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Introduction
Key Features
Benefits
Tax Benefits
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Generic Benefit Illustrator under Defined Contribution Scheme
Generic Benefit Illustrator under Defined Benefit Scheme
Introduction:
It is a Non-Participating yearly renewable traditional group superannuation scheme.The object of this scheme is to ensure that the underlying fund is accumulated in such a manner so that the fund will be sufficient to purchase an expected amount of annuity to an employee upon his retirement / to the legal heir in the event of an unfortunate death during service. The scheme would also entitle the employee for some benefit, defined as per the scheme rules, on his resignation, retirement, permanent total disability whilst in service, death whilst in service. Hence, SBI Life provides SBI Life - CapAssure Superannuation Scheme - a scheme that not only guarantees your capital but also offers you the benefit of additional funding and many more added benefits...!
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We offer two types of Superannuation schemes: |
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Defined Benefit Scheme:
The amount of pension and the other benefits are pre-defined in the scheme rules. Contributions required to fund past service as well for the future service liability of the member are determined by Actuarial valuation.
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Defined Contribution Scheme:
The amount of contribution is pre-defined in the Scheme Rules and an Actuarial valuation may be performed, if required.
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Key Features:
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Capital Guarantee on Fund Under Management
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Unique Pooling Fund Advantage: Get higher returns based on aggregated value of all your non-Linked funds
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Additional Funding upto 3% to absorb exit penalty charged by the previous insurer
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No Suicide Exclusion clause for basic life cover
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Additional benefit for your employee through our SBI Life - Group Accidental Death and Permanent Disability Rider (UIN: 111B002V01)
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Benefits:
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For Defined Benefit Scheme : |
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On Retirement/ Resignation/ Termination:
The employee receives either the defined Pension or its equivalent in Purchase Price as per the Scheme Rules.
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On occurrence of Total Permanent Disability (TPD) :
The employee receives either the defined Pension or its equivalent in Purchase Price as per the Scheme Rules, + Rider Sum Assured, if any,in case of TPD is due to an accident.
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On an unfortunate Death:
The employee receives either defined Pension amount or its equivalent in Purchase Price as per the Scheme Rules, + Basic Sum Assured as opted for by the master policy holder + Rider Sum Assured, if any, in case death is due to accident.
However, maximum benefit under SBI Life - Group Accident Death & Total Permanent Disability (AD&TPD) rider will be limited to lower of basic sum assured or Rs. 5 Lacs.
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For Defined Contribution Scheme : |
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On Retirement/ Resignation/ Termination: |
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The accumulated amount may be used to purchase an immediate annuity from SBI Life or any other insurer.
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Or The employee may also choose to transfer his accumulated fund to the approved superannuation fund of the new employer.
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Or The funds may be allowed to accumulate till superannuation of the employee. In case of unfortunate event of death during this period, the accumulated amount will be utilized to provide pension to the legal nominee.
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On occurrence of Total Permanent Disability (TPD):
The member receives the accumulated amount to his/her credit + Rider Sum Assured, if any, in case of TPD is due to an accident.
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On an unfortunate Death:
The accumulated amount to the credit of the member + the Basic Sum Assured as opted for by the master policy holder + Rider Sum Assured, if any, in case death due to accident. However, maximum benefit under SBI Life - Accidental Death & Total Permanent Disability (AD&TPD) rider will be limited to lower of basic sum assured or Rs. 5 Lacs.
For all above options, payment of employer's contribution is subject to Scheme Rules.
For benefit other than Sum Assured based, SBI Life's liability will be limited to the Fund available only.
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Grace Period:
A grace period of 30 days will be allowed for payment of life cover premium.
However, if death occurs during the grace period, the death claim shall become payable subject to the receipt of the due and unpaid risk premium or renewal risk premium for the entire group from the Master Policyholder.
In case of non-receipt of the risk/rider premium within a grace period of 30 days, the life cover/rider would lapse. However, the accumulation of the fund will be continued without life cover/rider and the superannuation claims will be settled subject to the availability of funds.
Revival Period:
Life Cover can be revived within two years from the first due but unpaid premium, subject to payment of risk premium for the future. Revival will be treated as per underwriting rules at that time.
Charges:
Our charges are certainly most competitive and are designed to benefit you irrespective of size of your Gratuity fund. We ensure you pay only for what you benefit -- No hidden costs! What more….. we ask no Fund Management Charges, no Administration Costs and recovery of Additional Funding is without interest !!!
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Tax Benefits *:
The risk premium paid towards the life cover shall be treated as business expenses.
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Benefit to Employers - |
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The Employer will have a better chance of retaining the service of efficient and experienced staff. Better employee morale will lead to grater efficiency and productivity.
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Annual Contribution by the employer to an approved superannuation fund in respect of any particular employee will be treated as expenditure to the company, However if the contribution exceeds Rs 1,00,000/- FBT is payable. (In accordance with Income Tax Rules, 87 & 88)
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Any income received by the trustees on behalf of an approved superannuation fund is exempted (Section 10 (25) (iii) of the Income Tax Act, 1961).
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Benefits to Employees |
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Payment of contribution towards an approved superannuation fund is eligible for deduction, subject to a maximum of Rs. 1,00,000 (Section 80 C of the Income Tax Act, 1961).
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Commuted value i.e. commuted part of the pension (maximum upto 1/3 of the pension in case where gratuity is received or 1/2 of the pension incase gratuity is not received), is tax free on death or retirement or attainment of vesting age.
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Employer's contribution will not be treated as perks in the hands of the employee.(as per provision 17(2)(v))
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Uncommuted Pension will be treated as salaried income and taxed accordingly.
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*Above tax benefits are as per Income Tax Act, 1961 and Income Tax Rules, 1962. Please consult to your Legal/ Tax expert for details.
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The above information is a brief summary of SBI Life - CapAssure Superannuation Scheme .
For further details, ask for an appointment with our Relationship Officers on below mentioned number or addresses.
1800 22 9090 (toll free) or Email: corporate@sbilife.co.in
Insurance is subject matter of solicitation. |
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Section 41 of Insurance Act 1938 states: No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer
Section 45 of Insurance Act, 1938 : "No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was effected be called in question by an insurer on the ground that statement made in the proposal or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policy-holder and that the policy-holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose:
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal".
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