IndiaFirst Group Superannuation Pension Plan - iflwebportal
The IndiaFIrst Group Superannuation plan helps you invest the funds set aside towards your member’s retirement benefit such as pension during their employment. This amount is paid to your members at retirement or in case of early separation or death.
REASONS TO BUY INDIAFIRST GROUP SUPERANNUATION PLAN
Enjoy a minimum guaranteed return of 0.5% per annum on your investment.
Any additional return over and above the minimum guaranteed return will be declared at the end of the financial year in the form of bonus depending on company’s performance.
You may choose to pay the entire contribution on behalf of your members, or it can be paid by both - you and your member
Your contribution is a deductible business expense under Section 36 (1) (IV) of the Income Tax Act, 1961
In addition, any income received by you on behalf of the pension fund is exempt from tax under Section 10 (25) (iii) of the Income Tax Act, 1961
Any contribution made by the member(s) towards the Superannuation will be entitled for deduction under Section 80 (C), Income Tax Act, 1961
What are the eligibility criteria?
The minimum and maximum age at entry should be 18 and 70 years respectively.
There is no minimum age applicable for normal exit. The maximum age for normal exit should be 71 years.
The minimum group size that can be covered is 10. There is no limit on the maximum group size.
Minimum (initial) annual contribution should be Rs. 50,000/- There is no limit on maximum contribution or maximum size of the fund.