Central Bank of India acquires Future Enterprise Limited’s 25.18% stake in Future Generali India Life Insurance, marking a strategic move to strengthen its presence in the insurance sector.
Central Bank of India acquires Future Enterprise Limited’s 25.18% stake in Future Generali India Life Insurance, marking a strategic move to strengthen its presence in the insurance sector.
Smarter Fund Management
Pool funds for steady returns & expert investment management, half-yearly or quarterly.
Uniform Life Cover
₹10,000 life cover for each member under the plan.
Flexible Premium Payments
Pay as per your budget with yearly, half-yearly, or quarterly options.
Group, Non-linked, Non-participating (without profits), Pure Risk Premium, Credit Life Insurance Plan. (UIN: 133N045V04)
Why Choose Generali Central Group Gratuity Plan?
A Group, Non-Linked, Non-participating, (Without Profits), Savings, Life Insurance Plan
Secure your employees’ future while managing your gratuity liabilities with ease. Our Group Gratuity Plan is a smart solution designed to help employers build a corpus for future payouts while offering added life cover for employees.
Whether you’re a growing business or an established organization, if you have 10 or more employees, this plan is made for you. With eligibility starting from age 18 up to 79, and coverage continuing till 80, it’s designed to support a wide workforce demographic.
Empower your employees with peace of mind and future security. This is a powerful way to build trust, loyalty, and long-term commitment.
Easy Gratuity Planning
Stay stress-free as we manage the funds.
Ensure Timely Payouts
Your employees get gratuity without delay.
Life Cover Benefit
Give employees' families added financial security.
Maximise Tax Efficiency
Enjoy tax deductions on your contributions.
Grow Your Gratuity Corpus
Funds are invested to deliver returns.
Limit Financial Surprises
Stay prepared— avoid future payout shortfalls.
How to Buy the Generali Central Group Gratuity Plan?
Getting started with your life insurance plan is easy, here’s how –
Step
Step
Step
Step
Know Your Liability
We’ll assess your gratuity liability at the start and regularly after that, so you can contribute the right amount at the right time.
Get Expert Advice from Your Trusted Life Insurance Partner!
Have questions? Get help and reliable support from experts at Generali Central Life Insurance
Eligibility
Choose the plan that fits your life
Entry Age
Minimum Contribution at Scheme Level
Minimum - Maximum Sum Assured
Member’s Maximum Age at Maturity
Policy Term Range
Minimum Group Size
Our Promise is Reflected in the Lives We've Touched
We bring experience, stability, and a proven approach to supporting your family and financial goals.
1369Branches across India
897,635Lives Protected
FY 24-25
₹87.84 Bnof Assets Under Management
98.08%Individual Claim Settlement Ratio
FY 24-25
99.78%Group Claim Settlement Ratio
FY 24-25Data as on 31st March, 2025
Downloads
Everything you need to understand your policy, plan your future, and make informed decisions at your convenience.
Important Information & Resources
Understand your policy better with key details and insights into our Group Gratuity Plan.
Mortality Charge
These are annual charges. Mortality charges will be deducted at the start of every month from the policy account. Monthly charge would be 1/12th of annual charge.
Below mentioned are the sample mortality charges for various age groups for Rs. 10,000 sum assured for Life Cover
- Age 25: ₹10
- Age 35: ₹13.20
- Age 45: ₹29.90
- Age 55: ₹80.20
These charges will be subject to applicable tax, if any.
Surrender Charge (Penalty)
The Master Policyholder can surrender the policy at any time by giving a written request, however, if the Policy is surrendered within the third annual renewal term of the policy then a surrender charge of 0.05% of the total policy fund value subject to a maximum of Rs 500,000/- will be deducted from the total Policy Fund Value to determine the Surrender Value. Hence, the surrender value will be equal to the policy account value less the surrender penalty, if any.
Tax Benefits
As per the applicable tax laws. Tax benefit is subject to change in tax laws from time to time.
For Employer
- The initial and Annual contributions made through an approved Gratuity trust can be claimed as business expenditure as per the provisions under section 36 (1) (v) of the Income Tax Act, 1961 subject to maximum limit of 8.33% of annual salary in respect of each member.
- Income of investments is exempt from tax under section 10(25)(iv) of the Act.
For Employee
- Gratuity benefits are tax free up to Rs. 20,00,000 in the hands of employee.
- The contribution made by the employer is not included in the value of taxable perquisites in the hands of the employee.
- Any death benefit under the Group Term Insurance is tax-exempt under section 10 (10D) of the Income Tax Act, 1961
These tax benefits are as per our understanding of the Income tax Act 1961 and is subject to change. For further details please consult your tax advisor.
Grievance Redressal Processes
In case you have any grievances on the solicitation process or on the Product sold or any of the Policy servicing matters, you may approach the Company in one of the following ways:
- Dial the Customer helpline number 1800-102-2355 for assistance and guidance
- Email at care@generalicentral.com
- Visit us at the nearest Branch Office. Branch locator - https://www.generalicentrallife.com/branch-locator
- Senior citizens can write in at the following ID: senior.citizens@generalicentral.com for priority assistance
- Write to us at: Customer Services Department- Generali Central Life Insurance Company Limited, Unit 801 and 802, 8th floor, Tower C, Embassy 247 Park, L.B.S Marg, Vikhroli (W), Mumbai – 400083
Generali Central Life Insurance Company Limited (Formerly known as ‘Future Generali India Life Insurance Company Limited) offers a wide range of life insurance solutions designed to protect and empower individuals at every stage of life. Whether it’s protecting your loved ones, planning for retirement, or securing long-term financial well-being, our offerings are designed to evolve with your needs. Backed by a robust distribution network and advanced digital tools, we are dedicated to delivering simplicity, innovation, empathy, and care in every experience — all anchored by our unwavering commitment to being your Lifetime Partner.
This commitment is backed by the strength of our joint venture between Generali, a global insurance leader with over 190 years of expertise, and Central Bank of India, a trusted name with a rich legacy in Indian banking.
Disclaimer
Generali Central Group Gratuity Plan (UIN: 133N045V04)
- Tax benefits are subject to change as per tax laws.
- For detailed information on this plan including risk factors, exclusions, terms and conditions etc., please refer to the policy document and consult your advisor, or, visit our website (www.generalicentrallife.com) before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. You are advised to consult your tax consultant. Central Bank of India’s and Generali Group’s liability is restricted to the extent of their shareholding in Generali Central Life Insurance Company Limited. If you have any request, grievance, complaint or feedback, you may reach out to us at care@generalicentral.com. For further details please access the link: https://www.generalicentrallife.com/customer-service/grievance-redressal-procedure
What Our Happy Customers Are Saying
Real stories, real people— hear from those who’ve taken the step of strengthening their financial security with us.
Got Questions? We’ve Got Answers!
Here are answers to some of the questions you might have.
The Group Gratuity Plan helps employers manage gratuity liabilities efficiently by setting up a Gratuity Fund. It reduces financial strain by spreading out contributions, earns interest income, provides a fixed life cover, and helps meet long-term obligations in a cost-effective and tax-efficient way.
The policy is renewable yearly. Contributions must be made as per the scheme rules and actuarial valuation. As long as the scheme is adequately funded and not surrendered, the policy can continue indefinitely, subject to the company’s approval.
Yes. Employers can claim tax deductions on contributions made through an approved gratuity trust. Interest income on investments is also tax-exempt. Employees receive gratuity benefits tax-free up to ₹20,00,000, and death benefits under life cover are also tax-exempt under Section 10(10D).
A minimum of 10 members is required to set up the plan. The minimum initial contribution at the scheme level is ₹5 lakhs. The policy is tailored for employers managing gratuity liabilities for a group of employees.
The plan offers life cover of ₹10,000 per member, interest on gratuity funds, and systematic fund management. It also includes liquidity to meet benefit payouts and optional additional term cover for enhanced security.