Group Superannuation Insurance Scheme

This is a non–linked non-participating Group Superannuation Cash Accumulation plan. This plan is suitable for employer having Defined Contribution/Defined Benefit Superannuation Scheme for their employees/members.

An employer willing to fund the superannuation benefit may create a Trust and appoint Trustees. The Trust so formed will be the Master Policyholder/Policyholder of the scheme. Otherwise the employer itself will be the Master Policyholder/Policyholder.

The contribution can be paid at any time during the year. Contributions paid by employer/trustees will be credited to the Policy Account maintained in the name of employer/trustees. In case of Defined Contribution Scheme, individual member-wise Policy Account will also be maintained.

Interest payable: The following types of interest rates shall be provided on the Policy Account Value:
  • Minimum Floor Rate (MFR): MFR is a guaranteed interest rate that Policy Account shall earn during the entire policy term. This plan offers a Minimum Floor Rate (MFR) of 0.5% p.a.
  • Additional Interest Rate (AIR): In addition to MFR, the Corporation shall also declare a non zero-positive Additional Interest Rate (AIR) at the beginning of each financial quarter on the Policy Account. This AIR shall remain guaranteed for that quarter.
  • Residual Addition (RA): Starting from the fifth policy anniversary, in addition to MFR and AIR, the Corporation may also declare a non zero-positive Residual Addition (RA) on Policy Account at the end of each policy year.

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