"Spending a whole day looking for insurance is fun," said nobody, EVER!
"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Future Generali Big Income Multiplier 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

    Who wouldn’t like to see their money grow over time, perhaps even double itself after a few years? Sure, there are a number of fraudsters who promise to double an investment in a few months, but these schemes are often designed to separate you from your hard-earned money. A smarter, proven way to actually multiply your money is the Big Income Multiplier Plan from Future Generali. This is an ideal option for those looking to multiply an investment over time, with the additional benefit being the life cover accorded by this scheme. Being a non-linked, non-participating policy, the investment isn’t subject to market risks, with the scheme assuring returns which are double the initial investment. Life cover is accorded for a period of 14 years, post which the investment starts producing returns. This is a smart option for those looking at a long-term investment cum insurance plan.

    Eligibility – Who is the Future Generali Big Income Multiplier Plan for?

    The Future Generali Big Income Multiplier Plan comes with a few basic requirements which should be satisfied. These are highlighted below:

    Parameters Criteria for eligibility
    Minimum age at entry 4 years
    Maximum age at entry 50 years
    Minimum age at maturity 18 years
    Maximum age at maturity 64 years
    Plan options to choose from
    • Annual income payout
    • Monthly income payout

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

    Sum Assured – This plan comes with a guarantee to double an investment, ensuring that the sum assured is sufficient to meet any future requirements a policyholder or the family of a policyholder might have. The sum assured is a multiple of the premium paid by the policyholder, with it highlighted in the table below:

    Sum Assured for monthly premium option 184.4113 x monthly premium paid by policyholder
    Sum Assured for yearly premium option 15.8782 x annual premium paid by policyholder

    Premium* - One can reap only what they sow, and the premium is the determining factor when it comes to the sum assured an individual is entitled to. The premium can be paid either every month or annually, with the Big Income Multiplier Plan coming with a limited premium payment term of 12 years. The payment begins after the policy term ends, with the table below highlighting the various aspects related to the premium.

    Term of the policy 14 years (fixed)
    Premium Payment Term 12 years (fixed)
    Premium Payment Mode There are two premium payment modes:
    • Monthly
    • Yearly
    Minimum Single Premium Amount NA
    Maximum Single Premium Amount NA
    Minimum Monthly Premium Amount Rs.1,500
    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.18,000
    Maximum Yearly Premium Amount Based on sum assured

    *The premium amount paid by a policyholder can vary based on the age, occupation, lifestyle habits, etc. One should check the actual premium requirements before purchasing the plan.

    Plan Coverage – What the Future Generali Big Income Multiplier Plan covers

    The Future Generali Big Income Multiplier Plan is unique in itself. This scheme not only provides life cover, but also pays a certain portion of the money at regular intervals after the policy term.

    Maturity Benefit A policyholder is entitled to a maturity benefit after the completion of the policy term. The benefit depends on the payout option chosen, as highlighted below:
    • Monthly payout – In this case, the policyholder will be paid the following amount:
      • Monthly payouts equivalent to 1.5 times the premium paid by the policyholder each month. This amount will be paid for a period of 48 months. Payouts will begin 14 months after the policy term ends.
      • Monthly payouts equivalent to twice the premium paid will be disbursed for a period of 48 months from the beginning of the 62nd month.
      • Monthly payouts equivalent to 2.5 times the monthly premium paid will be disbursed for a period of 48 month, beginning from the 110th month.
    • Annual payout – In this case the maturity amount is paid out annually, and is highlighted below:
      • The policyholder will be paid an amount equivalent to 1.5 times the annual premium paid. This amount will be paid for four years, beginning from the 15th year (one year after policy term expires).
      • The policyholder will be paid an amount equivalent to double the annual premium paid. This amount will be paid for four years, beginning from the 19th year of the policy (5 years after the policy expires).
      • The policyholder will be paid an amount equivalent to 2.5 times the annual premium paid. This amount will be paid for four years, beginning from the 23rd year (9 years after policy term expires).
    Death Benefit A policyholder is protected for a period of 14 years under this plan. In case of his/her demise during this period, his/her nominee will receive a death benefit. This is a lump sum amount which is equivalent to the highest among the following options:
    • Sum assured on maturity
    • Amount equivalent to 1.25 times the total premiums paid until death
    • Amount equivalent to 15 x annualised premium
    • Absolute amount, which depends on the entry age of policyholder

    Riders/Add-on plans – Additional coverage under the Future Generali Big Income Multiplier Plan

    A policyholder who is looking for enhanced protection can add a rider to this base plan. Future Generali currently offers one rider option, the Accident Benefit Rider.

    • Accident Benefit Rider from Future Generali – This rider provides additional financial protection in the event of an accident. With the number of accidents in the country increasing daily, this is a smart option, especially if the policyholder travels a lot. One can pay an additional premium and avail protection under the rider. In the event of demise of policyholder in an accident, the nominee will receive an additional rider sum assured. This amount is payable if the accident results in total and permanent disability of the policyholder as well. The table below highlights the different features of this rider:
    Minimum age at entry 18 years
    Maximum age at entry 50 years
    Minimum age at maturity 23 years
    Maximum age at maturity 64 years
    Rider options to choose from
    • Accidental death cover
    • Accidental death plus total and permanent disability cover
    Rider sum assured Minimum: Rs.50,000 Maximum: based on sum assured of base plan
    Rider term Minimum: 5 years Maximum: 57 years
    Premium payment term
    • Regular premium
    • Limited premium
    • Single premium
    Premium amount
    • Accidental death cover/protection – Rs.0.50 for every Rs.1,000 assured
    • Accidental death plus accidental total and permanent disability cover/protection – Rs.0.90 for every Rs.1,000 assured

    Exclusions – What the Future Generali Big Income Multiplier Plan does not cover

    There is a single exclusion under this plan, suicide. If the policyholder were to commit suicide within a year of buying the policy, his/her nominee will not be entitled to any benefit. Future Generali will pay the nominee an amount equivalent to 80% of the premiums paid by the policyholder until the time of death.

    Similarly, if the policyholder commits suicide within a year of renewing a lapsed policy, the nominee will receive an amount which is the higher of the surrender value or 80% of the premiums paid, subject to the policy having acquired a surrender value.

    Other Key Features

    Grace period Future Generali provides a grace period within which a policyholder can pay the premium amount. This period is 30 days for annual payment mode, whereas it is 15 days for the monthly payment mode.
    Free look period There could be instances where a policyholder is not satisfied with the terms and conditions of the policy. In such cases, a policyholder can choose to return the policy within the free look period. This period is 30 days if the policy was purchased through any distance marketing mode. In case of all other modes of purchase, this period is limited to 15 days.
    Revival Policies for which the premium hasn’t been paid for three years are deemed lapsed. These become useless, with no risk cover provided by them. A policyholder can choose to revive them by paying all outstanding dues, within 24 months of first missed premium.
    Surrender value A policyholder can choose to surrender a policy after a minimum of three years’ premiums are paid. He/she will be entitled to a surrender value based on the number of years a policy was active and the premium amount paid.
    Loan Future Generali provides a loan option to policyholders. A loan can be availed based on the surrender value, with the maximum loan amount equivalent to 85% of the surrender value. A policyholder will have to pay an interest on this loan.

    Tax Benefits – How you can save with the Future Generali Big Income Multiplier Plan

    A policyholder can avail tax benefits under this scheme, subject to the current income tax regulations in the country. The premium paid is eligible for deduction under Section 80C of the Income Tax Act. Similarly, the amount received on maturity/death is also eligible for tax saving under different sections of the Income Tax Act.

    Why you should buy the Future Generali Big Income Multiplier Plan?

    A good investment opportunity is hard to come by, with even few offering assured returns. The Future Generali Big Income Multiplier Plan lives up to its name, promising to double the investment over a period of time. This is an ideal solution in our current situation, for not only does it help beat inflation, it also provides life cover, ensuring that the family of a policyholder is protected if something happened to him/her.

    The policy is affordable, with the policyholder receiving payouts at regular intervals after the policy term. This money can be used for any purpose, ensuring that the future is secured, to an extent. One can also choose to add riders to increase the protection. The sum assured on offer could be considered as one of the best in the country, with the investment truly multiplied. This plan has no market associated risks, ensuring that returns are guaranteed regardless of how the economy performs.

    With regards to the insurer itself, Future Generali brings in the expertise of Italian insurer Generali with the local knowledge of the Future Group. With over a decade of experience in the Indian insurance industry, Future Generali is regarded as a pioneer, with the company having a high claim settlement ratio of 90.26% (as of 2015-16). The grievances solved ratio for the same period stood at 99.31%, highlighting its effort towards a great customer experience.

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