Maturity Benefits
If you have paid all your premiums, you will receive the following benefits after your guaranteed income plan matures:

Note:

• The annualised premium mentioned in the table above is excluding taxes, modal premium and extra premium, if any.
• You have the option to receive your Maturity Benefits in monthly instalments. In such a case, you will get 2.5% more than the annual instalment. The payment will be equal to the annual instalment amount divided by 12 and marked up by 2.5%, with the first monthly instalment paid at the end of 12th year (for a 11-year term) or 16th year (for a 15-year term). No mark-up will be done on Additional Benefits.
• At inception of this plan, you can opt for receiving the Maturity Benefits as a lump sum at the maturity date. The lump sum Maturity Benefits are equal to the value of instalments as mentioned above, discounted at a compound interest rate of 5.5% p.a.

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. 34,00,000 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 4,00,000.

Death Benefits

The Death Sum Assured shall be highest of the following:

• 10 times Annualised Premium(excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any), or

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

• Benefit as per Table below

Please Note:

• The death benefit mentioned above will be payable if your guaranteed income plan is inforce. The annualised premium mentioned in the table above is excluding taxes, modal premium and extra premium, if any.
• The nominee has the option to take a lump sum death benefit as the discounted value of outstanding instalments. The outstanding instalments (including the additional benefit amount) will be discounted at a compound interest rate of 5.5% per annum
• In the event of death during the payout period, regular 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 instalments. The outstanding instalments (including the additional benefit amount) will be discounted at a compound interest rate of 5.5% per annum. The value of lump sum payment to nominee is at least equal to Maturity Sum Assured less installments 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. 1,50,000 as the first payout when the death claim is settled and thereafter for 14 years on Krish’s death anniversary. The nominee will also receive an additional benefit of Rs. 4,00,000 along with the last installment.

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.

Grace Period:
You get a grace period of 30 days if you have opted for annual premium payment or 15 days if you have opted for monthly payment, from the premium due date to pay your missed premium. During these days, you will continue to be covered and 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 2 years 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:
In case you disagree with any of the terms and conditions of this policy in India, 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 India Life Insurance Company Limited will refund the policy premium after the deduction of proportionate risk premium for the period on cover, stamp duty charges, cost of medical examination, if any.

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 & magazine inserts or any other means of communication other than in person.

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 current interest rate for FY 2019-20 applicable on loans is 9% p.a . For more details, please refer to policy document.

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

If the Policy is in-force or otherwise has acquired Surrender Value on the Date when the life assured attains age 18 years, it shall automatically vest in the Life Assured on such Date.

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 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 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.