Savings plans have become immensely popular in the present day with several Indians purchasing insurance plans to boost their savings over a period of time. Traditional savings plans, as they are called, offer tax saving benefits, risk cover, fixed and increasing income covers to enable people to increase their savings besides enjoying a host of other impressive benefits.
Future Generali offers savings plans that are coupled with life insurance. These plans, apart from providing individuals with the sum assured (during the time of maturity), also provide bonuses depending on the policy. Bonuses are received at the time of the policy’s maturity.
Savings plans offer great benefits as they enable customers to accumulate a good amount of money and take care of any financial emergencies that more often than not, come unannounced. With these Future Generali Savings plans, you can realise your family’s financial goals for the future and help them be financially protected and secure in the future.
Let us look at the Savings Plans offered by Future Generali and look at the various benefits offered under these policies.
Benefits of Future Generali Savings Plans
Realising financial goals for the future: These policies help you to realise your family’s financial goals for the future. They offer a fixed sum assured and also offer benefits at the time of maturity.
Guaranteed savings offered over a long term period: Future Generali Savings plans offer guaranteed savings over a period of time. These savings are accumulated over the many years of paying premiums and serve to benefit your family in the hour of financial need.
Risk cover: As primarily an insurance policy, Future Generali Savings Plans offer a risk cover, ensuring that an amount equivalent to the sum assured is paid to your dependents in the event of unforeseen occurrences.
Benefits at the time of maturity: These savings plans offer you a bonus at the time of your policy’s maturity. The bonus is dependent on the sum assured (based on your premiums) and your tenure period.
Tax savings benefits: Future Generali Savings Plans offer tax benefits, allowing you to greatly reduce the amount you are expected to pay tax against. Tax benefits can be claimed under sections 80C and 10D of the Income Tax Act.
Types of Future Generali Savings Plans
Savings Plans offered by Future Generali can broadly be classified into three categories:
- Future Generali Traditional Plans
- Future Generali Guaranteed Plans and
- Future Generali Unit Linked Insurance Plans
Let us take a look at the various plans in detail and also see the different insurance policies offered under each of these plans.
Future Generali Traditional Plans
Traditional Plans by Future Generali come with maturity as well death benefits. There are three major Traditional Plans offered by Future Generali. They are:
The Future Generali Assure Plus
- The Assure Plus is a popular traditional plan offered by Future Generali Insurance Company and comes with a host of features and benefits. Let’s take a look at the various features of the Future Generali Assure Plus Plan:
- Customers can choose to pay their premiums on a yearly, quarterly, half-yearly or monthly basis. The plan provides ample flexibility and offers term options as well.
- Customers can receive bonuses throughout the period of their policy term.
- The plan provides the policyholder with an insurance cover in the event of the policyholder’s unfortunate death.
- Death benefit received under the policy is equivalent to 105% of the total premiums paid by the policyholder.
The Future Generali Triple Anand Advantage Plan
- The Triple Anand Advantage Plan is another popular traditional plan that is also a savings plan. Let us take a look at the plan’s salient features:
- The plan provides policyholders with a fixed sum for a stipulated period (5 years) after completion of the premium term.
- Policyholders also receive compounded bonuses at the end of the policy term. A lump sum payout is assured – 50% of the sum assured according to the policy and bonuses as applicable according to the policyholder’s choice of premium.
- If the policyholder survives till the age of 80, 100% of the sum assured under the policy will be paid-out. Also, the sum assured will be paid to the policyholder’s nominee in the event of the policyholder’s unfortunate demise.
The Future Generali New Saral Anand
- The New Saral Anand Plan comes with its own bouquet of benefits. Let us take a look at the plan’s noteworthy features:
- Like other traditional plans offered by Future Generali, the New Saral Anand plan offers a lump sum pay-out at the time of the policy’s maturity.
- The policyholder will receive the sum assured in accordance with his/her chosen plan and also receive compounded bonuses and terminal bonuses. Compounded bonuses (Reversionary bonuses) and terminal bonuses will be received if there are any.
- The policyholder’s nominee will receive the sum assured in the event of his/her unfortunate demise.
- The New Saral Anand policy provides the policyholder with tax benefits under sections 80C and 10D of the Income Tax Act.
Future Generali Unit Linked Insurance Plans
Unit Linked Insurance Plans from Future Generali enable individuals obtain benefits of an insurance policy along with the benefits of an investment cum savings policy. Fundamentally, Unit Linked Insurance Plans offer an insurance cover besides providing the customer with investment options to accumulate a good amount of money over the period of the policy term and address various long-term financial commitments. Let us take a look at the Unit Linked Insurance Plans offered by Future Generali. These policies basically come under Savings plans as they allow policyholders to accumulate a good deal of savings over time.
There are 6 types of Unit Linked Insurance Plans offered by Future Generali. They are:
- The Future Generali Easy Invest Online Plan
- The Future Generali Dhan Vridhi
- The Future Generali Wealth Protect Plan
- The Future Generali Bima Advantage Plus
- The Future Generali Bima Gain
- The Future Generali Pramukh Nivesh ULIP
Salient features of Unit Linked Plans offered by Future Generali:
- Customers can choose from any one of 6 Unit Linked Insurance Plans offered by Future Generali – they can choose a plan that best suits their requirements and one that addresses their long term commitments fittingly.
- The amount paid as premium is invested in the capital markets – customers get investment benefits as well as an insurance cover.
- The entire value of the fund is payable after the Plan matures. Customers can expect to receive a lump sum pay-out at the end of the policy term.
- Customers can partially withdraw funds from their investment after a period of 5 years. Unit Linked Insurance Plans are structured specifically to help customers meet long term financial commitments.
- The sum insured is paid to the policyholder’s nominee in case of the policyholder’s demise.
- Unit Linked Insurance Plans offer flexibility to customers – premium payments can be made on a yearly, half-yearly, monthly or quarterly basis.
- All plans make sure that the customer accumulates a lump sum amount over the course of the policy term. Customers will also receive maturity benefits at the end of the policy term – additional fund units are given to the policyholder during the last 5-year term of the policy. This is only in the case of select policies.
- Unit Linked Plans offer tax benefits under sections 80C and 10D of the Income Tax Act.
- Customers can choose to switch from one fund to another to maximise investment benefits under these Unit Linked Plans offered by Future Generali.
Future Generali Guaranteed Plans
Guaranteed plans are again, savings plans offered by Future Generali and come with guaranteed returns along with a string of other benefits including tax saving benefits, maturity benefits and fixed income benefits. Future Generali offers 6 types of Guaranteed Plans. These include:
- The Future Generali Big Income Multiplier Plan
- The Future Generali Pearls Guarantee
- The Future Generali Assured Income Plan
- Future Generali Assured Education Plan
- Future Generali Assured Money Back Plan
- Future Generali Saral Bima Yojana
Salient features and benefits offered by Future Generali Guaranteed Plans
- These Guaranteed Plans offer fixed income benefits for a stipulated period of time, depending on the customer’s choice of plan. Usually, customers can get regular income for a period between 10 years and 30 years.
- Guaranteed Plans offer tax benefits to customers under Sections 80C, 10D and 80D of the Income Tax Act, 1961.
- Guaranteed plans offer both maturity and death benefits. These plans basically require the policyholder to pay a fixed amount over the policy’s premium term. The policyholder will subsequently receive a regular income after the end of the premium term, for a fixed period of time.
- Under the death benefit, the policyholder’s nominee will receive the sum assured in the occurrence of any unforeseen event.
- In the case of most guaranteed plans, customers can choose to pay their premiums flexible - either on an annual, half-yearly, monthly, or quarterly basis.
Types of Group Plans offered by Future Generali
|Future Generali Assure Plus
||3 years - 55 years
||Policy Term: 15 years/20 years/25 years
||Minimum Premium: Rs. 12,000 p.a.
|Future Generali New Saral Anand
||3 years - 50 years
||Policy Term: 15 years - 20 years
||Minimum Premium: Rs. 8,000
maximum Premium: No Limit
|Future Generali Triple Anand Advantage
||7 years - 50 years
||Policy Term: 5 years+ Premium Term
Premium Term: 15 years/20 years
||Minimum: Rs. 15,000
Maximum Premium: No Limit
|Future Generali Easy Invest Online Plan
||0 years - 50 years
||18 years - 70 years
||Annual - Rs.40,000
Monthly - Rs.4,000
|Future Generali Wealth Protection Plan
||7 years - 60 years
||Yearly: Rs. 25,000
Half Yearly: Rs. 12,500
|Future Generali Dhan Vridhi Plan
||8 years - 50 years
||Maximum - Rs.20,000
Minimum - No minimum amount
|Bima Advantage Plus
||7 years - 65 years
||Maximum - Rs.20,000
Minimum - No minimum amount
The Future Generali Big Income Multiplier Plan
4 years to 50 years
18 years to 64 years
Minimum Premium Payable Rs. 1,500 p.m or Rs. 18,000 p.a.
|The Future Generali Pearls Guarantee Plan
||7 years to 55 years
||16 years to 18 years
||Minimum Premium : Rs. 10,000 p.a.
|The Future Generali Assured Money Back Plan
||18 years to 50 years
||15 years/17 years/ 20 years/ 22 years
||Minimum Premium for 5 year or 7 year Premium Term : Rs. 18,000
Minimum Premium for 12 year premium term : Rs. 24,000
|Future Generali Assured Income Plan
||For 11 year Policy term: years to 50 years.
For 15 year Policy Term: 5 years to 50 years.
||11 years or 15 years, depending on the customer’s choice
||Minimum Premium can vary.
|Future Generali Saral Bima Plan
||7 years to 55 years
||10 years to 50 years, depending on the customer’s choice
||Minimum Premium: Rs. 9,000 p.a.
|Future Generali Assured Education Plan
||Entry age for parent: 21 years to 50 years of age.
Entry age for child: 0 to 10 years
||17 years – Age of child during the time of purchase of policy.
||Minimum monthly premium amount: Rs. 2,000.
Minimum annual Premium amount: Rs. 20,000.
Why one needs a Savings Plan from Future Generali?
If you are looking for an ideal savings plan, Future Generali might just be the right provider for you for a number of reasons. Besides offering almost 15 Savings plans in the form of Traditional Plans, Unit Linked Insurance Plans and Guaranteed plans, there are scores of other benefits that can be derived from these plans. Let’s take a look:
- Future Generali Savings Plans are built to offer flexibility and can be customised according to align with the interest of the customer. Premiums payments in the case of most plans can be made either on a yearly, half-yearly, quarterly or monthly basis.
- All plans come with a life cover, meaning, your nominee will get the sum assured (according to the plan) in the event of unforeseen incidents or occurrences.
- Unit Linked Insurance Plans, which are classified under Savings Plans, are built to offer both insurance and investment options. subscribing to a Unit Linked Insurance Plan will allow you to accumulate a large chunk of wealth over a long term period, enabling you to take care of financial commitments in the long term.
- Unit Linked Insurance Plans also allow you to shift from one fund to another, allowing you to maximize your benefits.
- These plans come with tax benefits - you pay much lesser in tax. This is in accordance with sections 80C, 80D and 10D of the Income Tax Act of 1961.
- Guaranteed plans provide you with guaranteed, regular income after the premium term. They work as income guarantee plans and help you earn even after your retirement. If you are still employed, they provide you with a source of additional income.