The New Saral Anand plan from Future Generali enables customers to save money so that their long-term milestones can be met with relative ease. The plan offers a maturity benefit in the form of a lump sum amount that can be used to fund your post-retirement needs. It also provides a death benefit in case of the unfortunate demise of the policyholder wherein the nominee shall receive an amount, thereby ensuring that your family can continue with a high standard of living. The Future Generali New Saral Anand also offers tax benefits in addition to an extended life cover benefit.
The Future Generali New Saral Anand plan can be purchased by anyone who wishes to save for their long-term goals. However, in order to avail the plan, customers will have to meet a few eligibility criteria which are as follow:
|Minimum Entry Age||3 years|
|Maximum Entry Age||50 years|
|Minimum Maturity Age||18 years|
|Maximum Maturity Age||70 years|
|Policy Term||15 years to 20 years|
Customers who opt to purchase the Future Generali New Saral Anand will have to select a sum assured and premium amount. Following are some of the important details regarding the sum assured and premium range associated with the Future Generali New Saral Anand:
|Minimum Sum Assured||Rs.1 lakh|
|Maximum Sum Assured||No limit|
|Maximum Premium||No limit|
|Premium Paying Frequency||Annual|
The Future Generali New Saral Anand offers both death as well as maturity benefits which are as follow:
|Maturity Benefit||Upon the maturity of the Future Generali New Saral Anand, if all due premiums have been paid, the life assured will be eligible for the maturity benefit which will be a lump sum amount equal to 100% of the sum assured in addition to compounded reversionary bonuses and terminal bonus, if any.|
|Death Benefit||In case of the unfortunate demise of the life assured over the course of the policy term, the nominee will be eligible for a death benefit which shall be the higher of 105% of all premium payments made until the date of death, or death sum assured plus accrued compounded reversionary bonuses plus terminal bonus, if any. The death sum assured will be the higher of the sum assured, or 10 x Annualised Premium, or maturity sum assured (equal to the sum assured), or absolute amount payable on death (equal to the sum assured).|
|Extended Life Cover Benefit||The insurance cover offered by the Future Generali New Saral Anand extends until the life assured turns 100 years of age. Once the individual attains 100 years of age, they will be eligible for an additional lump sum amount which will be equal to 100% of the sum assured. In case of the unfortunate demise of the life assured post maturity put prior to them turning 100 years old, the nominee shall receive an amount equal to 100% of the sum assured.|
The financial security offered by the Future Generali New Saral Anand can be enhanced with the purchase of a rider. There are two riders that can be attached to this plan for an extra nominal premium – the Future Generali Non Linked Accidental Death Rider and the Future Generali Non Linked Accidental Total and Permanent Disability Rider.
|Future Generali Non Linked Accidental Death Rider||The Future Generali Non Linked Accidental Death Rider can be attached to the Future Generali New Saral Anand plan to avail additional insurance cover in the event of the unfortunate demise of the life assured. In case of the death of the life assured as a result of an accident, the nominee will be eligible for a death benefit.|
|Future Generali Non Linked Accidental Total and Permanent Disability Rider||The Future Generali Non Linked Accidental Total and Permanent Disability Rider can be attached to the Future Generali New Saral Anand to avail additional insurance cover in case the life assured is subject to total and permanent disability as a result of an accident. The benefit under this rider can be claimed once the life assured confirms the total and permanent disability with medical proof.|
Suicide: In case the life assured commits suicide within a year from the date on which the policy came into effect, the nominee will be eligible for a death benefit worth 80% of the premiums paid until the date of death. In case the life assured commits suicide within a year from the revival date, the nominee will be eligible for a death benefit which will be the higher of the surrender value and 80% of the premiums paid until the date of death.
Following are some of the other key features of the Future Generali New Saral Anand:
|Free Look Period||Customers who are not satisfied with the terms and conditions of the policy have the option to return it to the company within 15 days from the date of receipt. In case the plan was purchased through distance marketing mode, the free look period will extend to 30 days.|
|Grace Period||Individuals who purchase the Future Generali New Saral Anand plan will have 30 days as grace period to ensure that due premiums have been paid. Failure to pay the premiums by the completion of the grace period will result in a lapse of the policy.|
|Policy Loan||Customers who purchase the Future Generali New Saral Anand can avail a loan against the policy provided it has acquired a surrender value. The maximum amount that can be availed against the plan is 85% of the surrender value.|
|Non-Payment of Premiums||In case the policyholder fails to make premium payments in full over the first three policy years by the completion of the grace period, the policy will lapse and all risk cover shall cease. In this case, the policyholder can revive the plan within two years from the due date of the first unpaid premium. If the policy has not been revived within the revival period, the policy will terminate and the policyholder will not be eligible for any benefits. In case the policyholder makes premium payments for three full years and then fails to pay the due premiums thereafter within the grace period, the Future General New Saral Anand plan will acquire a paid-up status. The paid-up policy can be revived within two years from the due date of the first unpaid premium. The paid-up policy can be surrendered at any time over the course of the policy term.|
|Surrender Value||Customers who would like to surrender their policies due to immediate cash requirements can do so after they have paid the premiums for at least three full policy years. Once the policy has been surrendered, the life assured will be eligible for the higher of the Guaranteed Surrender Value and Special Surrender Value. The Guaranteed Surrender Value will be a certain percentage of overall premiums paid (not including additional premiums, rider premiums and taxes) plus a certain percentage of vested compound reversionary bonus, if any. The Special Surrender Value of the policy will be based on Future Generali’s past demographic and financial experience of the plan.|
|Paid-Up Value||In case the due premium payments for the first three or more policy years have been made and subsequent premiums remain unpaid over the course of the grace period, the Future Generali New Saral Anand plan acquired a paid-up status and will see a reduction in the sum assured as well as the death sum assured in the same proportion as the ratio of number of premium payments made to the overall number of premiums payable. In case the life assured dies when the policy term is still in progress, the reduced death benefit available to the nominee will be the sum of the death paid-up sum assured and vested compound reversionary bonuses, if any. When the plan matures, the maturity paid-up sum assured will be paid to the policyholder on the date of maturity along with vested compound reversionary bonuses, if any. Once the policy term has ended, an extended benefit worth the paid-up sum assured will be paid either when the life assured dies or when he/she attains 100 years of age, whichever is earlier. The paid-up policy can be revived with two years from the due date of the first unpaid premium.|
|Nomination||Nomination is allowed under the Future Generali New Saral Anand as per Section 39 of the Insurance Act, 1938.|
|Assignment||Assignment is allowed under the Future Generali New Saral Anand as per Section 38 of the Insurance Act, 1938.|
Premiums paid towards the Future Generali New Saral Anand can be claimed as deductions under sections 80C, 80CCC (1) AND 80D of the Income Tax Act, 1961.
The Future Generali New Saral Anand plan is among the best options available to individuals who would like to save money for the future. Moreover, Future Generali has established itself as one of the top insurance providers in India thanks to its provision of quality products and services. The company is also home to a large workforce of experienced and expert professionals who can help you find the right policy that best suits your insurance needs. Add to it a dedicated customer service team that works round the clock and you can rest assured that your investment in the company will turn out to be hassle-free and fruitful.
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