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Future Generali Assured Income Plan

What is the Plan all About?

Future Generali Assured Income Plan offers you guaranteed returns along with the benefit of providing life insurance.This plan offers a dual benefit of a guaranteed income plan plus a financial protection plan.This plan offers you an appreciation for your money saved along with life cover to minimize the impact of financial uncertainty.

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What are the Key Features?

  • Guaranteed income for the specified period
  • Pay premiums for limited period only as per your choice
  • Receive up to 4.5 times your annualised premium along with the last payout
  • Death Benefit as per your age and the term opted
  • Avail Tax Benefit under IT Act

What are the Plan Benefits?

Death Benefit

    The death benefit payable to the nominee  the event of death during the policy period is Death sum assured which is higher of :

    • 10 times Annualised Premium (excluding taxes and extra premiums, if any), or
    • 105% of total premiums paid (excluding taxes and extra premiums, if any) as on date of death,
    • Maturity Sum Assured

     

    Death benefit for For 11 year Term: 11 annual instalments of 1.5 times your annualised premium. The first instalment will be paid to the nominee after the settlement of claim and the remaining 10 instalments will be paid on each of the following death anniversary of the Life Assured plus Additional benefit shall be payable along with the last annual instalment.

     

    Death benefit for For 15 year Term: 15 annual instalments of 2 times your annualised premium. The first instalment will be paid to the nominee after the settlement of claim and the remaining 14 instalments will be paid on each of the following death anniversary of the Life Assured plus Additional benefit shall be payable along with the last annual instalment.

Maturity Benefit

    Maturity benefit will vary as per the policy term opted:

    (I) Maturity benefit for For 11 year Term: 11 annual instalments of 1.5 times your Annualised 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.

    Total Benefit: 17.5 to 21 times of Annualised Premium depending upon your age, when you purchased the policy.

     

    (II) Maturity benefit for For 15 year Term: 15 annual instalments of 2 times your Annualised 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.

    Total Benefit  31 to 34.5 times of Annualised Premium depending upon your age, when you purchased the policy.

    Option to receive Maturity Benefit in monthly instalments is also available under this plan.

Auto Cover

    After payment of at least 3 full premiums, if policyholder is not able to pay premium within the Grace Period, he/she will get an Auto Cover of one year.

Bonus

    This plan is a non participating plan and does not attract any bonus amount.

Loan Benefit

    The maximum amount of loan that can be availed is up to 85% of the Surrender Value.

Surrender Value

    The surrender value is equal to the Special surrender value which is equal to Special Surrender Value Factor x (Number of Premiums Paid/Total number of premiums payable)* (Sum of total benefits payable during payout period as described under the Maturity Benefit)

Tax Benefit

    The plan helps in getting tax benefits under section 80C  and section 10 (10D) of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 7 Years – For 11 Year Term 5 Years- For 15 Year Term 50 Years
Age at Maturity 18 Years 65 Years
Policy Tenure 11 Years 15 Years
Premium Paying Term Same As Policy Term -
Premium Paying Mode Annually -
Premium Amount Rs 35,000 No Limit
Sum Assured Based On Multiple Of Annualised Premium -
Freelook Period 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days -
Plan Type Offline -

Is any Rider Available with this Plan?

No riders  are available with this plan .

How the Plan Works?

Let's understand this benefit with the help of an example:

Life Insured: Krish

Age: 30 years old

Plan Details: Future Generali Assured Income Plan

Premium: Rs 1 Lac as annual premium (excluding taxes, rider premiums, extra premiums and cess)

Premium Payment Term: 15 years

Maturity Benefit:

He will receive `34,00,000 over the next 15 years. Let us explain how? He will receive `2,00,000 every year from the end of the 16th to the 30th year. Plus, in the last year i.e., the end of the 30th year, he will enjoy an additional income of `4,00,000.

Future Generali Assured Income Plan Scenario 1

 

Death Benefit:

He pays the premium for 4 years and unfortunately expires during the 4th policy year. In this case, the nominee will receive `2,00,000 as the first payout when the death claim is settled and thereafter for 14 years on Krish’s death anniversary. The nominee will also receive an additional benefit of `4,00,000 along with the last instalment.

The nominee/assignee gets Rs 34 lakh over the next 15 years

 1. Regular income of  Rs 2 lakh a year over the next 15 years

2. Additional income of Rs 4 lakh along with the last instalment

Future Generali Assured Income Plan Scenario 2