Future Generali Pension Guarantee is a pension providing insurance scheme for customers looking for a pension plan that also saves on tax. This plan offers policyholders the flexibility of a limited period payment and staying invested for a long duration in order to create a retirement corpus with possible accruement of bonuses.
The plan guarantees a maturity value of at least 101% of the total sum of premiums paid, with additional bonuses, if applicable. A policyholder can make the following choices in order to procure a Future Generali Pension Guarantee Plan:
- Select the required amount of Sum Assured on Maturity.
- Select the vesting age.
- Select their Premium Payment Term, and mode of premium payment - single, limited or regular.
Listed below are the eligibility factors you must meet to purchase Future Generali Pension Guarantee Plan:
|Minimum Entry Age
|Maximum Entry Age
|Minimum Vesting Age
|Maximum Vesting Age
Sum Assured and Premium Range
Sum Assured: The policyholder can choose the Sum Assured amount for their Future Generali Pension Guarantee Plan, allowing them greater flexibility:
|Minimum Sum Assured
||Depending upon the minimum premium amount.
|Maximum Sum Assured
Premium Range: Future Generali Pension Guarantee is one of those rare plans that allows for full flexibility of selecting the premium amount, mode of payment, and term of payment, to a policyholder:
|Premium Payment Term
- Regular Premium.
- Limited Premium (of 10 years/15 years).
- Single Premium.
- Regular Premium: 10 to 20 years.
- Limited Premium:
- For PPT 10 years: 11 to 20 years.
- For PPT 15 years: 16 to 20 years.
- Single Premium: 10 years/15 years/20 years.
- For Regular and Limited Premium: Rs.11,000 p.a
- For Single Premium: Rs.90,000
*All premium amounts depend on the Maturity Sum Assured, Policy Term, and age of the policyholder.
Maturity Benefit: Upon vesting, the Sum Assured on Maturity plus any bonuses accrued on the policy will become payable to the Policyholder. He/she will have the option of:
- Utilising the entire proceeds to purchase a Single Premium Deferred Pension Plan.
- Commuting the maturity proceeds as a Lump Sum amount to the extent allowed under the Income Tax act and use the balance amount to purchase an immediate annuity from Future Generali which shall be guaranteed for life, at the then-prevailing annuity rate.
- Extending the term under the same policy (provided the Policyholder is below 55 years) soas to get the entitlement of the maturity proceeds afterwards.
Death Benefit: In case of unfortunate demise of the Life Assured during the Policy Term, the nominee receives the sum of all premiums paid till the date of death plus accrued bonuses till the date of death with a minimum guarantee of 105% of premium paid excluding Service Tax and extra premiums. The beneficiary can avail the policy proceeds in any of the following ways:
- Utilise the entire proceeds or part thereof for purchasing an annuity at the then prevailing rate from FGILICL.
- Withdraw the entire proceeds of the policy.
Annuity Benefit: The vesting amount received will be used to purchase immediate Annuity Plan.
Surrender Value: policy acquires a Surrender Value after all the due premiums have been paid for at least 3 full years for regular and limited premium payment policies and immediately after policy commencement date for Single Premium policies. You may terminate the policy before death during the Policy Term by surrendering the policy. On surrender, the higher of Guaranteed* Surrender Value and Special Surrender Value will be paid. These will be calculated as follows:
- Guaranteed Surrender Value: The Guaranteed* Surrender Value for regular and limited premium policies will be set equal to 30% of premiums paid under the base policy if the policy is surrendered in the 3rd year of the policy. For Single Premium policies, 70% of Single Premium will be the Guaranteed* Surrender Value if the policy is surrendered within 3rd year of the policy. If the policy is surrendered anytime between the 4th year of the policy and 7th year of the policy the Guaranteed* Surrender Value for regular and limited premium policies will be set equal to 50% of premiums paid under the base policy and for Single Premium policies, the Guaranteed* Surrender Value will be set equal to 90% of Single Premium.
- Special Surrender Value: This will be based on an assessment of the asset share progression at different durations of the policy. This assessment would be based on the Company’s past financial and demographic experience of the product/group of similar products and likely future experience and will be reviewed from time to time depending on changes in internal and external experience and likely future experience.
There are two rider options available under along with this plan:
- Future Generali Non Linked Accidental Death Rider
This add-on plan provides an additional insurance cover in case of accidental death resulting from an accident. The cover amount will be paid to your family.
- Future Generali Non Linked Accidental Total & Permanent Disability Rider
This add-on plan provides an additional insurance cover in case of total and permanent disability resulting from an accident. The cover amount will be paid on confirmation of the total and permanent disability.
Suicide: Death resulting directly or indirectly due to, through or in consequence of the self-harm or suicide
Other key features
Listed below are the key features of Future Generali Pension Guarantee Plan:
Free-look period: From the date of receipt of the policy document, you have 15 days to review the terms and conditions of the policy. If you have any objection to the terms and conditions, you have the option to return the policy and get a refund of the rider premiums paid minus risk premium for critical illness benefit and stamp duty charges.
Nomination: The annuitant can choose a nominee in the case of life annuity with return of purchase price option. The nominee will be paid the return of purchase price in the unfortunate event of the demise of the annuitant.
Policy Revival: The policy may be revived for full benefits within a period of two years from the due date of the first unpaid premium and before the date of maturity. The revival will be considered on receipt of:
- A written application from the Policyholder along with the proof of continued insurability of the Life Assured as specified by the Company from time to time
- On payment of all overdue premiums with interest (if any)
Grace Period: A Grace Period of 30 days from the premium due date will be allowed for payment of yearly, half-yearly and 15 days for monthly premiums. All the plan benefits will continue during the Grace Period.
Bonuses: The Company will declare compounded reversionary bonus from the first policy year provided all the due premiums have been paid as and when due. The bonus will be applied on the maturity Sum Assured along with the bonuses already accrued under the policy. The bonuses once allocated to the policy will be guaranteed* during the Policy Term.
With Future Generali Pension Guarantee Plan, the policyholder can get tax benefits on premiums paid under Section 80C, 80D, 80CCC(1), 10.10D of the Income Tax Act, 1961, as applicable.
There are several other benefits of purchasing insurance plans from Future Generali India Life Insurance Company Limited such as:
Online application: You can apply for insurance plans online through the company website in 4 easy steps.
Renew policy online: Through Net Banking, credit or debit card, you can easily renew your policy online.
Premium payment: You can make secure premium payments online through the company website.
Customer service: For any insurance related queries, SMS FG to 567678 or call toll-free numbers at 1860 500 3333/1800 220 233.
Policy alerts: Register to get policy notifications via SMS or email.
Why should you buy Pension Guarantee Plan from Future Generali India Life Insurance Company Limited?
The following are the reasons why you should buy Pension Guarantee Plan from Future Generali India Life Insurance Company Limited:
Future Generali India Life Insurance Company Limited is one of the leading insurance providers in the global market.
- The company caters to more than 12.6 lakh customers with 6,000 agents spread across 132 locations in India.
- Future Generali has settled over 1,80,000 claims a year.
- The claim settlement ratio of Future Generali Life is 90% for FY2016.
- The company has over 2,000 corporate clients.
- It is an ISO 90001:2008 certified company.