Future Generali India Life Insurance launches the Assured Education Plan
A simple plan with guaranteed returns
Future Generali India Life Insurance Company Limited (FGILI), a joint venture between Future Group - the leading retailer of India, Assicurazioni Generali - a global insurance group and one of the world's 50 largest companies* - a leading NBFC, today announced the launch of the Assured Education Plan which is a non-linked and non-participating, guaranteed plan. This is a simple insurance plan designed to financially secure the child's education milestones by providing a savings platform along with a premium waiver option in case of an unforeseen event.
Plan at a glance
| Parameter | Criteria |
| Entry Age (Age mentioned refers to age as on last birthday) |
Age of the Child: 0 - 10 years Age of the Parent: 21 - 50 years (Parent will be the Life Assured under the plan) |
| Maturity age of the Parent (Age mentioned refers to age as on last birthday) |
Minimum: 35 years Maximum: 67 years |
| Policy Term | 17 years minus age of the child at the time of purchase. i.e Minimum of 7 years if the child's age is 10 years. to a maximum of 17 years in case of a new born child. |
| Premium Paying Term | Will be same as policy term |
Key features of the plan
- The plan enables the customer to save systematically until his/her child turns 17 years of age.
- The plan offers three options to receive guaranteed payouts depending on the milestones set by the parent.
- In case of death of the parent, the plan continues to pay for the child's school education and ensures that the family is financially secure.
- All future premiums get waived
- A lump sum amount called as death sum assured is paid immediately to take care of the family's immediate needs.
- Additionally a payout of 5% of the sum assured is paid every year until the child turns 17 to ensure that the school education is uninterrupted.
- The payouts as per the set milestones are also paid when due to secure the higher education of the child.
On the occassion of the launch, Mr. Munish Sharda, Managing Director & CEO, Future Generali Life Insurance said, "I truly believe that saving for your children's education is one of the top priorities for all of us and it has come out time and again in many market studies and surveys. With the rising cost of education, it is important to save in a disciplined manner. With this objective in mind, we have launched the Future Generali Assured Education Plan, with a differentiated proposition in line with our simple to understand and customer-focused product strategy. This is a comprehensive life insurance plan which provides protection to the family in terms of income benefit as well as waiver of future premiums in case of an unfortunate event. These simple and versatile products are in line with our philosophy of delivering value and offering best-in-class services to our customers."
About Generali
The Generali Group is one of the largest global insurance providers with 2013 total premium income of €66 billion. With 77,000 employees worldwide serving 65 million clients in more than 60 countries, the Group occupies a leadership position on West European markets and an increasingly important place on markets in Central Eastern Europe and Asia.
About Future Group
Future Group operates some of India's most popular retail chains including Central, Big Bazaar, Food Bazaar, Home Town and eZone. Apart from its allied businesses in Life and General insurance, the Group is also present in the domain of logistics infrastructure and supply chain and brand development. The group operates over 17 million square feet of retail space in over 90 cities and towns and 60 rural locations across India. The group's retail formats connect over 300 million customers to over 30,000 small, medium and large enterprises that supply products and services to its retail chains. Future Group believes in developing strong insights on Indian consumers and building businesses based on Indian ideas, as espoused in the group's core value of 'Indianness.' The group's corporate credo is, 'Rewrite rules, Retain values'.
