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.
Eligibility Criteria | |||||
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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 |
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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 |
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Payment modes | Monthly, quarterly, half yearly and annual payment | ||||
Notes :- Monthly premiums can only be paid by Electronic Clearing System (ECS) |
Feature | Description | |||||
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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 |
No riders available in the product
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 Money Back 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.