Future Generali Assured Income Plan
Product Info
UIN
133N054V01
Status
Active
Launch Date
05/12/2014
Withdrawn Date
Product Overview
Future Generali Assured Income Plan comes with 2 term options, at the end of which, you enjoy regular assured annual income plus an additional benefit up to 4.5 times your annualised premium, depending on your age. What’s more, you get a life cover and are sure that your savings are safe and multiplying.
Product Description
- 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 annualised 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 annualised premium.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Future Generali Assured Income Plan is a traditional endowment plan which provides guaranteed income and doesn’t have bonus facility.
- This plan comes with 2 term (11 years and 15 years) options, at the end of which you enjoy regular assured annual Income for 11 years and 15 years respectively plus an additional benefit up to 4.5 times your annualized premium, depending on your age.
- After the end of the premium paying term, a guaranteed annual payout of 1.5 times or 2 times of the annualized premium is paid for 11 years or 15 years for policy term 11 years and 15 years respectively.
- In case of death of the life assured sum assured is paid and the annual guaranteed payouts are paid to the nominee for the specified period of 11 years or 15 years.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Entry Age (Age mentioned refers to age as on last birthday) |
7 to 50 years for a 11-year term | ||||
| 5 to 50 years for a 15-year term | |||||
| Notes :- For a minor Life Assured, the risk will commence immediately on the policy commencement date | |||||
| Maturity Age | 18 to 65 years | ||||
| Policy Term | 11 years or 15 years | ||||
| Premium Payment Term | 11 years for Policy Term of 11 years, 15 years for Policy Term of 15 years | ||||
| Annualised Premium | For 11-year term | Rs. 35,000 for age 7 to 50 years | |||
| For 15-year term | Rs. 35,000 for age 5 to 44 years | ||||
| Rs.75,000 for age 45 to 50 years | |||||
| Sum Assured | Multiple of Annualised Premium (Excluding taxes and extra premium, if any | ||||
| Entry Age | Policy Term 11 years | Policy Term 15 years | |||
| 5-6 | NA | 34.5 | |||
| 7-17 | 21.0 | 34.5 | |||
| 18-30 | 20.5 | 34.0 | |||
| 31-35 | 20.0 | 33.5 | |||
| 36-40 | 19.5 | 33.0 | |||
| 41-45 | 19.0 | 32.5 | |||
| 46-50 | 17.5 | 31.0 | |||
| Premium Payment Frequency | Annual only | ||||
| Payout Term | For a 11-year Policy Term : Payout term is 11 years, and | ||||
| For a 15-year Policy Term : Payout term is 15 years | |||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| Maturity Benefit | 11-Year Term | 15-Year Term | ||||
| 11 annual installments of 1.5 times your Annualised Premium from the end of the 12th year to the 22nd year + |
15 annual installments of 2 times your Annualised Premium from the end of the 16th year to the 30th year + | |||||
| Additional benefit at the end of the 22nd year based on age at entry shall be paid |
Additional benefit at the end of the 30th 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 |
31 to 34.5 times of Annualised Premium depending upon your age, when you purchased the policy | ||||
| Lump Sum | The Lump Sum Maturity Benefit is equal to the value of installments as mentioned above, discounted at a compound interest rate of 6.5% p. a. | |||||
| Notes :- At the inception of the policy, you can opt to take your Maturity Benefit as Lump Sum at the Maturity Date. | ||||||
| Death Benefit | 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, OR | ||||||
| Maturity Sum Assured | ||||||
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Additional Benefit | Benefit paid along with the last payout | |||||
| Entry Age | Multiple of Annualised Premium (Excluding taxes and extra premium, if any) | |||||
| 5-6 | 4.5 (not applicable for 11-Year Policy Term) |
|||||
| 7-17 | 4.5 | |||||
| 18-30 | 4.0 | |||||
| 31-35 | 3.5 | |||||
| 36-40 | 3.0 | |||||
| 41-45 | 2.5 | |||||
| 46-50 | 1.0 | |||||
| Auto Cover | After payment of at least 3 full premiums, if you are not able to pay premium within the Grace Period, you will get an Auto Cover of one year. | |||||
| Non-payment of premiums during the first 3 years | ||||||
| If any due premiums for the first 3 policy years have not been paid within the Grace Period, the policy shall lapse . | ||||||
| All risk 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 the interest. | ||||||
| If the plan is not revived, lapse value equal to 30% of the premiums (excluding taxes and extra premiums, if any) will be paid at the end of the Revival Period and the policy will terminate. |
||||||
| Non-payment of premiums after the first 3 years | ||||||
| Provided the policy is not in Auto Cover period, the policy will be converted to a Paid-up Policy from last unpaid premium due date | ||||||
| Death Benefit and Maturity Benefit will be reduced in proportion to the number of premiums paid to the number of premiums payable under the policy |
||||||
| On death before the end of the Policy Term, while the policy is in Paid-up condition, the reduced Death Benefit is equal to (Number of Premiums paid/Total number of Premiums Payable)* Death Sum Assured |
||||||
| On survival of Life Assured till maturity, while the policy is in a Paid-up status, the reduced Maturity Benefit is equal to (Number of Premiums Paid/Total number of Premiums Payable)* Maturity Sum Assured |
||||||
| The Policyholder has the option to revive the policy within 2 years from the date of the first unpaid due premium. A Paid-up Policy cannot be revived once the Policy Term is over |
||||||
| Surrender Value | The amount payable on surrender will be higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV). | |||||
| The plan will acquire a Surrender Value, after all the due premiums have been paid for the first 3 full years. Once the plan is surrendered, all benefits under the plan will immediately terminate and it will not be eligible for revival | ||||||
| Guaranteed Surrender Value | ||||||
| Policy Year of Surrender | 11 years Policy Term | 15 years Policy Term | ||||
| 3 | 30% of premiums paid | 30% of premiums paid | ||||
| 4 - 7 | 50% of premiums paid | 50% of premiums paid | ||||
| 8 | 60% of premiums paid | 55% of premiums paid | ||||
| 9 | 70% of premiums paid | 60% of premiums paid | ||||
| 10 | 80% of premiums paid | 65% of premiums paid | ||||
| 11 | 90% of premiums paid | 70% of premiums paid | ||||
| 12 | Not Applicable | 75% of premiums paid | ||||
| 13 | Not Applicable | 80% of premiums paid | ||||
| 14 | Not Applicable | 85% of premiums paid | ||||
| 15 | Not Applicable | 90% of premiums paid | ||||
| Special Surrender Value | Special Surrender Value = 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) | |||||
| Loan | You may avail of a loan once the policy acquired Surrender Value. The maximum amount of loan that can be availed is up to 85% of the Surrender Value | |||||
Add-ons
Not Available
Exclusions
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
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Claim Process
Know Claim Process of Future Generali Assured Income Plan
Company Overview
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.
BENEFITS OF BUYING FROM ONEINSURE
OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.
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.
