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 Leave Funding
Ensure liability coverage with professionally managed pooled fund.
Guaranteed Annual Interest
Interest accrues annually and is guaranteed after it is credited.
Flexible Premium Payments
Pay as per your budget yearly, half-yearly, or quarterly
Group, Non-linked, Non-participating (without profits), Pure Risk Premium, Credit Life Insurance Plan. (UIN: 133N044V04)
Why Choose Generali Central Group Leave Encashment Plan?
Group, Non-Linked, Non-participating, (Without Profits), Savings, Life Insurance Plan
As your organization grows, so do your responsibilities, including planning for employee leave encashment. The Generali Central Group Leave Encashment Plan is a smart, cost-effective solution that helps you manage this obligation with ease and foresight.
By creating a dedicated fund for leave encashment payouts, the plan allows you to make systematic contributions that earn interest annually. Once credited, this interest becomes guaranteed, offering you predictable and stable returns.
This plan simplifies fund management while reinforcing your commitment to your employees’ financial well-being and future security.
Flexible Premium Payments
Pay yearly, half-yearly, or quarterly.
Uniform Life Cover
₹10,000 life cover for every member.
Tax Benefits
Enjoy tax advantages as per current laws.
Mode of Payment
Yearly/Half-Yearly/Quarterly.
Minimum Group Size
Available for groups with just 10 or more members.
Initial Contribution
Start with a minimum fund of ₹5 Lakhs.
Death Benefit
₹10,000 annually to help support families during unexpected loss.
How to Buy the Generali Central Group Leave Encashment Plan
A simple way to secure your team’s future—here’s how to get started.
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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
All the policy terms, exclusions, and key facts you need to make informed financial decisions
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 are sample mortality charges for a life cover of ₹10,000 based on age:
- 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.
Contributions
The contributions made under this plan shall be made in accordance with the funding requirements as per the scheme rules. The trustee or employer or policyholder shall be required to confirm that such funding is required as per extant accounting standard governing the measurement of long term employee benefits.
The plan does not allow any top-ups, unless required to address the underfunding of the scheme as per extant accounting standard governing the measurement of long term employee benefits.
Interest Rate
An interest rate will be declared by the company at the end of each financial year. The interest rate will be credited to the policy on a pro-rata basis based on the number of days the fund has been invested with the company. An interim rate shall be declared at the start of each financial year for exits during the financial year for which interest rate is not yet declared. The interest amount once credited to the policy account will be guaranteed.
The interest rate credited to each fund and expenses charged to such funds shall be in accordance with the Board approved policy of the company.
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 Leave Encashment Plan (UIN: 133N044V04)
- 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.
This plan helps employers manage leave encashment liabilities by creating a structured fund. It offers expert fund management, life cover, interest income, and ensures systematic provisioning for future employee payouts while also providing attractive tax benefits.
The policy term is one year and renewable annually. Contributions are made as per scheme rules and actuarial valuation. The plan continues as long as it is adequately funded and renewed regularly.
Yes. Contributions are eligible for tax benefits as per applicable tax laws. The interest earned on investments is also credited to the policy and becomes guaranteed once added to the account. However, tax laws are subject to change over time.
The plan offers life cover of ₹10,000 per member, annual interest earnings, fund management for employee liabilities, and flexibility in contribution frequency—annual, half-yearly, or quarterly—as per the employer’s preference.
Employers or trustees managing employee leave encashment can avail of this policy. You can get started by contacting Future Generali’s nearest branch, calling the toll-free number 1800-102-2355, or emailing group.quotes@futuregenerali.in for assistance with the proposal process.