Future Generali New Saral Anand Plan

Death Benefit

The death benefit payable to the nominee In the event of death of the life insured is higher of:

• Death Sum Assured plus vested bonus plus Terminal Bonus, if any.

 (where Death Sum Assured is higher of Sum Assured10 times Annualised Premium or Maturity Sum Assured, which is equal to sum assured or Absolute amount payable on death (which is equal to Sum Assured)

• 105% of total premiums paid (excluding service tax, extra premiums, if any) and the policy terminates thereafter.

Maturity Benefit

Maturity benefit is payable on  the survival of the Life Assured till the end of the policy term. Maturity benefits payable as lump sum payout which is the base Sum Assured plus accrued bonus and Terminal Bonus, (if any) and the policy terminates.

Extended Life Cover Benefit

The life insurance cover will be active till the policyholder attains the age of 100. At the age of 100, the life assured will receive another Lump Sum payment equal to 100% of the policy Sum Assured which is called the Extended Cover Payout. Also, in case of an unfortunate demise after maturity but before the life assured turns 100, the nominee will receive an amount equal to 100% of the Sum Assured.

Bonus

At the end of each financial year, the Company may declare a bonus expressed as a percentage of the Sum Assured and all previous bonuses declared. The bonus of each year is added to the Sum Assured and the next year’s bonus is calculated on the enhanced amount. The Company may declare a discretionary terminal bonus which is payable on death or maturity of the plan.

Loan Benefit

The maximum amount of loan taken is up to 85% of the Surrender Value. The loan can be taken once the policy has acquired Surrender Value.

Surrender Value

The surrender value is equal to the value higher of Guaranteed Surrender Value (GSV) and Special surrender value will be payable  as surrender value. The premium must be paid for 3 policy years from inception to avail surrender value.

Tax Benefit

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

Following riders are available with this plan for the payment of an extra rider premium.

• Future Generali Non Linked Accidental Death Rider
• Future Generali Non Linked Accidental Total & Permanent Disability Rider

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

Life Insured: Amit

Age: 35 years while buying the policy

Sum Assured : Rs. 1,00,000

Policy Term:  15 years

Annual Premium:  Rs. 8,247 premium (plus service tax)

Benefits are illustrated below:

Scenario 1: Amit survives the policy term

(Note: The above scenario is depicted at assumed investment returns of 4% and 8%)

Scenario 2: Amit dies in the 2^nd policy year