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Group Superannuation

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Group Superannuation Insurance Advantage

Better Returns
Under Group Superannuation scheme, the funds are invested scientifically and in a well-researched mix of equity and debt. Since your fund is invested wisely, you are likely to get better investment returns. This will ultimately contribute to your employee’s long term financial goal or savings for their retirement years.
Annuity Option
Various types of high quality annuity options are available in group superannuation plan. You can offer pension plan to your employees to take care of their life after retirement. Group Superannuation plans allow multiple payout options like yearly, half yearly, monthly, or quarterly. It is also possible to buy annuities that return the premium to nominees when you die or where the amounts are guaranteed for as long as you live or even options that allow an increase in annuity benefit each year to keep pace with inflation.
Nominal Cost
Extend the advantage of superannuation scheme to employees at a nominal cost. Give your employees a sizable corpus without bearing significant expense yourself. The primary benefit is that a superannuation scheme encourages your employees to save each month. This discipline results in large retirement savings something that your employees will be grateful for.
Tax benefit
Investment in this insurance is tax efficient. The employer’s contribution is treated as a business expense which reduces your tax incidence. Employees also benefit because the fund is not treated as a perquisite for the employee, which is tax efficient. Moreover, the contribution by the employee towards this policy is eligible for deduction under section 80C. Also, the benefits payable on death and the amount accumulated on maturity are exempt from tax.

Benefits Overview of Group Superannuation

Benefits to employer

  • The annual contribution under superannuation scheme benefit, is seen as a business expense
  • A superannuation scheme helps in retaining valuable employees
  • Group superannuation scheme can play a big role in attracting talented resources to the company

Benefits to employee

  • A fixed source of Income (post-retirement)
  • In most cases the income remains fixed & is not influenced by market risks
  • An efficient tax saving plan
  • Multiple annuity options

Main features of superannuation scheme

  • Employer can initiate superannuation scheme at any approved agency
  • The scheme is transferable – in event of employer leaving the organization
  • As part of Superannuation contribution, the company pays up to 15% of basic wages
  • In most companies, the scheme is offered to employee at nominal premium rate or free of any charges
How does Group Superannuation Insurance work?
How to Get a Quote?

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Documents Required to Get the Policy?

Following documents are needed to avail group superannuation insurance:


  • Proposal Form
  • Declaration Form
  • Reports as required by the Insurer
  • Any other Document as required by the insurer

Group Superannuation insurance is a part of group insurance family, to check other group insurance policies check here.

How to file a Claim?

Claim on group superannuation scheme arises on resignation or retirement of the employee (called exit of a member from the group). A claim may also arise due to the death of an employee.


In any case, the employer (or the nominee in case of death claim) needs to notify the insurer about the claim within 30 days with the relevant documents:


  • Claim Form as provided by the insurer
  • Eligibility of the employee for the same (No Objection Certificate/ NOC)
  • Nominee’s account details in case of death claim

For further processing and mode of payment including commutation of pension, employee or exiting member can directly interact with the insurer.

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FAQs

It is a form of retirement benefits that employers provide to their employee. For this companies or organization are required to create superannuation fund account from any of the trusted insurer.

No. It is entirely up to the discretion of the employer to offer superannuation scheme to their employee. Employer offers such scheme under entire welfare programs. It is a potent tool for employee retention as well as for attracting new resources to the company.

Companies do have some mandatory provident fund requirements depending upon the size of the company and employee salaries

In such as case, the employee can transfer the scheme to the new organization, provided they have similar scheme. Otherwise, he or she can withdraw the funds, although it may be subject to tax deduction.

In such an event, the nominee will receive the accumulated fund.

Yes it can, many insurers offer this facility.

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