Maturity Benefits
If the Life Assured is alive on the Maturity Date and if all Instalment Premiums have been received in full, the Maturity Benefit shall be payable as follows:

• i. Equal annual Maturity Benefit instalments shall be payable at the end of each year from Policy Term +1 year till the end of Payout Period.
• ii. Payout Period will be equal to policy term.
• iii. Annual Maturity Benefit Instalment amount = Maturity Benefit Multiplier (as per table 1) X Annualized premium (excluding the taxes, modal loading, rider premiums, underwriting extra premiums, if any)
• iv. Additional benefit, based on the age at entry of the Life Assured shall be payable along with the last instalment.

How it works?

Let’s understand it with the help of an example for PT/PPT of 8, 11 & 15 years (Regular Pay):.

Note:

• The annualised premium mentioned in the table above is excluding taxes, rider premium, modal premium and underwriting extra premium, if any.
• At the inception of the policy, you can opt to take your Maturity Benefit as lump sum at the Maturity Date. The lump sum Maturity Benefit is equal to the value of Maturity Benefit instalments as mentioned above, discounted at a compound interest rate of 6.85% per annum.

The Policyholder may choose to receive Maturity Benefit instalments in half yearly, quarterly or monthly frequency instead of taking it annually. In such cases, the instalments shall be payable as follows:

• Yearly – 100% of (Annual Maturity Benefit Instalment) shall be payable on annual policy anniversary in arrears

• Half yearly – 50.67% of (Annual Maturity Benefit Instalment) shall be payable on half yearly policy anniversary in arrears

• Quarterly – 25.5% of (Annual Maturity Benefit Instalment) shall be payable on quarterly policy anniversary in arrears

• Monthly – 8.54% of (Annual Maturity Benefit Instalment) shall be payable on monthly policy anniversary in arrears.

The frequency to receive Maturity Benefit Instalments need to be chosen at inception and cannot be changed during the Policy Term.

Maturity Benefit Illustrated:

For example: Krish is 30 years old and pays Rs. 1,00,000 as annual premium (excluding applicable tax) for a term of 15 years. He will receive Rs. 34,80,000 over the next 15 years. Let us explain how?
He will receive Rs 2,00,000 every year from the end of the 16th to the 30th year. Plus, in the last year i.e., the end of the 30th year, he will enjoy an additional income of Rs. 4,80,000.

Death Benefits

The Death Benefit shall be highest of the following:

• i.Sum Assured on Death i.e. Death Benefit Multiple X Annualized Premium (excluding the taxes, rider premiums, underwriting extra premiums if any), or

• ii.105% of total premiums paid (excluding any extra premium, any rider premium and taxes, if collected explicitly) as on date of death ,or

• iii.Total annual instalments which is equal to: Annual Instalment amount X Policy Term
  Where, Annual Instalment amount = Death Benefit payout rate (as per table 1) * Annualized premium (excluding the taxes, rider premiums, underwriting extra premiums if any)

Death Benefit payout rate table

In case of death of the Life Assured during the policy term, provided all due premiums till date of death have been paid, the Death Benefit shall be paid in the following manner.

• Equal Death Benefit instalments shall be payable with the first instalment being paid at the time of claim settlement and the remaining Death Benefit instalments payable on each of the following death anniversary of the Life Assured.

How it works?

Let’s understand it with the help of an example for PT/PPT of 8, 11 & 15 years (Regular Pay):.

Please Note:

• The death benefit mentioned above will be payable if your policy is inforce. The annualised premium mentioned in the table above is excluding taxes, rider premium and underwriting extra premium, if any.

The Policyholder may choose to receive Death Benefit instalments in half-yearly, quarterly or monthly frequency instead of taking it annually. In such cases, the Death Benefit instalments shall be payable as follows:

• Yearly – 100% of (Annual Death Benefit Instalment) shall be payable on annual policy anniversary in arrears

• Half yearly – 50.67% of (Annual Death Benefit Instalment) shall be payable on half yearly policy anniversary in arrears

• Quarterly – 25.5% of (Annual Death Benefit Instalment) shall be payable on quarterly policy anniversary in arrears

• Monthly – 8.54% of (Annual Death Benefit Instalment) shall be payable on monthly policy anniversary in arrears.

The frequency to receive Death Benefit Instalments need to be chosen at inception and cannot be changed during the Policy Term.

Lumpsum Death Benefit, if death occurs during the Policy Term:

The nominee has the option to take a lump sum death benefit as the discounted value of outstanding Death Benefit instalments. The outstanding Death Benefit instalments will be discounted at a compound interest rate of 6.85% per annum

Lumpsum Death Benefit, if death occurs during the Payout Period:

In the event of death during the payout period, regular Maturity Benefit instalments as per the maturity benefit will be paid to the nominee. The nominee has the option to take a lump sum death benefit as a discounted value of outstanding Maturity Benefit instalments. The outstanding Maturity Benefit instalments will be discounted at a compound interest rate of 6.85% per annum. The value of lump sum payment to nominee is at least equal to Sum Assured on Maturity less Maturity Benefit instalments already paid

Death Benefit Illustrated 

For example: Krish is 30 years old and has purchased the plan for a duration of 15 years with an annual premium of Rs. 1,00,000. He pays the premium for 4 years and unfortunately expires during the 4th policy year. In this case, the nominee will receive Rs. 70,000 as the first payout when the death claim is settled and thereafter for 14 years on Krish’s death anniversary.

Target Group

For customers who are looking for guaranteed income  and tax saving life insurance plan which provides guaranteed returns over 11/ 15 year payout period in the form of monthly/annual stream of income.

Little privileges just for you

Grace Period:
You get a grace period of 30 days for Annual, Half-yearly and Quarterly Premium Payment Frequency and 15 days for Monthly Premium Payment Frequency, from the premium due date to pay your missed premium. During these days, risk on your life you will continue to be covered and your nominee will be entitled to receive all the benefits subject to deduction of due premium.

Change in Premium Payment Frequency:
You can change your premium payment frequency subject to minimum eligibility criteria. Such change shall be applicable from the next Policy Anniversary.

Auto Cover

After payment of at least 1 year premiums, if you are not able to pay premium within the grace period, you will get an auto cover of one year.

If death occurs during the Auto Cover period, the Death Benefit payable will be as for an in-force policy after deducting unpaid due premium.

If due premium remains unpaid during the Auto Cover period, the policy will be converted to a paid-up policy.

Auto Cover will be available only once during the Policy Term and will not be available if the policy has been converted to a paid-up policy.

Free Look Period:
If you disagree with the terms and conditions of the Policy, you can return the Policy within 30 days of receipt of the Policy Document (whether received electronically or otherwise). To cancel the Policy, you can send us a request for cancellation along with the reason for cancellation. We will cancel this Policy if you have not made any claims and refund the Instalment Premium received after deducting proportionate risk Premium for the period on cover, stamp duty charges and expenses incurred by us on the medical examination of the Life Assured (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 email 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 e-Insurance 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.

Loan :

You may avail a loan once the policy has acquired a Surrender Value. The maximum amount of loan that can be availed is up to 85% of the Surrender Value. The minimum amount of policy loan that can be taken is Rs. 10,000. For more details, please refer to the policy document. The interest rate applicable for the Financial Year will be declared at the start of the Financial Year, basis current market interest rate on 10-year Government Securities (G-Sec) as on 31st March every year + 2% rounded to nearest 1%. The current interest rate applicable on loans is 9% per annum compounded half-yearly for the Financial Year 2024-25. Please contact Us or Our nearest branch for information on latest interest rate on loans.

Vesting of the Policy in case of policies issued to minor lives

The policy vests on the life assured on the policy anniversary coinciding with or immediately following the 18th birthday of the life assured. In case of death of Policyholder, while the Life Assured is a minor, the surviving parent/ legal guardian may be appointed as a new Policyholder. In case the policy is in paid-up status or upon non-payment of future premiums.

Nomination and Assignment :

Nomination, in accordance with Section 39 of the Insurance Act, 1938 as amended from time to time, is permitted under this policy.

Assignment, in accordance with Section 38 of the Insurance Act, 1938 as amended from time to time is permitted under this policy.

Policy purchased under MWP ( Married Women’s Property) Act cannot be assigned.

Suicide: In case of death of Life Assured due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.

Grievance Redressal Processes

In case you have any grievances on the solicitation process or on the Product sold or any of the Policy servicing matters, you may approach the Company in one of the following ways:

• (a) Calling the Customer helpline number 1800-102-2355 for assistance and guidance.
• (b) Emailing at care@futuregenerali.in
• (c) You may also visit us at the nearest Branch Office. Branch locator - https://life.futuregenerali.in/branch-locator/
• (d) Senior citizens may write to us at the following id: senior.citizens@futuregenerali.in for priority assistance
• (e) You may write to us at: Customer Services Department Future Generali India Insurance Co. Ltd, Unit 801 and 802, 8th floor, Tower C, Embassy 247 Park, L.B.S Marg, Vikhroli ( W ) Mumbai – 400083

We will provide a resolution at the earliest. For further details please access the link: https://life.futuregenerali.in/customer-service/grievance-redressal-procedure