"Spending a whole day looking for insurance is fun," said nobody, EVER!
"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Future Generali Assure Plus Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Planning one’s future can be exciting and challenging at the same time, for we cannot truly predict what the future will look like. Choosing a good insurance plan can help in preparing for any eventuality, with it becoming even more important if one has family members who depend on him/her. The Assure Plus Plan from Future Generali is a non-linked, participating endowment scheme, which offers life cover to the policyholder. As a traditional endowment policy, this comes with limited premium, with an option to choose the policy term based on one’s needs. It also offer flexible premium payment terms, helping one plan the finances accordingly.

    The policy offers a maturity benefit on completion of the term, with it eligible to earn terminal or accrued bonuses, as applicable.

    Eligibility – Who is the Future Generali Assure Plus Plan for?

    An individual looking to invest in the Future Generali Assure Plus Plan is expected to keep these basic eligibility criteria in mind.

    Parameters Criteria for eligibility
    Minimum age at entry 3 years
    Maximum age at entry 55 years
    Minimum age at maturity 18 years
    Maximum age at maturity 70 years

    Sum Assured and Premium Range – What you get and what it costs

    Sum Assured – Each individual expects to get a certain minimum from an investment. With regards to investing in a life insurance policy, this minimum is represented in the form of the sum assured. This is the amount the policyholder is entitled to receive on maturity/the amount which is paid to the nominee if the policyholder passes away during the policy term. The sum assured depends on the premium one is expected to pay, with it possible to get discounts if one opts for a high amount. The minimum sum assured under this plan is Rs.1 lakh, with it possible for a policyholder to increase this, with the maximum limit being Rs.5 crore.

    Minimum Sum Assured Rs.1 lakh
    Maximum Sum Assured Rs.5 crore

    Premium* - The premium decides the sum assured a policyholder is eligible for. The premium one pays depends on the policy term, age of individual, premium payment term, etc. Most insurers offer a sum assured which is a certain multiple of the premium amount paid. The different parameters associated with the premium under this plan are highlighted below:

    Minimum term of the policy 15 years
    Maximum term of the policy 25 years
    Premium Payment Term For 15 year policy:
    • 7 years/10 years/12 years
    For 20 year policy
    • 10 years/12 years/15 years/17 years
    For 25 year policy
    • 12 years/15 years/17 years/20 years
    Premium Payment Frequency
    • Monthly
    • Quarterly
    • Half-yearly
    • Yearly
    Minimum Single Premium Amount No single premium payment option
    Maximum Single Premium Amount No single premium payment option
    Minimum Monthly Premium Amount NA
    Maximum Monthly Premium Amount NA
    Minimum Quarterly Premium Amount NA
    Maximum Quarterly Premium Amount NA
    Minimum Half-yearly Premium Amount NA
    Maximum Half-yearly Premium Amount NA
    Minimum Yearly Premium Amount Rs.12,000
    Maximum Yearly Premium Amount Based on sum assured

    *The premium amount is exclusive of service taxes, which are to be paid by the policyholder. It is possible for the premium to vary based on different factors.

    Plan Coverage – What the Future Generali Assure Plus Plan covers

    The Future Generali Assure Plus Plan is ideal for individuals looking to protect themselves from any uncertainty. Not only is the family of an insured financially protected in case of his/her demise, the policyholder is entitled to a maturity benefit on his/her survival until the completion of policy term. The table below highlights these details:

    Maturity Benefit The insurer will pay the policyholder a maturity benefit on his/her survival until the policy term. This amount includes the sum assured plus all bonuses accrued during the policy term. The bonuses include the terminal bonus and/or accrued bonus. Once this amount is paid the policy ceases to be in force.
    Death Benefit The nominee of a policyholder will be paid a death benefit is the policyholder passes away during the policy term. The amount paid is the higher of the following:
    • Amount equivalent to 105% of all premiums paid till the time of death
    • Amount equivalent to the sum of the death sum assured plus terminal bonus plus vested bonus
    Note that the death sum assured is an amount which is the highest among:
    • Sum assured
    • For policyholders with entry age less than 45 years it is equivalent to 10 times the annualised premium paid by them. For policyholders with entry age greater than 45 years it is equivalent to 7 times the annualised premium paid by them.

    Note: The benefits will be paid only if the policy is active, with all premiums paid. In cases where the policy has lapsed, no benefit will be paid, either on death or maturity.

    Riders/Add-on plans – Additional coverage under the Future Generali Assure Plus Plan

    There are no rider options currently available with the Future Generali Assure Plus Plan.

    Exclusions – What the Future Generali Assure Plus Plan does not cover

    Each insurer has certain exclusions under the policy, wherein no benefit will be paid under certain circumstances. In case of the Future Generali Assure Plus Plan, there is only one exclusion, suicide.

    Under the suicide exclusion clause, the insurer will pay the nominee only 80% of premiums paid if the policyholder commits suicide within a year of purchasing the policy. In case of policyholder committing suicide within a year of reviving the policy, the nominee will be eligible to receive either the surrender value or an amount equivalent to 80% of all premiums paid. In this case, the higher value will be paid by the insurer, with no further benefits payable.

    Other Key Features

    Grace period Policyholders who fail to pay the premium on time will be provided a grace period. This period depends on the premium payment mode opted by them, and is shown below:
    • Annual payment mode – 30 days
    • Semi-annual payment mode – 30 days
    • Quarterly payment mode – 30 days
    • Monthly payment mode – 15 days
    Failure to pay the premium within this period will result in the policy getting lapsed.
    Free look period Individuals who purchase the policy but disagree with the terms and conditions can choose to return the same. A free look period of 30 days is offered if the policy is purchased through distance marketing. In case of all other modes of purchase, the free look period is 15 days.
    Revival A policy which has lapsed on account of non-payment of premium can be revived by paying all dues with accumulated interests. This revival is possible only if all dues are paid within two years of first unpaid premium, with revival subject to approval by the Board.
    Discounts Individuals who opt for high sum assured are eligible for discounts on their premium, as shown in the table:
    Sum assured (Rs.) Discount per Rs.1,000 (Rs.)
    Less than 2 lakh Zero
    Between 2 and 3 lakh 3.75
    Between 3 and 4 lakh 5.50
    Between 4 and 5 lakh 6.00
    Greater than 5 lakh 6.50
    Bonus The policy is eligible to earn bonuses, with the Compounded Reversionary Bonus declared by the company. The policy could also earn a Terminal Bonus. Note that bonuses are subject to the performance of the company.
    Loan There is no loan facility under this scheme.
    Surrender value Policies can be surrendered if all premiums have been paid and if they are active for a minimum period of time. If PPT is less than 10 years, premiums for the first two years should be paid in order for the policy to be eligible for surrender value. If PPT is greater than 10 years, premiums for the first three years should have been paid.

     

    Tax Benefits – How you can save with the Future Generali Assure Plus Plan

    The Future Generali Assure Plus Plan not only helps secure the financial future of an individual and his/her family, it also provides immediate financial relief in the form of tax savings. The premium paid by a policyholder is eligible for tax benefits under Section 80C of the Income Tax Act. Similarly, the amount received as a death benefit is exempt from tax, whereas the amount received as maturity benefit is eligible for tax deduction under Section 10 (10D) of the Income Tax Act.

    Note that the quantum of deduction available depends on the current applicable rules, which are subject to change. An individual looking to avail such benefits should consult his/her tax advisor to know the full extent of benefits currently applicable.

    Why you should buy the Future Generali Assure Plus Plan

    The Future Generali Assure Plus Plan offers a range of benefits to individuals who purchase it. Not only are they protected during the term, their family is financially safe if something happens to them during the policy term. This plan comes with a limited premium payment term, thereby offering the added advantage of extra cover at lower premiums. One can choose a sum assured which matches the expectations of his/her family, thereby negating the financial implications of any unforeseen event.

    The plan not only offers protection, it also provides added bonuses, ensuring that inflation doesn’t dilute the value of an investment. Individuals who opt for a high sum assured are also eligible for discounts on their premium. Purchasing this plan ensures that an individual can lead his/her life without having to worry about what the future holds, offering peace of mind to everyone involved.

    In addition to the features of this plan, Future Generali is one of the most prominent private insurers in the country, having a claim settlement ratio of 90.26% as of 2015-2016. The company also had a high grievances solved ratio of 99.31% during the same period. These numbers indicate the attention given by the firm to its customers, with a hassle-free claims process in place.

    *The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.