Why is ICICI Pru Group Superannuation Plan special?
With this plan, you can offer the Superannuation benefit to your employees. This benefit would help them with their long-term savings for retirement.
What is Superannuation?
Superannuation is one of the most important retirement benefits for your employees. It allows them to save a portion of their income during their employment at your organization. These savings help them take care of their financial requirements post-retirement, be it their medical needs or other expenses.
How does this plan work?
This plan offers you two schemes – Defined Benefit and Defined Contribution.
If you select the Defined Benefit Superannuation scheme, the benefits payable to the employee on retirement are decided upfront. Here, you as an employer pay the premiums for superannuation. The premiums are then invested by us and the wealth pool created under the plan is used to make claim payments on employee exits. The accumulated wealth can also be used to purchase an Annuity plan that would provide periodic pay-outs to the employee for life.
If you select the Defined Contribution Superannuation scheme, a fixed amount or a pre-decided percentage of every employee's salary is periodically paid as premiums towards their superannuation kitty. The premiums are then invested by us and accumulate up to the employee’s exit. The accumulated wealth is then used to purchase an Annuity plan that would provide periodic pay-outs to the employee for life.
We, at ICICI Prudential Life Insurance understand that service is of utmost importance to maintain a long-term relationship with you. As a result, we aim to ensure your convenience and ease while managing your policy.
What are the services provided under this plan?
We have a dedicated service team that provides services under this plan. This team will appoint a Relationship Manager for your policy. Your Relationship Manager will help you with all your policy related requirements.
We offer a complete and competitive range of investment product options. These include both Unit Linked insurance plans and non-linked plans thereby, allowing you to choose a plan as per your needs.
What are the different options available for managing my Group policy?
For managing your group superannuation, you can choose from the following products:
Group Unit Linked Superannuation – This is a Unit Linked Insurance Plan that offers various fund options of equity and debt.
Group Suraksha Plus Superannuation – This is a Non-participating Endowment Plan which provides a minimum floor rate* and an additional interest rate every quarter.
Group Superannuation Suraksha – This is a Participating Endowment Plan which grows your wealth with minimum floor rate* and bonus additions.
* Minimum floor rate is the minimum percentage of premium that is guaranteed to the employee on their retirement savings at the time of purchase.
ICICI Prudential offers you a complete solution with a Group Immediate Annuity plan. In addition, if your employees already have the ICICI Group Superannuation Plan, they are awarded discounts for the Group Immediate Annuity plan.
Under this plan, both you and your employees can enjoy tax benefits.
What are the tax benefits that I will receive?*
As an employer, annual contribution is allowed as expenditure subject to conditions under Section 36(1)(iv).
In addition, any income received by the trustees on behalf of an approved superannuation fund is exempt under Section 10(25)(iii).
What are the tax benefits that my employees or their loved ones will receive?*
Employees’ contribution towards an approved superannuation fund is eligible for deduction under Section 80C. The payment received from the superannuation fund is tax-free subject to conditions under Section 10(13).
Please note that employer's contribution in excess of limit specified under Section 17(2)(vii) will be taxed as a perquisite in the hands of the employee.
The pension/ annuity received from superannuation fund is taxable as salary income.
*Above tax benefits are as per Income Tax Act, 1961 and Income Tax Rules, 1962. Please consult your Legal/ Tax expert for details. ICICI Prudential Life Insurance Company Limited shall not be held responsible in any manner in case you do not get the above stated tax benefits. Please note that the prevailing and applicable tax laws shall be final, conclusive and binding on both the parties.