|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
|Premium Payment Term(PPT)||5 to 15 years
|Premium Payment Type||Option 1: Regular and Limited Pay
Option 2 : Limited Pay
|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|
|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.
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.
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.
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:
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|
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.
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:-
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.
You can change your premium payment frequency subject to minimum eligibility criteria. Such change shall be applicable from the next Policy Anniversary.
No riders are available under this product.
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
For the customers who want :
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.
(as on last Birthday)
|For Option 1 – 0 years to 60 years
For Option 2 – 18 years to 55 years
(as on last Birthday)
|For Option 1 – 18 years to 75 years
For Option 2 – 28 years to 70 years
|Policy Term||For Option 1 : 10 to 25 years
For Option 2 : 10 to 25 years ( the difference between Policy Term and Premium Paying Term should be at least 5 years )
|Premium Payment Term||5 to 15 years|
|Sum Assured||Minimum – Rs 50,000
Maximum – No Limits (As per Board Approved Underwriting Policy)
|Premium Payment Frequency||Yearly, Half Yearly, Quarterly & Monthly|
|Premium amount||For entry age 0 to 50 years – Rs 15,000 for Annual Mode
For entry age greater than 50 years – Rs 50,000 for Annual Mode”