• Future Generali Assured Income Plan

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    The Future Generali Assured Income Plan - as the name suggests - is an insurance policy which offers guaranteed income to a policyholder or their nominees. This plan comes with two different terms, which will ensure financial security of the policyholder.

    Eligibility Criteria - Who the Future Generali Assured Income Plan

    This plan is ideal for people who are looking to receive income on a regular basis and suits retirees perfectly. Here’s what the eligibility criteria for this plan looks like:

    Particulars Details
    Minimum Entry Age For a 11-year term - 7 years For a 15-year term - 5 years
    Maximum Entry Age For a 11-year term - 50 years For a 15-year term - 50 years
    Minimum Age At Maturity For a 11-year term - 7 years For a 15-year term - 5 years
    Maximum Age At Maturity For a 11-year term - 50 years For a 15-year term - 50 years
    Plan Type Assured Income Plan

    Sum Assured and Premium Range - What you pay and what you get

    Sum Assured: Sum Assured under this plan changes depending on the policy term chosen. Here’s what it looks like under this plan:

    Age At Entry 11-year term 15-year term
    46 - 50 years 17.5 times the annualised premium 31 times the annualised premium
    41 - 45 years 19 times the annualised premium 32.5 times the annualised premium
    36 - 40 years 19.5 times the annualised premium 33 times the annualised premium
    31 - 35 years 20 times the annualised premium 33.5 times the annualised premium
    18 - 30 years 20.5 times the annualised premium 34 times the annualised premium
    7 - 17 years 21 times the annualised premium 34.5 times the annualised premium
    5 - 6 years Nil 34.5 times the annualised premium

    Premium Range:

    Here’s what the premium range looks like under this policy:

    Policy Term Minimum Premium
    For a 11-year policy term Rs.35,000 (7 - 50 years)
    For a 15-year policy term Rs.35,000 (5 - 44 years) Rs...75,000 (45 - 50 years)
    Payment Frequency Annual only

    Plan Coverage - What the Future Generali Assured Income Plan covers

    This plan comes with a number of features which are mentioned in the tabular column below:

    Features Details
    Death Benefit If a person assured dies, the nominees will receive the highest of the following:
    • 105% of total premiums paid (excluding tax)
    • 10 times the annualised premium
    • Maturity Sum Assured
    The amount payable will differ depending on the policy term as well. For instance, a total amount equalling 17.5 to 21 times the annualised premiums will be paid. In the case of a 15-year term, the total benefit payable will include 31 to 34.5 times the annualised premiums.
    Maturity Benefit For a 11-year term, the total benefit payable will include 17.5 to 21 times the annualised premium. On the other hand, for a 15-year term, the total benefit payable will include 31 to 34.5 times the annualised premium. Note that, to pay the amount the insurer will consider the purchasing date and the age of the person insured at maturity.

    Note: For both Maturity and Death Benefit, the beneficiaries can choose to receive the benefit amount on a lump sum or a monthly basis.

    Exclusions - What the Future Generali Assured Income Plan doesn’t cover

    The Future Generali Assured Income Plan only has a suicide exclusion to contend with and the following process will ensue if the person insured commits suicide:

    • If death by suicide occurs within one year of commencement of the policy, 80% of the premiums paid will be offered as death benefit and the policy will thereafter be considered void.
    • If death by suicide occurs within one year of reviving the policy, the greater of 80% of the total premiums paid or the surrender value will be paid as a death benefit.

    Other Key Features - Free Look Period, Grace Period, Surrender Value etc.

    Here are some of the other key features of the Future Generali Assured Income Plan:

    Particulars Details
    Free Look Period This policy comes with a free look period of 15 days (30 days if it was sourced through distance marketing mean), within which the policyholder should return the policy if he/she doesn’t agree with the terms and conditions. Also, the policyholder should state a reason for the same. However, the company will hold the right to deduct certain expenses like the ones incurred for conducting medical examination from the premiums paid.
    Grace Period The Assured Income policy comes with a grace period of 15 days from the due date for premium payment within which the premium needs to be paid. In the case of half-yearly and yearly premium payment terms, the grace period stands at 30 days.
    Policy Loan This policy comes with a loan facility wherein the policyholder can avail a loan of up to 85% of the sum assured. To get the loan, however, the fund must acquire the surrender value.
    Lapse If the premiums for the first three years are not paid within the grace period, the policy will lapse and the coverage offered by the policy will cease to exist.
    Surrender Value If a policyholder decides to surrender the policy after three policy years, he/she will receive the greater of either the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV).
    Nomination Nomination facility is available based on Section 39 of the Insurance Act
    Assignment Assignment facility is available based on Section 38 of the Insurance Act
    Auto cover Once three full premiums are paid and the subsequent premiums aren’t, the person insured will receive an auto cover of 1 year. If he/she dies within this period, the death sum assured will be as in the case of a regular policy. However, after the year is done, the policy will be converted into a paid-up policy.

    Tax Benefits - How you can save with the Future Generali Assured Income Plan

    There are a few tax benefits available under this policy. They are as follows:

    • Deductions on premiums paid will be applicable based on Section 80C and 80CCC of the Income Tax Act.
    • Deductions on death benefit and survival benefit will be applicable based on Section 10 (10D) of the Income Tax Act.

    Why you should buy the Assured Income Plan by Future Generali?

    Future Generali is a joint venture between Future Group and Generali Insurance of Italy. The company merges the local knowledge of the Future Group along with the insurance expertise of the Italian giant to offer exclusive policies to its 12.6 lakh plus customers. Besides this, the firm has one of the highest claim settlement ratios in the country as it settles more than 180,000 claims each year. Another important aspect about this company is that it is present in over 130+ locations in India and has more than 6000 agents working round the clock.

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