Future Generali Assured Money Back Plan

Future Generali Assured Money Back Plan

  • Age at Entry:

    Minimum: 18 years

    Maximum: 55 years

  • Policy Term:

    Option A: 15, 17, 20 & 22 years

    Option B: 10, 12, 15 & 17 years

  • Premium Payment Term: Option A

    Policy Term less 10 years. i.e. 5, 7, 10 & 12 years for Policy Term of 15, 17, 20 & 22 years respectively

  • Premium Payment Term: Option B

    Policy Term less 5 years. i.e. 5, 7, 10 & 12 years for Policy Term of 10, 12, 15 & 17 years respectively

  • Annualized Premium(minimum)

    Minimum: Rs 18,000

    Maximum: No limit

  • Minimum Sum Assured

    Option A – Rs. 58,215*

    Option B - Rs. 49,425*

  • Premium Payment Frequency

    Monthly, Quarterly, Half yearly and Annual

Unique Product Benefits

 

2 Plan options to choose from

Depending on your needs, you can opt to receive survival benefits as per the following options, however, premium will vary depending upon the choice of option:

OPTION A

Receive 10% of Sum Assured every year for 9 years and 110% of Sum Assured on Maturity

OPTION B

Receive 10% of Sum Assured every year for 4 years and 160% of Sum Assured on Maturity


Limited Premium Payment Term

Choose to pay premiums for 5, 7, 10 or 12 years considering you future financial requirement and liabilities

Life Cover

You get an insurance coverage. This means, in case of your unfortunate demise, your nominee will receive the insurance coverage amount called the Death Sum Assured

Tax Benefits

Under section 80 C and 10 (10 D) may be available as applicable. Tax Benefits are subject to change in law from time to time

Riders

To enhance your financial protection and to secure yourself/your family against accidental disability or demise, we present to you Rider which you may choose as an additional protection. There is one rider option available under this plan - Future Generali Accidental Benefit Rider (UIN:133B027V02). Please refer to respective rider brochure for details.

The premium pertaining to health related or critical illness riders shall not exceed 100% of premium under the base product, the premiums under all other life insurance riders put together shall not exceed 30% of premiums under the base product. Any benefit arising under each of the above mentioned riders shall not exceed the sum assured under the base product.

How Does it Works

Step1Choose the amount of insurance cover
Step2Choose the period of cover
  • Choose the term of your policy i.e. decide the number of years for which you wish to pay the premium i.e. 5/7/10 or 12 years
Step3Receive and review the benefit illustration for your requirements
  • Our sales representative will help you calculate your premium and provide you a customized benefit illustration.
Step4Pay the premium

Get ready to receive assured money backs after the completion of your premium payment period.

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What are your benefits?

 

Let us illustrate the benefits of this guaranteed income plan with an example
Kumar, a 30 year old male, has opted for a Sum Assured of Rs 5,00,000. He chooses premium paying term of 10 years. He will have to pays Rs. 56,805# (excluding taxes, rider premium, and extra premium if any) as annual premium if he chooses Option A and Rs.67,864# (excluding taxes, rider premium, and extra premium if any) as annual premium if he chooses Option B. He will receive a total benefit of Rs. 10,00,000 during the policy term, subject to his survival till the end of Policy Term.

Survival and Maturity Benefit

Option A

If Kumar has paid all his due premiums, he will receive 90% of Sum Assured as Survival Benefits and additional 110% of the Sum Assured as Maturity Benefit.

Let us explain how…

As per the guarantContinuing the same example from above:eed income plan, after Kumar completes paying all his due premiums for 10 years, he will start receiving assured payout of 10% of the Sum Assured as survival benefit for the next 9 years. Therefore, he will receive Rs 50,000 every year from the end of the 11th year to the end of the 19th year. He will also receive 110% of Sum Assured which is Rs 5,50,000 on maturity date

Option B

If Kumar has paid all his due premiums, he will receive 40% of Sum Assured as Survival Benefits and additional 160% of the Sum Assured as Maturity Benefit.

Let us explain how…

As per the guaranteed income plan, after Kumar completes paying all his due premiums for 10 years, he will start receiving assured payout of 10% of the Sum Assured as survival benefit for the next 4 years. Therefore, he will receive Rs 50,000 every year from the end of the 11th year to the end of the 14th year. He will also receive 160% of Sum Assured which is, Rs 8,00,000, on maturity date

Death Benefit

In case of your unfortunate demise during the policy term, the Death Sum Assured will be payable to your nominee. In order to ensure that your family is always adequately protected, the Death Sum Assured shall be highest of the following:

  • 10 times Annualised Premium ( excluding taxes, rider premiums, underwriting extra premiums and loading 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
  • Maturity Sum Assured which is equal to 110% of Sum Assured for option A or 160% of Sum Assured for Option B.
  • Absolute amount assured to be paid on death which is equal to the Sum Assured

Continuing the same example from above:

Kumar, a 30 year old male, has opted for a Sum Assured of Rs 5,00,000. He chooses Plan Option A and a premium paying term of 10 years. He pays Rs. 56,805# as annual premium (excluding taxes, rider premium, and extra premium if any). Unfortunately, he expires during the 4th policy year. In this case, Kumar’s nominee will receive the following Death Benefit:

 

Summary of Benefits

Your Benefits
Survival Benefits 10% of sum assured at the end of every year after the Premium Payment Term, for 9 years for Option A and 4 years for Option B.
Maturity Benefit 110% of sum assured for Option A and 160% of sum assured for Option B at the end of Policy Term.
Death Benefit Death Sum Assured will be payable to your nominee. Death Sum Assured shall be highest of the following:
i. 10 times Annualised Premium ( excluding taxes, rider premiums, underwriting extra premiums and loading for modal premiums, if any) , or
ii. 105% of total premiums paid ( excluding any extra premium any rider premium and taxes) as on date of death or
iii. 110% of Sum Assured for option A or 160% of Sum Assured for Option B.
iv. Absolute amount assumed to be paid on death which is equal to the Sum Assured.

Exclusions

Suicide Exclusion: 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

Assured Money Back Plan Summary

Plan Summary
Parameter Parameter Criterion
Entry Age
(Age mentioned refers to age as on last birthday)
Minimum: 18 years
Minimum: 55 years
Policy Term • Option A: 15, 17, 20 & 22 years
• Option B: 10, 12, 15 & 17 years
Premium Payment Term Option A:
Policy Term less 10 years. i.e. 5, 7, 10 & 12 years for Policy Term of 15, 17, 20 & 22 years respectively

Option B:
Policy Term less 5 years. i.e. 5, 7, 10 & 12 years for Policy Term of 10, 12, 15 & 17 years respectively]
Annualized Premium(minimum) Minimum: Rs 18,000
Maximum: No limit
The minimum premium is exclusive of any taxes, modal factor and extra premium
Sum Assured Your Sum Assured will depend on your choice of Policy Term, Premium and your age. Minimum Sum Assured:
Option A – Rs. 58,215*
Option B - Rs. 49,425*
Maximum Sum Assured: No limit, subject to board approved underwriting policy.
Premium Payment Frequency Monthly, quarterly, half yearly and Annual Premium Payment Modes are available under the plan.
• Half-yearly Premium- 52% of annual premium.
• Quarterly Premium – 26.5% of annual premium
• Monthly Premium - 8.83% of annual premium. Monthly premiums can only be paid by Electronic Clearing System (ECS)

 

* Goods and Services Tax of 4.5% in the first year and 2.25% in the subsequent years will be applicable over and above this premium

DISCLAIMERS

Future Generali Assured Money Back Plan (UIN: 133N056V03)

  • The Sales Brochure is consistent with the product features filed with the Authority.
  • Tax benefits are subject to change in law from time to time. You are advised to consult your tax consultant
  • Insurance is the subject matter of the solicitation.
  • For more details on this product including risk factors, terms and conditions, please read the policy document carefully and/or consult your Advisor and/or visit our website before concluding a sale.

 

Free Look Period: In case you disagree with any of the terms and conditions of your 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 & magazine inserts or any other means of communication other than in person.

Grace Period You get a grace period of 30 days if you have opted for annual, half yearly or quarterly premium payment or 15 days is you have opted for monthly premium 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.

Flexibility to make changes We allow you to make change in the mode of payment basis valid reasons submitted by you, which shall be applicable from the next policy anniversary.

Loan You may apply for a loan after your policy has acquired a Surrender Value. The loan amount can be from a minimum of Rs 10,000 up to a maximum of 85% of the Surrender Value. For more details, please refer the policy document. The current interest rate for the financial year 2019-20 applicable on loans is 9% per annum compounded half yearly. Please contact our branch office or call us to know the current applicable interest rate.

Life Insurance Made Simple

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