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 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.

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 of its receipt for cancellation (30 days, if the policy is sold through the Distance Marketing Mode), 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.

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 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.

Tax Benefits: Premium(s) paid are eligible for tax benefit as may be available under the provisions of Section(s) 80C and 10(10D) as applicable. For further details, consult your tax advisor. Tax benefits are subject to change from time to time.

Terms and Conditions

Non-payment of premiums during the first 2 years

• If any due premiums for the first two (2) policy years have not been paid within the grace period, the policy shall lapse. All risk cover ceases while the policy is in lapse status.
• The policyholder has the option to revive the policy within 5 years from the due date of the first unpaid premium. The policyholder will be required to pay arrears of premium along with interest.
• If the life insurance plan is not revived during the revival period, no benefit shall be payable at the end of revival period and the policy will terminate thereafter.

Non-payment of premiums post the first 2 years

• If due premiums for the first two (2) or more policy years have been paid and any subsequent premium is not paid within the grace period, the policy will be converted into a Paid-Up policy. Death Benefit and Maturity Benefit will be reduced in proportion to the number of premiums paid to the number of premiums payable under the policy.
• On death before the end of the policy term, while the policy is in paid-up condition, the reduced death benefit is equal to (Number of Premiums Paid / Total number of premiums payable)* Death Sum Assured
• The reduced death benefit shall be payable in the same manner as for an in-force policy. i.e. Death Paid-Up Sum Assured shall be payable in lump sum and the policy shall terminate.
• On survival of life assured till maturity, while the policy is in a paid-up condition, the reduced maturity benefit is equal to (Number of Premiums Paid / Total number of premiums payable)* Maturity Sum Assured
• The reduced maturity benefit shall be payable in the same manner as for an in-force policy
• You can revive your Paid-Up policy within a period of five years from the due date of the first unpaid premium. A paid-up policy cannot be revived once the policy term is over.
• You can surrender your Paid-Up policy anytime during the Policy Term.

Surrender Value The life insurance plan will acquire a surrender value after all the due premiums have been paid for the first 2 full policy years. The policy cannot be surrendered once the policy term is over. The surrender value payable is higher of the Guaranteed Surrender Value and the Special Surrender Value.

Guaranteed Surrender Value is as per the below table:

Premiums used for calculating guaranteed surrender value will be excluding taxes, rider premiums, extra premium and cess.

Special Surrender Value

Special Surrender Value = Special Surrender Value Factor x (Number of Instalment Premiums Paid / Total number of Instalment Premiums payable) * (Sum of total benefits payable during pay out period)

Special Surrender Value (SSV) factors will be based on the company’s expectation of future financial and demographic conditions and may be reviewed by the company from time to time with prior approval from IRDAI.

A policy terminates on surrender and no further benefits are payable under the policy.

Loan

You may avail of 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 policy document.

The current interest rate for the financial year 2020-21 applicable on loans is 8% per annum compounded half yearly. Please contact our branch office or call us to know the current applicable interest rate.

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.

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 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.