• Future Generali Pearls Guarantee 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 Pearls Guarantee Plan is a dual purpose scheme, offering protection and cashback to a policyholder and his/her family. This is ideal for those looking to not only purchase an insurance plan, but also aiming to generate returns on their investment in such plans. This scheme comes with a limited premium payment term, offering protection for a longer period at affordable rates. The Pearls Guarantee policy is a non-linked, non-participating scheme which maximises protection, paying an assured amount on maturity.

    Eligibility – Who is the Future Generali Pearls Guarantee Plan for?

    An individual looking to avail the benefits under this plan should keep these basic criteria in mind:

    Parameters Criteria for eligibility
    Minimum age at entry 7 years
    Maximum age at entry 55 years
    Minimum age at maturity 23 years
    Maximum age at maturity 73 years
    Plan type Non-linked, non-participating scheme

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

    Sum assured – The Pearls Guarantee scheme promises a guaranteed cashback amount on maturity/survival. This amount is a specific percentage of the sum assured. The sum assured, in simple terms, is the value of the policy, i.e., the amount which is paid by the insurer in case of certain circumstances. The sum assured in this policy depends on the age of a policyholder and the term of a given policy.

    Minimum Sum Assured Based on age of policyholder and policy term
    Maximum Sum Assured Based on age of policyholder and policy term

    Premium* - A policyholder pays a certain amount to maintain the policy. This amount can be paid either annually, quarterly, half-yearly, or monthly, based on his/her financial condition. This premium acts as an investment, with it offering returns. The sum assured is decided by the premium paid by a policyholder, with failure to pay this amount resulting in lapse of the policy. Under the Pearls Guarantee plan, a policyholder is expected to pay premiums for a limited period of time only (not for the entire policy term), thereby helping one save money.

    Minimum term of the policy 16 years
    Maximum term of the policy 18 years
    Premium Payment Term For 16 year policy term – 10 years For 18 year policy term – 12 years
    Premium Payment Mode
    • Monthly
    • Quarterly
    • Half-yearly
    • Yearly
    Note that monthly premiums are accepted only via electronic clearing system
    Minimum Single Premium Amount No option for single premium
    Maximum Single Premium Amount No option for single premium
    Minimum Monthly Premium Amount Rs.1,132.50
    Maximum Monthly Premium Amount Depends on sum assured
    Minimum Quarterly Premium Amount Rs.2,650
    Maximum Quarterly Premium Amount Depends on sum assured
    Minimum Half-yearly Premium Amount Rs.5,200
    Maximum Half-yearly Premium Amount Depends on sum assured
    Minimum Yearly Premium Amount Rs.10,000
    Maximum Yearly Premium Amount Depends on sum assured

    *The premium paid by an individual depends on factors like his/her age, the policy term, premium payment term, sum assured, etc.

    Plan Coverage – What the Future Generali Pearls Guarantee Plan covers

    The Future Generali Pearls Guarantee policy offers a maturity/survival benefit and a death benefit, depending on the circumstance. The table below highlights these benefits:

    Maturity Benefit A policyholder is entitled to a certain amount on survival/completion of the policy term. This amount is equivalent to a certain percentage of the sum assured and forms the guaranteed cashback component of the plan. 10% of the sum assured is paid back every year, after the completion of premium payment term. On completion of the policy term, 70% of the sum assured is paid, making the overall maturity benefit equivalent to 120% of the sum assured.
    Death Benefit In case of demise of policyholder during the policy period, a death benefit will be paid to his/her nominee. The amount payable varies depending on whether death occurred during the premium payment term or after the completion of the premium payment term.
    • If death occurs during premium payment term: In this case, the nominee will be paid an amount which is the highest among the following:
      • 10 x annualised premium
      • 1.20 x sum assured
      • 1.05 x total premiums paid
    • If death occurs after premium payment term, the nominee will be paid an amount which is the highest among the following:
      • 10 x annualised premium
      • 1.20 x sum assured – this amount will be paid even if a certain portion of the guaranteed cashback has already been paid
      • 1.05 x total premiums paid

    Riders/Add-on plans – Additional coverage under the Future Generali Pearls Guarantee Plan

    There is no option to enhance this plan with a rider. Interested individuals could approach the insurer to avail further details about the same.

    Exclusions – What the Future Generali Pearls Guarantee Plan does not cover

    The insurer will not pay any benefit if the policyholder commits suicide, whether in a sane or insane frame of mind. The nominee will be paid an amount equivalent to 80% of the sum assured if the policyholder commits suicide within a year of purchasing the policy. In case the suicide occurs after revival of a policy, the insurer will pay the nominee an amount equivalent to the surrender benefit or a sum equivalent to 80% of the premiums paid, subject to the suicide occurring within a year of renewal of policy.

    Other Key Features

    Grace period A grace period of 30 days is provided if the premium is paid annually, bi-annually, or quarterly. If the premium is paid every month, the grace period is limited to 15 days.
    Free look period 30 days if a policy is purchased through distance marketing modes, including SMS, email, DTH, telephone, magazines, etc. 15 days if the policy is purchased through any other mode.
    Revival A policy which has lapsed due to non-payment of premiums can be revived by paying all unpaid premiums plus any interest. Revival is possible only if all dues are cleared within two years of first missed payment.
    Surrender value Policies for which the premium has been paid for a minimum of 3 years are eligible for a surrender value. Such policies will be paid either the guaranteed surrender value or the special surrender value.
    Loan There is no provision for loan under this policy.

    Tax Benefits – How you can save with the Future Generali Pearls Guarantee Plan

    A policyholder can claim tax benefits on the premium paid towards this policy. Similarly, the amount received as maturity/death benefit is also eligible for tax benefits under the Income Tax Act. One should consult a tax expert to know the full quantum of benefits available.

    Why you should buy the Future Generali Pearls Guarantee Plan

    It is merely not sufficient to purchase an insurance plan which offers protection, for there could be instances wherein the cover is not adequate. A plan which offers cover plus assured returns on an investment is a better option, given the fact that inflation would not lower the value of the investment over time. The Pearls Guarantee Plan from Future Generali is one such plan which combines the protection provided by a traditional insurance scheme with the growth offered by other investment modes.

    A policyholder can be rest assured that his/her family will be financially protected even if something happened to him/her during the policy term. The returns on maturity are attractive, being 20% more than the sum assured chosen. This policy is easy to purchase and own, with Future Generali offering affordable premium options.

    Additionally, Future Generali is an ISO certified organisation, with a presence across the country. The insurer’s high claim settlement ratio (90.26% for 2015-16) highlights a commitment to resolve issues at the earliest. Purchasing this plan could be a smart investment move, offering returns and peace of mind to the policyholder.

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