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  • Future Generali Triple Anand Advantage Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility - Who is the Future Generali Triple Anand Advantage Plan for?

    People looking to buy this policy need to meet the eligibility criteria set by the insurance company. Here’s what it looks like:

    Particulars Details
    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

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

    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.

    Particulars Details
    Minimum Sum Assured Rs.2 lakhs
    Maximum Sum Assured Depends on the premium option chosen

    Premium Range:

    Here’s what premiums look like for this policy:

    Particulars Details
    Minimum Premium Rs.15,000
    Maximum Premium No limit
    Premium Payment Term Monthly, Half-yearly, or Yearly

    Plan Coverage - What the Future Generali Triple Anand Advantage Plan offers

    The Future Generali Triple Anand Advantage Plan comes with a range of extensive coverage features. They are mentioned below:

    Particulars Details
    Death Benefit If the person insured suffers an untimely death, the benefit payable will be the higher of:
    • 105% of the total premiums paid. (This excludes any taxes like service tax and deductions).
    • Death Sum Assured along with any applicable reversionary bonus and/or terminal bonus.
    Here’s what a Death Sum Assured under this policy: It will be the highest of:
    • Maturity Sum Assured
    • 10 percent of Annualised Premium
    • Absolute amount payable on death (which basically is the Sum Assured)
    Note that Death Benefit will be paid irrespective of any Survival Benefit paid at an earlier date. The policy will terminate once this benefit is paid.
    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.

    Exclusions - What the Future Generali Triple Anand Advantage Plan doesn’t cover

    This policy only has a suicide exclusion and the following process will ensue if the person insured commits suicide:

    • If death by suicide occurs within one year of commencement of the policy, 80% of the premiums paid will be offered as death benefit and the policy will thereafter be considered void.
    • If death by suicide occurs within one year of reviving the policy, the greater of 80% of the total premiums paid or the surrender value will be paid as a death benefit.

    Other Key Features - Freelook Period, Surrender Values, Grace Period etc.

    Here are some of the other key features of this policy:

    Particulars Details
    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

     

    Tax Benefits - How you can save with the Future Generali Triple Anand Advantage

    There are a few tax benefits available under this policy. They are as follows:

    • Deductions on premiums paid will be applicable based on Section 80C and 80CCC of the Income Tax Act.
    • Deductions on death benefit and survival benefit will be applicable based on Section 10 (10D) of the Income Tax Act.

    Other benefits - How you can save with the Future Generali Triple Anand Advantage Plan

    Besides the ones mentioned above, there are several other benefits which the Future Generali Triple Anand Advantage Plan offers. They are:

    • Triple benefit: As mentioned earlier at the beginning of this page, this policy offers triple benefits to the policyholder. These benefits include Money Back, Lump Sum Payment, and Coverage till the age of 80.
    • Online assistance: Any prospective policyholder can log on to the Triple Anand Advantage policy page and can calculate the premiums for the coverage they are looking for. They can also ask to set an appointment with an advisor who can help them with all their queries regarding the policy.
    • Online Premium Payment: Policyholders can choose to pay their premiums online through the Quick Pay option.

    Why you should buy the Triple Anand Advantage Plan by Future Generali

    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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