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.
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:
|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: 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|
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|
This plan comes with a number of features which are mentioned in the tabular column below:
|Death Benefit||If a person assured dies, the nominees will receive the highest of the following:
|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.
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:
Here are some of the other key features of the Future Generali Assured Income Plan:
|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.|
There are a few tax benefits available under this policy. They are as follows:
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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