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- Assured Wealth Plan
Why go for the Future Generali Assured Wealth Plan?
- Choose from 2 product options
The plan provides 2 flexible options to ensure that you have an ideal cover which is best suited to your savings goals. Your premium will vary depending upon the option you choose. The option has to be chosen at inception and cannot be changed during the term of the policy. - Guaranteed Additions throughout the Policy Term and Increasing Death Benefit
Enjoy the added benefit of Guaranteed Additions which get accumulated every year at a simple rate as a percentage of the Sum Assured. The Death Benefit increases each year with the accrual of the Guaranteed Additions. - Choose your Policy Term and Premium Payment Term
Get the flexibility to select your Policy Term and Premium Payment Term as per the available options and depending on your needs and fulfill your savings goals. - You can buy this plan up to the age of 60 years under Option 1
- Lower Premium Rate for women
- Tax benefits
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 can you buy the Future Generali Assured Wealth Plan?
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Choose from the following two options that works the best for you.
- Option 1 is a standard endowment plan. Policy ends at the completion of the policy term or upon death of the life assured with all benefits paid at the event of death
- Option 2 Policy continues even after death of the Life Assured till end of Policy Term with no further premiums to be paid, after the death of the life assured
Now that you have chosen your option, decide on the following:
- The amount of insurance cover or the Sum Assured
- The duration of cover or the Policy Term
- The duration of premium payment or the Premium Payment Term
Calculate your premium, fill the application form and complete documentation process.
Finally, pay your premium amount, and head towards a financially secure future.
Life Insurance Plan Summary
| Parameter | Criterion | ||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Entry Age (As on last Birthday) | Option 1 | Option 2 | |||||||||||||||||||||||||||||||||||||||||
| Minimum | 0 Years | 18 Years | |||||||||||||||||||||||||||||||||||||||||
| Maximum | 60 Years | 55 Years | |||||||||||||||||||||||||||||||||||||||||
| Maturity Age | Minimum | 18 Years | 28 Years | ||||||||||||||||||||||||||||||||||||||||
| Maximum | 75 Years | 70 Years | |||||||||||||||||||||||||||||||||||||||||
| Policy Term | a. Option 1 : 10 to 25 years b. Option 2 : 10 to 25 years the difference between Policy Term and Premium Paying Term should be at least 5 years |
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| Premium Payment Term(PPT) | 5 to 15 years
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| Premium Payment Type | Option 1: Regular and Limited Pay Option 2 : Limited Pay |
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| Sum Assured | Minimum | Rs. 50,000 | |||||||||||||||||||||||||||||||||||||||||
| Maximum | No limit (Subject to Board Approved Underwriting Policy of the Company) | ||||||||||||||||||||||||||||||||||||||||||
| Premium Payment Frequency | Yearly, Half Yearly, Quarterly and Monthly | ||||||||||||||||||||||||||||||||||||||||||
| Premium amount | Minimum |
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| Maximum | No Limit (as per Sum Assured) | ||||||||||||||||||||||||||||||||||||||||||
Note: Premiums mentioned above are excluding taxes, and any extra premium paid as a part of underwriting requirements, if any.
Maturity Benefit
Death Benefit
Guaranteed Additions
Maturity Benefit
You will receive a Maturity Benefit as per your chosen option, on survival, at the end of the Policy Term subject to all your premiums due being paid.
a) Option 1 and Option 2
Maturity Sum Assured Plus Accrued Guaranteed Additions, shall be paid where Maturity Sum Assured is equal to Sum Assured
The policy terminates on the payment of the Maturity Benefit under both the options.
To clearly understand how the maturity benefit works, let us take a look at Amit’s story.
Amit is a 35 years old healthy man and he purchased the Future Generali Assured Wealth Plan – Option 1. He opted for Rs. 3,00,000 Sum Assured for a Policy Term of 15 years and Premium Payment Term of 10 years. He pays Rs. 35,940 (excluding applicable tax) annually for 10 years.
Death Benefit
In case of unfortunate demise of the life assured, the Death Benefit in this plan secures Life Assured’s family’s financial well-being and future. The Death Benefit varies as per the plan option you choose:
a) Option 1
In case of unfortunate demise of the life assured during the Policy Term, the life assured’s nominee/beneficiary shall receive Death Sum Assured plus Accrued Guaranteed Additions, provided the policy is in-force.
The Death Sum Assured shall be highest of the following:
i. 10 times the Annualised Premium (excluding taxes, rider premiums, underwriting extra premiums and loading for modal premiums if any ), or
ii. 105% of total premiums paid as on date of death (excluding any underwriting extra premium, any rider premium and taxes), or
iii. Guaranteed Sum Assured on Maturity which is equal to Sum Assured; or
iv. Absolute amount assured to be paid on death which is equal to Sum Assured
b) Option 2
Under this option, two payouts will be made to life assured’s nominee.
- Death Payout: The first payout which is the Lumpsum Death Payout equal to Death Sum Assured will be paid at the time of death.
The Death Sum Assured shall be highest of the following:
i. 10 times the Annualised Premium (excluding taxes, rider premiums, underwriting extra premiums and loading for modal premiums, if any), or
ii. 105% of the total premiums paid as on the date of death (excluding any underwriting extra premiums, any rider premium and taxes, or
iii. Guaranteed Sum Assured on Maturity which is equal to Sum Assured; or
iv. Absolute amount assured to be paid on death which is equal to Sum Assured - The second payout equal to the Guaranteed Maturity Sum Assured plus accrued Guaranteed Additions shall be paid at the end of the Policy Term. The policy continues after the death of the insured person. No future premiums are required to be paid after the death till the end of Policy Term. The policy continues to accrue Guaranteed Additions even after the death of the Life Assured, till the end of Policy Term
Under Option 2, the nominee or beneficiary will have no right to surrender or alter any of the conditions of the policy after death of the life assured.
The Policy will terminate on payment of entire Death Benefit under both the options
To clearly understand how death benefit works in this case, let us look at Amit’s story
Amit is a 35 years old healthy man and he purchased the Future Generali Assured Wealth Plan – Option 2. He opted for Rs. 3,00,000 Sum Assured for a Policy Term of 15 years and Premium Payment Term of 10 years. He pays Rs. 36,456 (excluding applicable tax) annually for 10 years. It is assumed that Amit’s death occurs in the 2nd policy year. The benefit payable under option 2 to Amit's nominee(s) will be:
Guaranteed Additions
This plan offers simple Guaranteed Additions as a percentage of Sum Assured accumulated at a simple rate for each completed policy year, throughout the policy term, subject to all due premiums being paid. The Guaranteed Additions accrue at the end of the policy year.
The annual Guaranteed Additions shall get added at a simple rate as shown in the table below, subject to all due premiums being paid:
| Policy Term | Guaranteed Addition Rate as a % of Sum Assured |
|---|---|
| 10 | 10.0000% |
| 11 | 9.0909% |
| 12 | 8.3333% |
| 13 | 7.6923% |
| 14 | 7.1429% |
| 15 | 6.6667% |
| 16 | 6.2500% |
| 17 | 5.8824% |
| 18 | 5.5556% |
| 19 | 5.2632% |
| 20 | 5.0000% |
| 21 | 4.7619% |
| 22 | 4.5455% |
| 23 | 4.3478% |
| 24 | 4.1667% |
| 25 | 4.0000% |
If a policy is converted into a paid-up policy, it will not accrue any future Guaranteed Additions under both options. The Guaranteed Additions already accrued, remains attached to the policy.
Little privileges just for you
Free Look Period
You may return this Policy within 15 days of receipt of the Policy Document (30 days if You have purchased this Policy through Distance Marketing Mode) if You disagree with any of the terms and conditions by giving Us a written request for cancellation of this Policy which is dated and signed by You which states the reasons for Your objections. We will cancel this Policy 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).
Note: Distance Marketing means insurance solicitation/lead generation 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.
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 e-Insurance Account(e IA) or the delivery date of the email confirming the grant of access to the e-IA or the delivery date of the email confirming the credit of the Insurance Policy by the IR to the e-IA, whichever is later shall be reckoned for the purpose of computation of the Free Look Period.
Grace Period
You get a grace period of 30 days for Yearly, Half yearly and Quarterly Premium Payment Frequency and 15 days for Monthly Premium Payment Frequency from the 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 premiums.
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.
Rider
No riders are available under this product.
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. For more details, please refer to the policy document. The interest rate applicable for the Financial Year will be declared at start of the Financial Year. The current interest rate for the Financial Year 2019-20 applicable on loans is 9% per annum compounded half-yearly
Target Group
For the customers who want :
- Savings with lump sum benefit
- Flexibility in Premium Payment Term-Policy Term combinations
- Financial protection to the family through insurance
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.