Future Generali India Life Insurance (FGILI) has launched the Comprehensive Employee Benefits Plan – their latest corporate offering. The plan will enable access to a one-stop solution for employers to help in managing not only the legal liabilities like gratuity but also benefits like leave-encashment and superannuation.
The Comprehensive Employee Benefits Plan will offer six separate fund options with portfolio allocation across money market, debt securities and equities. It is up to the employer or the employee how they wish to manage these offerings based on their risk appetite and the pulse of the market. The plan works on incentivizing employers hailing from the same parent company and provides higher loyalty benefits to their clubbed funds at the end of each financial year.
There are no policy administration charges under the plan and users have the flexibility to pay premiums at any point of the policy term. Besides these perks, it also offers unlimited free switches along with contribution and re-direction to both the employer and the employee.
Rakesh Wadhwa, Chief Marketing Officer & EVP, Strategy & Retail Assurance, Future Generali India Life Insurance, commented on the offering saying that, “We at FGILI believe in developing solutions based on customers’ specific needs. We understand challenges our corporate clients face while managing multiple retiral programs and generating consistent and stable returns on their employee benefit funds. Our new product is designed to address these requirements and more.
He also added that the retiral employee benefits segment is headed towards growth in the coming years due to the thrust that the government is placing behind job creation coupled with an increase in tax-free gratuity ceiling from Rs10 lacs to Rs 20 lacs. With the addition of the new omprehensive employee benefits plan, the idea, he says, is to stay rooted in the brand ideology of offering simple yet differentiated products that caters to the specific needs of an array of customers.
As the expectations of the average employee evolve in synch with the evolution of the market and the concept of work, having such comprehensive employee benefit plans in place, would only help in attracting and retaining better talent. Provided of course, that ease of use and user experience match expectations as well.