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.
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 – 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:
|Premium Payment Frequency||
|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.
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:
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.
There are no rider options currently available with the Future Generali Assure Plus Plan.
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.
|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:
|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:
|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.|
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.
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.