Future Generali Big Income Multiplier

Future Generali Big Income Multiplier

  • Entry Age

    4 years to 50 years (Age means your age as on your last birthday)

  • Maturity Age

    18 years to 64 years

  • Policy Term

    Fixed Policy Term of 14 years

  • Premium Payment Term

    Fixed Premium Payment Term of 12 years

  • Life Insurance Plan Options

    Payout Option:- Annual Income | Monthly Income

  • Premium Payment Frequency

    Annual Income Payout Option:- Annual mode | Monthly Income Payout Option:- Monthly mode

  • Premium Payable

    Minimum Premium: Rs18,000  Annually OR Rs1,500 Monthly

  • Payout Term

    Payout term is 12 years after the end of policy term

Unique Product Benefits

  • Get maturity payout over a period of 12 years – Get a Total Maturity Benefit which is twice the total premiums paid under the life insurance plan over a period of 12 years.
  • Limited Premium payment – Pay premiums only for 12 years and stay protected for 14 years.
  • Guaranteed income – Get guaranteed income for 12 years after the end of policy term.
  • Flexibility in choosing your Life Insurance Plan option- Choose between
       i) Annual Income Option or 
      ii) Monthly Income Option.
  • Tax Benefits – Avail of tax benefit as per existing tax laws

How does it work?

Step1Choose a payout option

Choose a payout option 
i) Annual Income Payout Option or
ii) Monthly Income Payout Option to receive income as per your desired frequency.

Step2Choose the amount

Choose the amount of premium you would like to pay under this plan

Step3Pay the desired premium

Pay the desired premium amount for 12 years. The premium payment frequency will be annual for Annual Income Payout Option and monthly for Monthly Income Payout Option.

Step4Receive guaranteed income

Receive guaranteed income for 12 years after the end of policy term as per your life insurance plan option.

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What are your benefits?

Maturity Benefit:

If you have paid all your premiums, you will receive the following benefits after your policy matures.

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Your Benefits Payout Option: Annual Income Payout Option: Monthly Income
Maturity Benefit Provided the premium payment frequency chosen is annual,

• 4 annual payouts of 1.5 times the annual premium shall be payable each year for four years starting from the end of 1st year after the end of policy term.

• 4 annual payouts of 2 times the annual premium shall be payable each year for four years starting from the end of 5th year after the end of policy term.

• 4 annual payouts of 2.5 times the annual premium shall be payable each year for four years starting from the end of 9th year after the end of policy term.
Provided the premium payment frequency chosen is monthly,

• 48 monthly payouts of 1.5 times the monthly premium shall be payable each month for 48 months starting from the end of 13th month after the end of policy term.

• 48 monthly payouts of 2 times the monthly premium shall be payable each month for 48 months starting from the end of 61st month after the end of policy term.

• 48 monthly payouts of 2.5 times the monthly premium shall be payable each month for 48 months starting from the end of 109th month after the end of policy term.

Total Benefit Payable 2 times of Total Premium paid under the policy 2 times of Total Premium paid under the policy

 

You may take your Maturity Benefit as lump sum at the Maturity Date by selecting the said option at the inception of the policy. The lump sum Maturity Benefit is equal to the Maturity Sum Assured i.e. lump sum maturity benefit is equal to 15.8782 times annual premium in case of Annual income pay out option and is equal to 184.4113 times monthly premium in case of monthly income pay out option.

Note: The Annual Premium and Monthly Premium mentioned in the table above is excluding taxes, rider premiums and extra premium if any.

‘Payout period’ means the period over which the payouts under Maturity Benefit are payable.

Let’s understand the life insurance plan with the help of an example:
Krish is 30 years old and has purchased Future Generali Big Income Multiplier with an ‘Annual Income Payout Option’. He pays Rs. 20,000 as annual premium (excluding taxes, rider premiums and extra premiums) for a premium payment term of 12 years. He will receive Rs. 4,80,000 over a period of 12 years after the end of policy term i.e. 14 years. Let us explain how?

     
  • Krish will receive 4 annual payouts of Rs 30,000 each year for four years starting from the end of 1st year after the end of policy term.
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  • He will receive 4 annual payouts of Rs 40,000 each year for four years starting from the end of 5th year after the end of policy term.
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  • He will receive 4 annual payouts of Rs 50,000 each year for four years starting from the end of 9th year after the end of policy term.
       
     

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Death Benefit

In case of your unfortunate demise during the Policy Term, a lump sum amount will be payable to your nominee as Death Sum Assured. In order to ensure that your family is always adequately protected, the Death Sum Assured shall be highest of the following:

  1. 10 times Annualised Premium, (excluding applicable taxes, rider premiums, underwriting extra premiums and loading for modal premiums, if any) or
  2. 125% of total premiums paid as on date of death, (excluding any extra premium, any rider premium and applicable taxes) or
  3. Absolute amount payable on death which is provided in table below:

Age at Entry Absolute amount payable on death as a percentage of Maturity Sum Assured Age at Entry Absolute amount payable on death as a percentage of Maturity Sum Assured
4-10 yrs 180% 31-35 yrs 85%
11-17 yrs 140% 36-40 yrs 70%
18-25 yrs 115% 41-50 yrs 65%
26-30 yrs 105%

Note:
(1) The death benefit mentioned above will be payable if your policy is active (in-force).
(2) The Annual premium and Monthly Premium mentioned in the table above is excluding taxes, rider premiums and extra premium and cess if any.
(3) In the event of death during the payout period, regular payouts as per the Maturity Benefit will be paid to the nominee. The nominee has the option to take a Lump Sum Death Benefit which will be equivalent to the value of outstanding payouts, discounted at a compound interest rate of 6.25% per annum.

For example: Krish is 30 years old and has purchased Future Generali Big Income Multiplier with an ‘Annual Income Payout Option’ with an Annual Premium of Rs. 20,000 (excluding taxes, rider premiums and extra premium). He pays the premium for 4 years and unfortunately passes away during the 4th policy year. In this case, Krish’s nominee will receive the following Death Benefit:

 

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Target Group
For customers who are looking for a tax saving life insurance plan which guarantees Double Returns over the payout period in the form of monthly/annual stream of income.

 

 

 

Exclusion

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.

RIDERS

You 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 the respective rider brochure for more details.

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

DISCLAIMERS

Future Generali Big Income Multiplier (UIN: 133N064V02)

For detailed information on this product including risk factors, terms and conditions etc., please refer to the policy document and consult your advisor or visit our website before concluding a sale. 
Tax benefits are subject to change in law from time to time. You are advised to consult your tax consultant

Riders are not mandatory and are available for an additional cost

 

FREE LOOK CANCELLATION:
You have a period of 15 days (30 days if the policy is sold through Distance Marketing Mode) from the date of receipt of the Policy document to review the terms and conditions of the Policy. If you are not satisfied with or disagree with any of the terms and conditions, you have the option to Cancel/withdraw and return the Policy along with a letter (dated and signed) stating your intention to cancel the Policy and reasons for the objections/Cancellation, within this period. Cancellation of Policy and refund of premium is allowed under this provision, whereby the amount payable on such cancellation will be equal to the total premium paid less a proportionate cost of insurance for the period of cover and expenses towards Policy stamp duty and medical examination, if any.

If the Policy is opted through an 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 the 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.

For more details on this product including risk factors, terms and conditions, please read the sample policy document / brochure carefully and/or consult your Advisor and/or visit our website before concluding a sale

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