Future Generali Assured Income Plan

Future Generali Assured Income Plan

  • Premium Payment Term:

    11 years / 15 years

  • Age at Entry:

    7 to 50 years for a 11 year policy term
    5 to 50 years for a 15 year policy term

  • Policy Term:

    11 years / 15 years

  • Guaranteed Payouts:

    Policy Term 11 Years: Annual Instalments of 1.5 times of Annualised Premium will be paid for 11 years once the premium payment term is over.

    Policy Term 15 Years: Annual Instalments of 2 times of Annualised Premium will be paid for 15 years once the premium payment term is over.

    Additional Benefit upto 4.5 times of Annualised Premium along with the last instalment

  • Death Benefit:

    15.3 to 27.0 times of annualised premium

    Payout Period:

    Equal to Policy Term

  • Loan Facility:

    Yes

    Tax Benefit:

    Yes

     

Take control of your future with assured income

  • You are always striving to give your family and loved ones the best lifestyle you can. However, life also has its share of uncertainties and risks. In a world where so much can change, there’s finally one thing which won’t change. Your financial security.
  • Our Future Generali Assured Income Plan is a life insurance plan that provides life cover and ensures that you get guaranteed returns on your premiums.
  • This plan comes with 2 term options, at the end of which you enjoy regular assured annual income plus an additional benefit ranging from 1 to 4.5 times your annualized premium depending on life assured's age. What’s more, the life assured gets a death cover and is sure that his/her savings are safe and multiplying.

 

 

Unique product benefits

Guaranteed Income – Pay premiums only for 11/15 years and get guaranteed payout for the next 11/15 years.

Additional Income – Receive additional benefit ranging from 1 to 4.5 times your annualised premium along with the last payout.

Death Benefit – Depending on life assured’s age and the term you choose for your policy, life assured will be covered for amounts ranging from 15.3 to 27.0 times your annualised premium, which includes the additional benefit.

Tax Benefit – You may be eligible for tax benefits on the premium(s) you pay and benefit proceeds, according to the provisions of Section 80C and 10(10D) whichever is applicable, subject to fulfillment of conditions as specified in the respective sections. These benefits are subject to change as per the current tax laws. Please consult your tax advisor for more details

How does it work?

Step1Choose a tenure for your plan
  • Decide how much income you would like to receive from the end of 12th year (if Policy Term chosen is 11 years) or from the end of 16th year (if Policy Term chosen is 15 years)
Step2Pay the premium
  • Pay the premium amount for your desired income 
Step3Get ready to receive your guaranteed income
  • Receive guaranteed income every year/month for 11 years (if Policy Term chosen is 11 years) or for 15 years (if Policy Term chosen is 15 years) after the policy term & an additional benefit along with the last payout.
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What are your benefits?

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

Your Benefits 11-year Term 15-year Term
Maturity Benefits A: 11 annual instalments of 1.5 times your annualised premium from the end of the 12th year to the end of 22nd year
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B: Additional Benefits at the end of the 22nd year (based on age at entry shall be paid)
A: 15 annual instalments of 2 times your annualised premium from the end of the 16th year to the end of 30th year
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B: Additional Benefits at the end of the 30th year (based on age at entry shall be paid)
Total Maturity  Benefits 17.5 to 21 times of annualised premium depending upon life assured's age when you purchased the policy 31 to 34.5 times of annualised premium depending upon life assured's age when you purchased the policy.
Option To Receive Maturity Benefits In Monthly Instalments Available Available

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.

Assured-Income-graphic1.jpg

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

Your Benefits 11-year Term 15-year Term
Death Benefits A: 11 annual instalments of 1.3 times your annualised premium. The first instalment will be paid to the nominee after the settlement of claim and the remaining 10 instalments will be paid on each subsequent death anniversary of the Life Assured.

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B: Additional Benefits shall be payable along with the last annual instalment.
A: 15 annual instalments of 1.5 times your annualised premium. The first instalment will be paid to the nominee after the settlement of claim and the remaining 14 instalments will be paid on each subsequent death anniversary of the Life Assured.

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B: Additional Benefits shall be payable along with the last annual instalment.
Total Benefits 15.3 to 18.8 times of annualised premium depending upon life assured's age when you purchased the policy 23.5 to 27.0 times of annualised premium depending upon life assured's age when you purchased the policy

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.

Assured-Income-graphic2.jpg

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.

 

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EXCLUSIONS

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.

 

Eligibility

Plan Summary
Parameters Criterion
Entry Age (as on last birthday) 7 to 50 years for a 11 year term
5 to 50 years for a 15 year term
Age means life assured's age as on last birthday
For a minor Life Assured, the risk will commence immediately on the policy commencement date.
Maturity Age 18 to 65 years
Policy Term 11 years or 15 years
Premium Payment Term 11 years for a policy term of 11 years
15 years for a policy term of 15 years
Premium(minimum) Annual Premium Payment Mode:-
For a 11 year term : Rs 35,000 for age 7 to 50 years.
For a 15 year term : Rs 35,000 for age 5 to 44 years &
Rs 75,000 for age 45 to 50 years

Monthly Premium Payment Mode:-
For a 11 year term : Rs 3,091 for age 7 to 50 years.
For a 15 year term : Rs 3,091 for age 5 to 44 years &
Rs 6,623 for age 45 to 50 years
Death Sum Assured
Multiple of Annualised Premium (Excluding taxes, modal premium and extra premium, if any)
Entry Age Policy Term - 11 years Policy Term - 15 years
5 to 6 NA 27.0
7 to 17 18.8 27.0
18 to 30 18.3 26.5
31 to 35 17.8 26.0
36 to 40 17.3 25.5
41 to 45 16.8 25.0
46 to 50 15.3 23.5
Minimum Death Sum Assured : Rs.5,35,500
Maximum Death Assured : As per Board Approved underwriting Policy
Premium Payment Frequency Annual/ Monthly
Payout Term Annual Premium Payment Mode:- For a 11 year policy term : Payout term is 11 years, &
For a 15 year policy term : Payout term is 15 years
Additional Benefits Benefits are paid along with the last payout.
Entry Age Multiple of Annualised Premium (Excluding taxes, modal premium and extra premium, if any)
5 to 6 4.5 (not applicable for a 11-year Policy Term)
7 to 17 4.5
18 to 30 4.0
31 to 35 3.5
36 to 40 3.0
41 to 45 2.5
46 to 50 1.0

 

Sample yearly premium ( in Rs.) for a male life (excluding taxes, extra underwriting premium and modal loading, if any)
Policy Term = 15 years

Age Yearly Premium Benefit Payout of 2 times Yearly Premium for 15 years (Every year from end of 16th year to end of 30th year) Lumpsum Payout (at the end of 30th year basis age) Total Premiums Paid Total Maturity Benefits Received
Monthly Payout Mode Annual Payout  Mode
5 to 17 75,000 1,50,000 3,37,500 11,25,000 26,43,750 25,87,500
18 to 30 75,000 1,50,000 3,00,000 11,25,000 26,06,250 25,50,000
31 to 35 75,000 1,50,000 2,62,500 11,25,000 25,68,750 25,12,500
36 to 40 75,000 1,50,000 2,25,000 11,25,000 25,31,250 24,75,000
41 to 45 75,000 1,50,000 1,87,500 11,25,000 24,93,750 24,37,500
46 to 50 75,000 1,50,000 75,000 11,25,000 23,81,250 23,25,000

Policy Term = 11 years

Age Yearly Premium Benefit Payout of 1.5 times Yearly Premium for 11 years (Every year from end of 12th year to end of 22nd year) Lumpsum Payout (at the end of 22nd year basis age) Total Premiums Paid Total Maturity Benefits Received
Monthly Payout Mode Annual Payout  Mode
7 to 17 75,000 1,12,500 3,37,500 8,25,000 16,05,938 15,75,000
18 to 30 75,000 1,12,500 3,00,000 8,25,000 15,68,438 15,37,500
31 to 35 75,000 1,12,500 2,62,500 8,25,000 15,30,938 15,00,000
36 to 40 75,000 1,12,500 2,25,000 8,25,000 14,93,438 14,62,500
41 to 45 75,000 1,12,500 1,87,500 8,25,000 14,55,938 14,25,000
46 to 50 75,000 1,12,500 75,000 8,25,000 13,43,438 13,12,500

 

DISCLAIMERS

Future Generali Assured Income Plan (UIN: 133N054V04)

  • For more details on risk factors, terms and conditions, etc., please read the policy document carefully before conducting a sale
  • Tax benefits are subject to change as per tax laws.

 

Free Look Period:
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 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.

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