Robinhood Insurance Broker Private Limited

Product Info

UIN

133N056V01

Status

Active

Launch Date

31/03/2015

Withdrawn Date

Product Overview

Future Generali Assured Money Back Plan, which ensures that your financial security is guaranteed.The plan offers great flexibility by allowing you to opt between 4 policy terms so that you can choose the one which bests suits your financial needs based on your current age.So whether it is a planned expenditure to fulfill a milestone, an additional income, retirement planning or even an investable surplus for your business that you are looking for, go ahead and be assured of receiving your money back.

Product Description

  • Flexibility: Offers flexibility to choose from 4 limited premium payment terms, which starts from 5th year
  • Survival Benefits: 10% of Sum Assured at the end of every year after the Premium Payment Term, for 9 years

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Unique Features

  • Future Generali Assured Money Back Plan is traditional guaranteed money back plan with no bonus
  • Plan provides guaranteed money back of 10% of sum assured for 9 years after the end of the premium paying term and an additional 110% of sum assured on maturity

Eligibility Criteria

Eligibility Criteria
Entry Age
(Age mentioned refers to age as on last birthday)
Minimum 18 years
Maximum 50 years for a Policy Term of 15/17/20 years,
48 years for a Policy Term of 22 years
Policy Term 15 years / 17 years / 20 years and 22 years
Premium Payment Term 5 7 10 12
Policy Term 15 17 20 22
Annualised Premium Minimum Maximum
5 year / 7 year Premium Paying Term: Rs. 18,000 No Maximum limit
10 year / 12 year Premium Paying Term: Rs. 24,000
Sum Asssured Rs. 58,215 No Maximum limit
Annual Premium Rs. 50,000 Rs. 2,00,00,00
Sum asssured 1.25 times Single Premium Depending on age of policyholder   8 to 47 yrs =  10 times  
Single Premium 48 to 65 yrs =
1.25 times Single Premium
Payment modes Monthly, quarterly, half yearly and annual payment
Notes :- Monthly premiums can only be paid by Electronic Clearing System (ECS)

OneInsure App Benefits

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Product Benefit

  • Maturity :
    110% of Sum Assured at the end of Policy Term on Maturity
  • Survival Benefit :
    10% of Sum Assured at the end of every year after the Premium Payment Term, for 9 years
  • Death :
  1. 10 times Annualised Premium (excluding taxes and extra premiums, if any), or
  2. 105% of total premiums paid (excluding taxes and extra premiums, if any) as on date of death or
  3. 110% of Sum Assured

Other Policy Features

Feature Description
Non-payment of premiums during the first 2 years
If any due premiums for the first 2 policy years have not been paid within the Grace Period, the policy shall lapse and shall have no value.
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 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
the Sum Assured, Maturity Sum Assured and Death Sum Assured will be reduced in the same proportion as the ratio of number of premiums paid to the total number of premiums payable under the policy.
In case of Death of the Life Assured during the Policy Term, reduced Death Benefit will be paid to the nominee and the policy will terminate.
Survival Benefits will be paid as a percentage of reduced Paid-up Sum Assured
Maturity Benefits paid will be reduced maturity Paid-up Sum Assured
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 The amount payable on surrender will be higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
Guaranteed Surrender Value
Premium Term 5 7 10 12
Policy Term 15 17 20 22
Policy Year of Surrender  
2  -  3 30.00% 30.00% 30.00% 30.00%
4  -  7 50.00% 50.00% 50.00% 50.00%
8 55.00% 54.00% 53.00% 53.00%
9 60.00% 58.00% 56.00% 55.00%
10 65.00% 62.00% 59.00% 58.00%
11 70.00% 66.00% 62.00% 61.00%
12 75.00% 70.00% 65.00% 63.00%
13 80.00% 74.00% 68.00% 66.00%
14 85.00% 78.00% 72.00% 69.00%
15 90.00% 82.00% 75.00% 71.00%
16 NA 86.00% 78.00% 74.00%
17 NA 90.00% 81.00% 77.00%
18 NA NA 84.00% 79.00%
19 NA NA 87.00% 82.00%
20 NA NA 90.00% 85.00%
21 NA NA NA 87.00%
22 NA NA NA 90.00%
Special Surrender Value Special Surrender Value = Special Surrender Value Factor x (2* Paid-Up Sum Assured less any sum total of Survival Benefits already paid)
Paid-Up Sum Assured = (No. of premiums paid / Total No. of premiums payable) * Sum Assured A policy terminates on surrender and no further benefits are payable under the policy
Flexibility to make changes We allow you to make changes in the mode of payment basis valid reasons submitted by you.
Loan The loan amount can range from a minimum of Rs. 10,000 up to a maximum of 85% of the Surrender Value

Add-ons

No riders available in the product

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 Money Back Plan

Claim Process

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.

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