Future Generali Saral Bima is a non-participating, non-linked, endowment plan that offers the option of regular premium payment and provides life insurance coverage. It can be challenging to find and select a life insurance cover that meets your needs and requirements, provides protection, and also provides a large sum of money as a death benefit so that your family can be protected. Future Generali Saral Bima meets these needs effortlessly. Some of the benefits that are offered with this plan are listed below:
An individual will have to meet the eligibility criteria listed below to avail the Future Generali Saral Bima:
|Minimum Age of Entry||7 years (As of last birthday)|
|Maximum Age of Entry||55 years (As of last birthday)|
|Minimum Maturity Age||18 years|
|Maximum Maturity Age||70 years|
The sum assured is based completely on the premiums that you will be required to pay to avail the benefits of the policy. The maximum sum assured with a Future Generali Saral Bima plan is Rs.5 crore. It should be noted that the sum assured depends on the type of policy term, age, and 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 Saral Bima Plan. The premiums that a policyholder will have to pay towards a Future Generali Saral Bima Plan is listed below:
|Minimum Premium Paid||Rs.9,000 per annum|
|Premium Payment Term||Same as the term of the policy|
|Premium Payment Frequency||
|Maximum Annualised Premium||No Maximum Limit|
*Premiums paid vary based on age, location, plan term and other factors
Premiums for Future Generali Saral Bima can be made using any of the following ways:
The Saral Bima Plan offered by Future Generali Life Insurance offers a number of benefits and these are listed in the tabular column below:
|Maturity Benefit||If the life assured survives till the policy matures, the policyholder will be entitled to the Sum Assured which is payable as Maturity Benefit. The policy will terminate once the Maturity Benefit has been paid.|
|Death Benefit||If the policyholder dies during the policy period, the higher of the following shall be payable to the nominee or beneficiary of the policy:
|Tax Benefits||As per prevailing tax laws of the Income Tax Department|
The Future Generali Saral Bima Plan can be strengthened to ensure additional protection, financial security, and insurance cover by purchasing a rider along with your regular insurance plan. The riders available to be clubbed with your Future Generali Saral Bima Plan are:
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 three full years. The amount that is payable will be the higher value between Special Surrender Value (SSV) and Guaranteed Surrender Value (GSV).|
|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.|
|Loan Facility||Loan facility is not available with this plan.|
|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 30% 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. The GSV is payable if the policy is surrendered in the 3rd year of the policy.|
Premiums that are paid towards a Future Generali Saral Bima 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 brings a history of quality products and services which has not diminished since its time of inception in 2006. It is hard to come by an investment option that offers great benefits and helps in wealth creation. Future Generali Saral Bima Plan provides the opportunity to secure your family’s future. The customer service facility is also available to address any problems or queries that you may have.
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