Future Generali Assured Education Plan
Individual, Non-Linked, Non-Participating (without profits), Savings Life Insurance plan

Future Generali Assured Education PlanIndividual, Non-Linked, Non-Participating (without profits), Savings Life Insurance plan

  • Age at Entry:

    Age of the Parent:
    21 - 50 years

    Age of the Child:
    0 - 10 years

    (Parent will be the Life Assured under the plan)

  • Policy Term:

    17 years minus age of the child at the time of purchase

    i.e. Minimum 7 years if the child's age is 10 years

    Maximum 17 years in case of a newborn child

  • Premium Payment Term:

    Will be same as Policy Term

  • Premium Payment Frequency:

    Annually or Monthly

  • Premium payable:

    Minimum premium:
    Rs. 20,000 Annually OR
    Rs. 2,000 Monthly

    Maximum premium: No Limit

  • Maturity Age:

    Minimum: 35 years

    Maximum: 67 years

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 Rs20 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 Rs80,410 p.a Rs74,280 p.a Rs84,660
17 years End of 16th Year (End of Policy Term) 40% of Sum Assured i.e.
Rs 8,00,000
10% of Sum Assured i.e.
Rs 2,00,000
100% of Sum Assured i.e.
Rs 20,00,000
18 years Policy Term + 1 years 30% of Sum Assured i.e.
Rs 6,00,000
10% of Sum Assured i.e.
Rs 2,00,000
Nil
19 years Policy Term + 2 years 20% of Sum Assured i.e.
Rs 4,00,000
10% of Sum Assured i.e.
Rs 2,00,000
Nil
20 years Policy Term + 3 years 10% of Sum Assured i.e.
Rs 2,00,000
70% of Sum Assured i.e.
Rs 14,00,000
Nil

maturity benefit assuredEducation

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:

death benefit assuredEducation

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 Monthly
There is no maximum premium limit
Premium payment frequency
  • The premiums can be paid in Annual or Monthly modes only
  • Monthly premiums can only be paid by Electronic Clearing System (ECS). The premiums for monthly mode is 8.83% of annual premium
Payout Options
You can choose to receive benefits based on your child's education needs as follows when your child turns 17 years of age.
Age of your Child Payout period Option A Option B Option C
17 years End of Policy Term 40% of Sum Assured 10% of Sum Assured 100% of Sum Assured
18 years Policy Term + 1 year 30% of Sum Assured 10% of Sum Assured Nil
19 years Policy Term + 2 years 20% of Sum Assured 10% of Sum Assured Nil
20 years Policy Term + 3 years 10% of Sum Assured 70% of Sum Assured Nil

 

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. 

 

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.

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