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  • Future Generali Assured Education 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

    The quality of education has improved drastically over the last few decades, with Indians now climbing the ladder to success on the back of their education. While infrastructure and modes of teaching have become better, they have come at a cost, with educating a child now being a highly expensive affair. The Future Generali Assured Education Plan ensures that money doesn’t become a problem when it comes to fulfilling the aspirations of your children. A non-linked, non-participating scheme, it offers financial support at various educational milestones, in addition to offering life cover to the insured individual. One can choose the investment amount and the payout they wish to receive, ensuring that they have adequate funds to sponsor the education of their children.

    Eligibility – Who is the Future Generali Assured Education Plan for?

    The Future Generali Assured Education Plan comes with a few basic eligibility criteria, as highlighted below:

    Parameters Criteria for eligibility
    Minimum age at entry Child: 0 years Parent: 21 years
    Maximum age at entry Child: 10 years Parent: 50 years
    Minimum age at maturity Parent: 35 years
    Maximum age at maturity Parent: 67 years
    Plan type Non-linked, non-participating scheme

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

    Sum Assured – It is important to consider the cost of education once your child attains a certain age, for the price of educating him/her today will be different from the cost of education in the future. With the cost of education rising each year, it is imperative to choose an amount which is sufficient even after a few years. This amount will be paid to the policyholder after the policy term. In the event of demise of policyholder, his/her nominee will receive this money, which can then be used to pay the fees.

    Minimum Sum Assured NA
    Maximum Sum Assured Based on the premium amount

    Premium* - This is the amount an individual is expected to pay towards maintaining the policy. This can be considered as the investment which offers returns on maturity/death. It is important to compute the premium requirements smartly, for choosing to ignore this could lead to a case where the sum assured is insufficient. The table below highlights the various aspects related to the premium:

    Term of the policy 17 years minus entry age of child For example: If entry age of child is 2 years, policy term is, 17-2=15 years.
    Minimum term of the policy 7 years
    Maximum term of the policy 17 years
    Premium Payment Term Equivalent to policy term
    Premium Payment Mode
    • Monthly
    • Annually
    Minimum Single Premium Amount No single premium payment option
    Maximum Single Premium Amount No single premium payment option
    Minimum Monthly Premium Amount Rs.2,000
    Maximum Monthly Premium Amount Based on sum assured
    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.20,000 per year
    Maximum Yearly Premium Amount Based on sum assured
    Payout Options There are three payout options under this plan, as shown below:
    Option A Age of child
    40% of the sum assured is paid when the child attains this age 17 years
    30% of the sum assured is paid 18 years
    20% of the sum assured is paid 19 years
    10% of the sum assured is paid 20 years
    Option B Age of child
    10% of the sum assured is paid 17 years
    10% of the sum assured is paid 18 years
    10% of the sum assured is paid 19 years
    70% of the sum assured is paid 20 years
    Option C Age of child
    100% of the sum assured is paid 17 years

    *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 Assured Education Plan covers

    The Future Generali Assured Education Plan provides protection against death of policyholder, with the nominee receiving an amount based on the option chosen. In case of survival, a maturity benefit is paid, making this plan an ideal option for different contingencies.

    Death Benefit In the event of demise of policyholder during the policy term, his/her nominee will receive a death benefit. In addition to this, Future Generali will waive future premium payments. The death benefit is the highest of:
    • 105% the premiums paid by the policyholder till the time of death, or
    • Sum assured opted at start of policy, or
    • Amount equivalent to 10 times the annualised premium paid by the policyholder
    This amount is paid immediately. In addition to this, an amount equivalent to 5% of the sum assured will be paid every year, on the date of demise of policyholder (until the completion of policy term). The maturity benefits will also be paid to the nominee.
    Maturity Benefit A maturity benefit will be paid to the policyholder/nominee after the policy term. This is paid based on the payout option chosen by the policyholder.

    Riders/Add-on plans – Additional coverage under the Future Generali Assured Education Plan

    An individual can add riders to this plan to enhance the cover accorded by it. Future Generali currently offers two rider options for the Assured Education Plan:

    1. Future Generali Non-linked Accidental Death Rider – This rider pays a rider sum assured if the policyholder passes away in an accident. It is a smart option given the number of mishaps occurring on Indian roads on a daily basis. The basic features of this rider are highlighted below:
      Minimum age at entry 18 years
      Maximum age at entry Equivalent to maximum entry age of Future Generali Assured Education Plan (50 years)
      Maximum age at maturity Equivalent to maximum maturity age of Future Generali Assured Education Plan (67 years)
      Minimum sum assured Rs.1 lakh
      Maximum sum assured Rs.50 lakh
      Minimum term of rider 5 years
      Maximum term of rider 30 years
    2. Future Generali Non-linked Accidental Total and Permanent Disability Rider – This rider protects against accidents which result in total and permanent disability. A rider sum assured is paid if the policyholder meets with an accident which leaves him/her totally and permanently disabled. The basic features of this rider are highlighted below:
    3. Minimum age at entry 18 years
      Maximum age at entry Equivalent to maximum entry age of Future Generali Assured Education Plan (50 years)
      Maximum age at maturity Equivalent to maximum maturity age of Future Generali Assured Education Plan (67 years)
      Minimum sum assured Rs.1 lakh
      Maximum sum assured Rs.40 lakh
      Minimum term of rider 5 years
      Maximum term of rider 30 years

    Exclusions – What the Future Generali Assured Education Plan does not cover

    There is a suicide exclusion under this plan, which states that the insurer will pay an amount equivalent to 80% of the premiums paid by the policyholder if he/she commits suicide within one year of purchasing the policy.

    In case of suicide being committed within a year of policy revival, the insurer will pay an amount which is higher of the surrender value or 80% of premiums paid. No further benefits will be payable once this amount is paid.

    The riders have additional exclusions, as highlighted below:

    • Any injury/death due to an act of war, nuclear activity, rebellion, etc.
    • If death/injury is self-inflicted.
    • If any injury/death occurs due to participation in criminal activities.
    • If death/injury occurs due to participation in dangerous sports.

    Other Key Features

    Grace period Individuals who fail to pay the premium amount on time are given a grace period to do so. This period is 30 days if the premium is paid annually. In case of monthly payments, a 15 day grace period is provided.
    Free look period Individuals who purchase a policy can return it within the free look period, subject to them being unhappy with the terms and conditions of the scheme. A 30 day period is provided if the policy is purchased through distance marketing (over phone, internet, etc.). In case of all other modes of purchase, this period is limited to 15 days.
    Revival Policies which have lapsed due to non-payment of premiums can be revived within a specified period of time. A policyholder can revive said policy by paying all due premiums and interest (if any) within a period of two years of first missed payment. Revival is subject to approval by the insurer.
    Surrender value Policies for which an insurer has paid a minimum premium for two years are eligible for a surrender value. In case a policyholder chooses to surrender a policy, the insurer will pay the higher of the guaranteed surrender value or the special surrender value.
    Loan Policies which have acquired the surrender value can be used to avail loans. The maximum loan amount a policyholder is eligible for is limited to 85% of the policy surrender value.
    Changes A policyholder can make changes to the premium payment mode. This is subject to approval by the insurer.

    Tax Benefits – How you can save with the Future Generali Assured Education Plan

    A policyholder is not only protected in the future, he/she can also avail tax benefits in the present. The premiums paid towards this policy are eligible for tax savings under Section 80C of the Income Tax Act. Similarly, the amount received as maturity/death benefit is also eligible for tax relief under the applicable sections of the Income Tax Act.

    Why you should buy the Future Generali Assured Education Plan

    As a parent it gives one immense joy to see our children succeed. Now, success often depends on the platform available, with education being an integral component. The Future Generali Assured Education Plan provides a framework which can be used to propel the career of a student. Not only does it offer assured income to fund the education of a child, it also provides life cover, ensuring that the untimely loss of a policyholder does not derail the dreams of his/her children.

    The plan is affordable, with different payout options available. One can choose an option which best meets their expectations. The policy also offers a loan to meet any financial emergency. The option to add riders to this policy enhances the protection, offering peace of mind and additional income to the family if there was an untoward incident.

    In addition to the benefits offered by the plan itself, Future Generali is regarded as one of the better names in the Indian insurance industry, with it being an ISO 9001:2008 certified company. It had a high claim settlement ratio of 90.26% during 2015-2016, showcasing its diligence towards clearing legitimate claims. A grievances solved ratio of 99.31% also highlights its dedication towards solving problems faced by its customers. Given all these facts, purchasing the Future Generali Assured Education Plan comes across as a smart investment for the future of our loved ones.

    *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.

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