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Future Generali Assured Education Plan

What is the Plan all About?

Future Generali Assured Education Plan is a non-linked, non-participating insurance plan that is designed to provide payouts at key education milestones for your child. This plan is an ideal launching pad for your child’s bright career and it ensures that your child’s education is never get compromised.

What are the Key Features?

  • Systematic saving for your child
  • Three options to receive Guaranteed Payouts
  • Security for child’s education
  • Alteration in mode of payment
  • Loan facility available
  • Boost benefits by opting riders
  • Get tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured during the term of the policy, Guaranteed Death Sum Assured is payable immediately to take care of the family’s needs. 5% of the Sum Assured is also paid immediately and on every death anniversary of the Life Insured till your child turns 17 years. This guaranteed amount can be used to fund your child’s regular school fees. Waiver of all future premiums under the policy.

    Death Sum Assured is higher of maturity sum assured, absolute amount payable on death, 10 times the annualized premium, or 105% of the total premiums paid.

    Maturity Benefit is also payable as per the option chosen.

Maturity Benefit

    Guaranteed payouts that can be used for payment of admission or tuition fees of your child. You have the flexibility to choose between option A, option B or option C, depending on your child’s education milestones. 100% of sum assured is payable as maturity benefit.

Bonus

    This policy does not offer any bonuses, as it is a non-participating insurance plan.

Loan Benefit

    Up to a maximum of 85% of the surrender value can be availed under this policy.

Surrender Value

    Surrender Value payable is higher of Guaranteed Surrender Value or Special Surrender Value. The policy will acquire a surrender value on payment of at least 2 full policy year’s premium amount.

Tax Benefit

    You can avail tax benefits under section 80C, 80CCC (1), 80D, & 10 (10D) of the Income Tax Act. Tax benefits are applicable, as per the prevailing tax laws.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 21 Years (child: 0 Year) 50 Years (child: 10 Years)
Age at Maturity 35 Years 67 Years
Policy Tenure 7 Years 17 Years
Premium Paying Term (PPT) Equal To Policy Tenure -
Premium Paying Mode Annually & Monthly -
Premium Amount Rs 20,000 (annually), Rs 2,000 (monthly) -
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Following riders can be opted, upon payment of additional rider premium.

  • Future Generali Non-Linked Accidental Death Rider
  • Future Generali Non-Linked Accidental Total and Permanent Disability Rider

How the Plan Works?

Mr. Rajesh at 30 years of age, opts to buy Future Generali Assured Education Plan with the policy term and premium payment term of 16 years, annual premium amount of Rs 74,280 and sum assured of Rs 20,00,000. He chooses option B for maturity payouts.

Scenario A: Rajesh Survives the Policy Term
 

Future Generali Assured Education Plan Scenario 1


Guaranteed payouts on choosing option B is payable that can be used for payment of admission or tuition fees of your child.

Scenario B: Rajesh dies during the Term of the Policy
 

Future Generali Assured Education Plan Scenario 2


In the event of death of Rajesh during the term of the policy, Guaranteed Death Sum Assured is payable immediately to take care of the family’s needs. 5% of the Sum Assured is also paid immediately and on every death anniversary of the Life Insured till your child turns 17 years. This guaranteed amount can be used to fund your child’s regular school fees.