A plan that arms you with the necessary funds to help your child gain admission into one of the finest colleges. This gives your child an ideal launching pad for a bright career. And you can be rest assured that, no matter what happens in the future, your child’s education will never get compromised.
Eligibility Criteria | |||||
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Minimum | Maximum | ||||
Entry Age of the child | 0 | 10 Years | |||
Entry Age of the Parent | 21 Years | 50 Years | |||
Maturity age of the parent | 35 Years | 67 Years | |||
Policy Term | 17 years minus age of the child at the time of purchase, i.e. mini of 7 years | ||||
If the child’s age is 10 years to max.of 17 years in case of a new born child. | |||||
Premium Paying Term | Will be same as Policy Term | ||||
Premium Payable | Minimum | Rs. 20,000 annually | |||
Rs. 2,000 monthly | |||||
Premium Payment Frequency | The premiums can be paid in Annual or Monthly modes only. Monthly premiums can only be paid by Electronic Clearing System (ECS). | ||||
Notes :- The premium for monthly mode is 8.83% of the annual premium. |
Feature | Description | |||||
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Payout Options | You can choose to receive benefits based on your child’s education needs as follows, when your child turns 17 years of age | |||||
Age of your Child | Payout Period | Option A | Option B | Option C | ||
17 years | End of Policy Term | 40% of Sum Assured |
10% of Sum Assured |
100% of Sum Assured |
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18 years | Policy Term + 1 year | 30% of Sum Assured |
10% of Sum Assured |
NIL | ||
19 years | Policy Term + 2 years | 20% of Sum Assured |
10% of Sum Assured |
NIL | ||
20 years | Policy Term + 3 years | 10% of Sum Assured |
70% of Sum Assured |
NIL | ||
Non-payment of premiums during the first 2 years | ||||||
• If any due premiums for first 2 policy years have not been paid within the Grace Period, the policy shall lapse and shall have no value |
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• All risk cover ceases while the policy is in lapsed status. | ||||||
• You have the option to revive the plan within 2 years from the date of the first unpaid due premium. You will be required to pay arrears of premium along with interest. | ||||||
• If the plan is not revived by the end of the Revival Period, the policy will terminate and no benefits are payable | ||||||
Non-payment of premiums after the first 2 years | ||||||
• Paid-up Sum Assured = (No. of premiums paid/Total No. of premiums payable) x Sum Assured | ||||||
• Maturity Benefit will be paid as percentage of Paid-up Sum Assured | ||||||
• Death Benefit paid is | ||||||
• Reduced Paid-up Death Sum Assured given immediately to the nominee on death of the Life Assured | ||||||
• 5% of the Paid-up Sum Assured given on death and on every death anniversary of the Life Assured during the Policy Term | ||||||
• Maturity Benefit as percentage of Paid-up Sum Assured | ||||||
• You can revive your Paid-up Policy within a period of two years from the due date of the first unpaid premium | ||||||
• You can surrender your Paid-up Policy anytime | ||||||
Surrender Value: | On surrender, the higher of the Special Surrender Value (SSV) and the Guaranteed Surrender Value (GSV) will be paid. | |||||
Guaranteed Surrender Value | The GSV shall be a percentage of total premium paid (excluding taxes, rider premium and extra premium, if any). | |||||
Special Surrender Value | SSV will be calculated as: (Number of premiums paid/Total number of premiums payable) x Sum Assured x SSV factors | |||||
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Know Claim Process of Future Generali Assured Education Plan
Future Generali Life Insurance is a joint venture between three leading groups: Future Group - A leading retailer of India, Generali Group - A global insurance group that features among the top 50 largest companies of the world and Industrial Investment Trust Limited (IITL) - A leading investment company.Future Generali Life Insurance, incorporated in September 2007, is present across 84 branches.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.