Future Generali Assured Money Back Plan is a non-participating, non-linked plan that offers great returns to a policyholder. Designed to provide flexibility and financial stability to individuals, it is an ideal policy that offers a regular assured income after you, as a policyholder, finishes making every premium payment during the premium term. Some of the key features of this policy are:
An individual will have to meet the eligibility criteria listed below to avail the Future Generali Assured Money Back Plan:
|Minimum Age of Entry||18 years|
|Maximum Age of Entry||
The sum assured is based completely on the premiums that you will be required to pay to avail the benefits of the policy. The sum assured for Future Generali Assured Money Back Plan is listed below:
|Minimum Sum Assured||Rs.58,215|
|Maximum Sum Assured||No limit|
*Sum assured depends on the type of policy term, age, and your premium
Premiums are paid to the insurer to purchase a policy from them so that the individual can come under the benefits and coverage of the Future Generali Assured Money Back Plan. The premiums that a policyholder will have to pay towards a Future Generali Assured Money Back Plan is listed below:
|Premium Payment Term||
|Minimum Annualised Premium||
|Maximum Annualised Premium||No Maximum Limit|
|Premium Payment Frequency||
*Premiums paid vary based on age, location, plan term and other factors
Premiums for Future Generali Assured Money Back Plan can be made using any of the following ways:
The Assured Money Back Plan offered by Future Generali Life Insurance offers a number of benefits and these are listed in the tabular column below:
|Maturity Benefit||At the time of maturity, 110% of sum assured|
|Death Benefit||The higher value of the following is offered as death benefit at the time of death of the life insured:
|Survival Benefit||10% of the Sum Assured is paid at the end of every year for a period of 9 years|
There are no riders available for Future Generali Assured Money Back Plan.
If the life insured commits suicide within a year from the date of the inception of the policy, the policy will become void. 80% of the premiums that were paid to the insurance company shall be payable to the nominee.
If the policyholder commits suicide within a year from the date of revival, the policy will become void and the higher value between Surrender Value and 80% of the premiums that were paid would be payable to the nominee.
|Free Look Period||In case the policyholder is not satisfied with the “Terms and Conditions” of the policy, a 15 day (30 days in the case of distance marketing) period is provided where the insured can return the policy back to the insurer. The company will return the Fund Value after deducting any expenses incurred by the insurer such as stamp duty charges, medical expenses, etc.|
|Grace Period||The policyholder is provided with a grace period of 30 days if they have opted for a quarterly, half-yearly or annual mode of premium payment. 15 days is provided for monthly premiums.|
|Surrender Value||A policyholder can surrender their policy to avail immediate cash. This facility is available after making premium payments for two full years. The amount that is payable will be the higher value between Special Surrender Value (SSV) and Guaranteed Surrender Value (GSV).|
|Flexibility||The policyholder can make changes to the mode of payment for a policy after providing a valid reason for the move.|
|Loan Facility||Loans ranging from Rs.10,000 to 85% of the Surrender Value can be availed by the policyholder.|
|Revival||If the policyholder wants to revive the policy, he/she should do so under the Revival Conditions of the policy within 2 years from the date of the first unpaid premium.|
|Special Surrender Value||This is based on the insurance company’s expectation of any future demographic and financial conditions that are based on past data.|
|Nomination||Nomination is allowed as per the prevailing tax laws under Section 39 of the Insurance Act, 1938.|
|Assignment||Assignment is allowed as per the prevailing tax laws under Section 38 of the Insurance Act, 1938.|
|Guaranteed Surrender Value||The Guaranteed Surrender Value will be the percentage of the total premium that has been paid minus the sum total of any and all survival benefits that have already been paid to the policyholder.|
|Policy Year of Surrender|
|18||Not Applicable||Not Applicable||84%||79%|
|19||Not Applicable||Not Applicable||87%||82%|
|20||Not Applicable||Not Applicable||90%||85%|
|21||Not Applicable||Not Applicable||Not Applicable||87%|
|22||Not Applicable||Not Applicable||Not Applicable||90%|
Premiums that are paid towards a Future Generali Assured Money Back Plan will be eligible for tax benefits under the prevailing rules under Section 80C, 8CCC (1), 80D, 10.10D under the Income Tax Act.
Tax benefits are subject to changes without prior notice so it is important that the policyholder consults a Tax Advisor to stay informed about any changes made.
Future Generali is the result of a joint venture between Generali and Industrial Investment Trust Ltd. and Future Group. Future Generali brings a history of quality products and services which has not diminished since its time of inception in 2006. Future Generali Assured Money Back Plan provides a number of benefits which are easily available for individuals to avail. The customer service facility is also available to address any problems or queries that you may have.
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