is Public Provident Fund? Backed by the Government of India, Public Provident Fund (PPF) is a low-risk tax-saving investment that offers guaranteed returns. Unlike the Employees’ Provident Fund, which is restricted only to salaried employees, PPF is open to subscription by all individuals.
Does PPF have a lock-in period? PPF comes with a lock-in period of 15 years. After this period, you can extend the tenure by blocks of 5 years. This makes the scheme one of the best long-term tax-saving investments for risk-averse individuals, as it comes with a relatively high rate of interest and slight risk. The PPF scheme also allows premature partial withdrawals from the 7th year.
Eligibility criteria
- Any resident Indian above the age of 18 can apply for a PPF account.
- A resident minor individual can also apply for a PPF account through a legal guardian.
- An individual subsequently categorised as an NRI after opening a PPF account can continue to make deposits till maturity.
- Each individual can open only one PPF account.
Features of a Public Provident Fund account
Minimal documentation: To open a PPF account, you only require an identity proof, address proof, a passport-sized photograph, and an account opening form duly signed and filled.
Deposit limits: You need to make a minimum deposit of at least ₹500 in each financial year. The maximum amount you can deposit in a year is limited to ₹1.5 lakh. Furthermore, to keep your PPF account active, you need to make at least one deposit in a year. The maximum number of deposits you can make each financial year is limited to 12.
Nominee addition: The Public Provident Fund scheme allows you to appoint a nominee at any point during the investment tenure.
Loan on deposits: PPF also allows you to avail loans on your deposits after the expiry of 3 active years. However, you cannot borrow more than 25% of the closing balance as at the end of the previous year.
Account transfer: You can transfer your PPF account between banks and post office accounts across the country free of charge.
Tax benefits of a PPF account
- Section 80C of the Income Tax Act offers tax benefits on PPF investments up to a limit of ₹1.5 lakh in a financial year.
- Any interest that you earn on a PPF account on the investments is also tax-free.
- Tax benefits are applicable even on the maturity amount, as it is wholly exempted from taxation.
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Get Expert Advice from Your Trusted Life Insurance Partner!
Have questions? Get help and reliable support from experts at Generali Central India Life Insurance.
Explore Knowledge Centre
From insurance basics to wealth-building strategies — everything you need, in one place.
Got Questions? We’ve Got Answers!
Here are answers to some of the questions you might have.
Life insurance is a financial safety net that supports your loved ones in your absence. If something happens to you, it provides them with funds to help cover everyday expenses, repay debts, and achieve future goals. It gives you peace of mind, knowing your family’s financial future is secure— no matter what.
The right plan depends on your needs.
Start by assessing your life stage, financial goals, and the needs of your family. Consider factors like your income, outstanding loans, future expenses and goals (like children’s education, foreign travel, study abroad), and desired coverage amount. We offer a wide range of plans that cover multiple goals and budgets. To get a better idea and make a confident choice consult with a financial advisor or call us on 1800 102 2355.
A good rule of thumb is to aim for coverage that's 10–15 times your annual income. Consider your family’s living expenses, outstanding loans, children’s education, and long-term goals. The right amount ensures your loved ones can maintain their lifestyle and meet future needs— even in your absence.
We would love to help you choose and buy the right policy for your needs. Call our toll-free number 1800 102 2355 or drop us an email at care@generalicentral.com.
Reach out to us in any way that you prefer, and our team of experts will soon get back to you!
Disclaimers
Understand your policy better with key details and insights into our Generali Central Life Insurance.
This Product is not available for online sale. Life Coverage is included in this Product. For detailed information on this plan including risk factors, exclusions, terms and conditions etc., please refer to the product brochure and consult your advisor, or, visit our website before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. If you have any request, grievance, complaint or feedback, you may reach out to us at care@generalicentral.com For further details please access the link: www.generalicentrallife.com/customer-service/grievance-redressal-procedure.
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