Future Generali Assured Income Plan

This is a Non-Linked, Non-Participating Endowment Plan. This plan ensures that the policy holder gets guaranteed returns on their investments along with the benefit of protection at all times. This plan comes with 2 term options, at the end of which, the policy holder enjoys a regular assured annual income plus an additional benefit up to 4.5 times their annualized premium, depending on their age

Key Features

  • Guaranteed Income - Pay premiums only for 11/15 years and get guaranteed payouts for the next 11/15 years.
  • Additional Benefit - Receive up to 4.5 times your annualized premium along with the last payout.
  • Death Benefit - Depending on your age and the term you choose for your policy, you are covered for amounts ranging from 17.5 to 34.5 times your annualized premium.
  • Tax Benefits - as per tax laws.

Benefits

  • Maturity Benefit
If the policy holder has paid all their premiums, they will receive the following benefits after their policy matures:
11 year term: -
11 annual instalments of 1.5 times the policy holders Annualized Premium from the end of the 12th year to the 22nd year + Additional benefit at the end of the 22nd year based on age at entry shall be paid.
15 year term: -
15 annual instalments of 2 times the policy holders Annualized Premium from the end of the 16th year to the 30th year + Additional benefit at the end of the 30th year based on age at entry shall be paid.
  • Death Benefit
The Death Sum Assured shall be highest of the following:
1) 10 times Annualized Premium (excluding taxes and extra premiums, if any), or
2) 105% of total premiums paid (excluding taxes and extra premiums, if any) as on date of death.
  • Tax benefit
The Premium(s) paid by you are eligible for tax benefit available under the provisions of Section(s) 80C, 80 CCC (1), 80D, 10(10D) as applicable.
  • Surrender benefits
The Company will pay a Special Surrender Value, which is either equal to or more than the Guaranteed Surrender Value. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the Surrender Value payable may be less than the total premium paid.

Am I eligible?

PARAMETER MINIMUM MAXIMUM
ENTRY AGE 7 to 50 years(for a 11year policy term) 5 to 50 years(for a 15 year policy term )
MATURITY AGE 18 years 65 years
POLICY TERM 11/15 years
PREMIUM PAYMENT TERM equal to policy term
PAYMENT MODES Annual only

What if?

I am unable to pay on time

  • A grace period is provided based on the payment frequency. The policy is continued if you make the payment within the time period else the policy is lapsed.

I stop the payment

  • During the first three years, if premiums are not paid within the Grace Period the policy will lapse. After the first three years, if premiums are not paid within Grace Period, the policy will be made ‘Paid-Up’ and the Sum Assured will be reduced. The Sum Assured payable on death will be reduced in the same proportion as the ratio of number of premiums paid to the total premiums payable under the policy.

I wish to take a loan

  • Loan option is available under this policy

Exclusions

SUICIDE

  • If the Life Assured commits suicide within one year from the policy commencement date, the policy will be void and only 80% of the premiums will be payable as Death Benefit. If the Life Assured commits suicide within one year from the revival date of the policy, if revived, the higher of, 80% of the premiums paid till the date of death and Surrender Value will be payable as Death Benefit.