The Future Generali Triple Anand Advantage Plan is a traditional savings policy which offers three unique benefits to the policyholder. To begin with, the plan allows the customer to choose a benefit that suits them better. Investors can choose between money back over a period of five years, get a lump sum payment, and also receive life cover till the time they are 80 years of age.
People looking to buy this policy need to meet the eligibility criteria set by the insurance company. Here’s what it looks like:
|Minimum Entry Age||7 years|
|Maximum Entry Age||50 years|
|Minimum Maturity Age||27 years|
|Maximum Maturity Age||75 years|
|Plan Type||Traditional Savings Plan|
The Triple Anand Advantage comes with a distinct sum assured and premium range figures. You will find them mentioned below:
Sum Assured: This is the amount a policyholder or their nominees will receive if the person insured dies or if the policy reaches the maturity age.
|Minimum Sum Assured||Rs.2 lakhs|
|Maximum Sum Assured||Depends on the premium option chosen|
Here’s what premiums look like for this policy:
|Maximum Premium||No limit|
|Premium Payment Term||Monthly, Half-yearly, or Yearly|
The Future Generali Triple Anand Advantage Plan comes with a range of extensive coverage features. They are mentioned below:
|Death Benefit||If the person insured suffers an untimely death, the benefit payable will be the higher of:
|Survival Benefit||If the person assured survives the policy term, they will receive annual payouts which will be equal to 10% of the Sum Assured. The payouts will be available for a period of 5 years.|
|Maturity Benefit||Once the policy matures, which typically happens after five years from the initiation date, a sum equal to 50% of the Sum Assured will be paid along with any applicable reversionary and terminal bonuses.|
|Extended Life Cover||Under this, the person insured will have a life cover till the time they reach 80 years of age. Once 80 years are reached, a sum equal to 100% of the Sum Assured will be paid. On the off chance that the person insured dies before he/she turns 80, a sum equal to 100% of the Sum Assured will be paid to the nominees.|
|Compounded Reversionary Bonus||After each financial year comes to an end, the insurance company may or may not offer a bonus on the total Sum Assured. This bonus will be added to the Sum Assured and a new bonus will be calculated during the subsequent years.|
|Terminal Bonus||The company holds the discretion to declare any terminal bonus depending on its economic conditions.|
This policy only has a suicide exclusion and the following process will ensue if the person insured commits suicide:
Here are some of the other key features of this policy:
|Free Look Period||This policy comes with a free look period of 15 days (30 days if it was sourced through distance marketing mean), within which the policyholder should return the policy if he/she doesn’t agree with the terms and conditions. Also, the policyholder should state a reason for the same. However, the company will hold the right to deduct certain expenses like the ones incurred for conducting medical examination from the premiums paid.|
|Grace Period||The Triple Anand Advantage policy comes with a grace period of 15 days from the due date for premium payment within which the premium needs to be paid. In the case of half-yearly and yearly premium payment terms, the grace period stands at 30 days.|
|Policy Loan||This policy comes with a loan facility wherein the policyholder can avail a loan of up to 85% of the sum assured. To get the loan, however, the fund must acquire the surrender value.|
|Alteration||A policyholder can choose to alter the terms of the policy with regards to the premium amount and payment term provided that they provide a valid reason. However, the granting of this request will depend on the underwriting rules of the company.|
|Lapse||If the premiums for the first three years are not paid within the grace period, the policy will lapse and the coverage offered by the policy will cease to exist.|
|Surrender Value||If a policyholder decides to surrender the policy after three policy years, he/she will receive the greater of either the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV).|
|Paid-up Value||In the case of the policyholder not paying the premiums after the first three years, the policy will be turned into a paid-up one and Sum Assured and Death Sum Assured will be brought down proportionately. If the person insured dies when the policy is in a paid-up state, the reduced death benefit along with any reversionary bonus or terminal bonus will be paid to the nominees.|
|Nomination||Nomination facility is available based on Section 39 of the Insurance Act|
|Assignment||Assignment facility is available based on Section 38 of the Insurance Act|
There are a few tax benefits available under this policy. They are as follows:
Besides the ones mentioned above, there are several other benefits which the Future Generali Triple Anand Advantage Plan offers. They are:
Future Generali is a joint venture between Future Group and Generali Insurance of Italy. The company merges the local knowledge of the Future Group along with the insurance expertise of the Italian giant to offer exclusive policies to its 12.6 lakh plus customers. Besides this, the firm has one of the highest claim settlement ratios in the country as it settles more than 180,000 claims each year. Another important aspect about this company is that it is present in over 130+ locations in India and has more than 6000 agents working round the clock.
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