X
Why Buy Future Generali Assured Education Plan?
- This child education plan enables you to save systematically until your child turns 17 years for his/her graduation or post-graduation college fees
- Being a type of Guaranteed Income Plan, It offers you three options to receive Guaranteed payouts depending on your child's education milestones so that you receive the money when it is actually needed
- Your child's education is secured even in case of an unfortunate event in your life
- You can further strengthen your plan by opting for riders which covers you against an accidental death and/or accidental total and permanent disability
- Under this child education plan, you are eligible for Tax benefits as per prevailing tax laws
How ASSURED EDUCATION PLAN Works?
Step1Choose the benefit amount i.e. Sum Assured
- Decide the amount of money you would need for your child's graduation or post-graduation college fees.
Step2Choose between the riders
- Opt for riders as per your need
Step3Receive and review the benefit illustration for your requirements
- Our advisor will help you calculate the premium amount you need to pay for this child education plan
Step4Pay the premium
- Be assured of enjoying protection and guaranteed payouts to fund your child's education guaranteed income plan
;
BENEFITS
Maturity Benefit:
Now, you can be in complete control of your child's higher education by receiving guaranteed payouts. These payouts are designed in such a way that you are sure to use it only for payment of admission or tuition fees. Moreover, under this guaranteed income plan, you have the flexibility to choose between three options, Option A, B or C, to receive these payouts as per your child's education milestones
Let us understand your benefits with the help of an example
Raj is 30 years old and the father of a 1 year old, Aryan. As per his financial plan, he needs to get 
20 lakhs to fund Aryan's tuition fees through yearly payouts.
- He can choose to receive the maturity benefits as yearly payouts either as per Option A, B or C.
- The Policy Term and Premium Payment Term is 16 years as Aryan is 1 year old at beginning of the child education policy
- When Aryan turns 17 years, Raj will start receiving the guaranteed payouts.
- Raj has the option to receive this as under:
| Age of your Child | Year of Payout | Option A | Option B | Option C |
| Annual premium | 80,410 p.a |
74,280 p.a |
84,660 |
|
| 17 years | End of 16th Year (End of Policy Term) | 40% of Sum Assured i.e. 8,00,000 |
10% of Sum Assured i.e. 2,00,000 |
100% of Sum Assured i.e. 20,00,000 |
| 18 years | Policy Term + 1 years | 30% of Sum Assured i.e. 6,00,000 |
10% of Sum Assured i.e. 2,00,000 |
Nil |
| 19 years | Policy Term + 2 years | 20% of Sum Assured i.e. 4,00,000 |
10% of Sum Assured i.e. 2,00,000 |
Nil |
| 20 years | Policy Term + 3 years | 10% of Sum Assured i.e. 2,00,000 |
70% of Sum Assured i.e. 14,00,000 |
Nil |
Death Benefit
Uninterrupted protection for your child's education
Our plan ensures your child's education would not suffer in case you are not around. In such an unfortunate event, this guaranteed income plan will make sure your child gets the following guaranteed benefits to help achieve all the education milestones you have planned for:
We will:
- Waive off all future premiums payable under the policy
- Immediately pay guaranteed Death Sum Assured to ensure your family's immediate needs are taken care off
- Pay 5% of the Sum Assured immediately and on every death anniversary of the life assured till your child turns 17 years. This Guaranteed amount can be used to fund your child's regular school fees.
- Pay Maturity Benefit (100% of Sum Assured) as per your chosen option while purchasing the plan
Death Sum Assured shall be highest of the following:
- 10 times Annualised Premium(excluding applicable taxes, rider premiums, underwriting extra premiums and loading for modal premiums, if any) , or
- 105% of total premiums paid (excluding applicable taxes, rider premium and extra premiums, if any) as on date of death, or
- Maturity Sum Assured, which is equal to the Sum Assured
- Absolute amount payable on death, which is equal to the Sum Assured
Let us understand the Death Benefit from the previous example:
Raj has purchased Future Generali Assured Education Plan and he opted for Option B. He meets with an accident which causes his untimely death within one year after purchasing the child education policy in India. The benefits paid out to Raj's family will be as under:
Summary of Benefits
| Your Benefits | |
| Maturity Benefit | 100% of sum assured is paid in the manner as opted by you at inception |
| Death Benefit | Death Sum Assured is paid immediately to the nominee on death of the life assured. We will also pay, i) 5% of the Sum Assured on death and on every death anniversary of the Life assured during the Policy Term. ii) Maturity Benefit in the manner as opted by you at inception. |
Target Group
For parents looking for tax saving and a good child education plan that enables to save systematically until child turns 17 years for his educational needs along with adequate life cover in case of unfortunate death.
Eligibility
| Plan details | |||||||||||||||||||||||||||||||
| Entry Age (Age mentioned refers to age as on last birthday) |
Age of the Parent: 21 - 50 years Age of the Child: 0 - 10 years (Parent will be the Life Assured under the plan) |
||||||||||||||||||||||||||||||
| Maturity Age (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 maximum of 17 years in case of a newborn child. |
||||||||||||||||||||||||||||||
| Premium Payment Term | Will be same as Policy Term | ||||||||||||||||||||||||||||||
| Premium Payable | Minimum premium 20,000 Annually OR 2,000 MonthlyThere is no maximum premium limit |
||||||||||||||||||||||||||||||
| Premium payment frequency |
|
||||||||||||||||||||||||||||||
| Payout Options |
|
||||||||||||||||||||||||||||||
Â
Riders
To enhance your financial protection and to secure yourself/your family against accidental disability or demise, we present to you Riders which you may choose as an additional protection.
There are three rider options available under this plan.
- Future Generali Non Linked Accidental Death Rider (UIN 133B023V01)
- Future Generali Non Linked Accidental Total and Permanent Disability Rider (133B024V01)
- Future Generali Accidental Benefit Rider (UIN: 133B027V02)
The premium pertaining to health related or critical illness riders shall not exceed 100% of premium under the basic product, the premiums under all other life insurance riders put together shall not exceed 30% of premiums under the basic product and any benefit arising under each of the above mentioned riders shall not exceed the sum assured under the basic product.
Please refer to the respective rider brochures for more details.
DISCLAIMERS
Future Generali Assured Education Plan [UIN:133N057V02]
- Tax benefits are subject to change as per tax laws.
- For more details on the risk factors and the terms and conditions please read the sales brochure and/ or sample policy document on our website carefully, and/ or consult your advisor before concluding the sale.Â
Â
FREE LOOK CANCELLATION:
In case you disagree with any of the terms and conditions of the policy, you can return the policy to the company within 15 days (30 days if the policy is sold through the Distance Marketing Mode) of its receipt for cancellation, stating your objections. Future Generali will refund the policy premium after the deduction of proportionate risk premium for the period of cover, stamp duty charges, cost of medical examination, if any.
If the Policy is opted through Insurance Repository (IR), the computation of the said Free Look Period will be as stated below:-
- For existing e-Insurance Account: Computation of the said Free Look Period will commence from the date of delivery of the e mail confirming the credit of the Insurance Policy by the IR.
- For New e-Insurance Account: If an application for e-Insurance Account accompanies the proposal for insurance, the date of receipt of the ‘welcome kit’ from the IR with the credentials to log on to the eInsurance Account(e IA) or the delivery date of the email confirming the grant of access to the eIA or the delivery date of the email confirming the credit of the Insurance Policy by the IR to the eIA, whichever is later shall be reckoned for the purpose of computation of the Free Look Period.
Note: Distance Marketing means insurance solicitation by way of telephone calling/ Short Messaging Service (SMS)/other electronic modes like e-mail, internet & Interactive Television (DTH)/direct mail/ newspaper and magazine inserts or any other means of communication other than that in person.
Life Insurance Made Simple
-
Decoding Your Policy’s Fine Print
The fine print in a policy can come in the way of making an informed purchase. We’ve simplified the fine print into big print.
-
Ensure Your Claims Are Always Settled
Read the terms and conditions carefully. Ensure that your current health, occupation or lifestyle habits do not exclude you from getting the policy benefits.
-
Protecting Your Policy – Do’s & Don’ts
Do's and don’ts to protect your life insurance policy from unauthorised elements posing as company representatives.
-
Are You Financially Prepared For Your Future?
Find out how prepared you are to meet your financial goals, with our FutureReady calculator.
-
12 Questions to Ask Before You Buy
Buying a life insurance policy without asking your advisor the right questions is as good as crossing a road blindfolded.