Even though life is an extensive journey with many hurdles, it could still be a pleasant path with the right amount of emotional and financial support. While an emotional support system is beyond your control, financial support is still in your hands. The right financial planning and life insurance coverage will ensure that you and your family stay supported throughout life’s various milestones; be it marriage, childbirth or even retirement.
Keeping this in mind, we present to you Future Generali Long Term Income Plan. A Life Insurance Savings Plan that provides you long-term financial support through guaranteed long-term income, that too increasing with time along with much-needed life protection for you and your family, so that you enjoy all your life milestones without any worry.
A life insurance savings plan where you pay premiums for chosen premium payment term and receive a host of benefits:
Choose from the following Plan Options that work the best for you.
The Plan Option chosen at inception cannot be changed during the term of the policy.
Choose from the following Income Options that meet your income requirement.
The Income Option chosen at inception cannot be changed during the term of the policy.
Now that you have chosen the Plan Option & Income Option, decide on the following parameters which will influence the benefits under the policy:
Generate a benefit illustration to review year-wise benefits receivable against the premium commitment.
The Policy Term, Premium Payment Term and Annualized Premium amount chosen at inception cannot be changed during the term of the policy.
| Parameter | Criterion | ||
|---|---|---|---|
| Entry Age (As on last Birthday) | |||
| Option 1 | Option 2 | ||
| Minimum | 0 days | 18 years | |
| Maximum | 60 years | 45 years | |
| Maturity Age (As on last Birthday) | |||
| Option 1 | Option 2 | ||
| Minimum | 30 years | 48 years | |
| Maximum | 100 years | 85 years | |
| Premium amount | |||
| Option 1 | Option 2 | Minimum |
For entry age 0 days to 50 years -
For entry age 51 years to 60 years -
|
|
| Maximum | No Limit (As per Board Approved Underwriting Policy) | ||
| Under All Plan Options | |||
| Premium Payment Term (PPT) | 8 |10 years | ||
| Policy Term | 30 | 40 | 50 years | ||
| Premium Payment Type | Limited Pay | ||
| Sum Assured | |||
| Minimum | Rs. 2,00,000 | ||
| Maximum | No Limit (As per Board Approved Underwriting Policy) | ||
| Premium Payment Frequency | Yearly, Half Yearly, Quarterly and Monthly | ||
Survival BenefitMaturity BenefitDeath BenefitYou will receive Survival Benefit till the end of the Policy Term as per the Income Option and Survival Benefit Payout frequency you have chosen.
The plan offers two Income Options to choose from:
You can choose to receive the survival benefits in yearly, half-yearly, quarterly or monthly frequency.
The Survival Benefit shall be equal to the sum of Guaranteed Income plus Income Loyalty Addition. The Survival Benefit is payable in arrears upon the survival of the Life Assured on payout due dates, subject to payment of all due premiums.
For example:
The Guaranteed Income varies based on Annualized Premium (excluding applicable taxes, rider premiums, loadings for modal premium and underwriting extra premiums, if any), Plan Option, Income Option, Entry age of Life Assured, Policy Term and Premium Payment Term.
The Income Loyalty Addition shall enhance the Survival Benefit payable starting from the 11th policy year till the end of the Policy Term, subject to payment of all due premiums. The Income Loyalty Addition is defined as a percentage of Guaranteed Income as mentioned below in Table 1.
| Table 1 | |||
|---|---|---|---|
| Policy Year | Income Loyalty Addition as a percentage of Guaranteed Income | ||
| Policy Term = 30 years | Policy Term = 40 years | Policy Term = 50 years | |
| 1-10 | 0% | 0% | 0% |
| 11-15 | 50% | 50% | 50% |
| 16-20 | 100% | 100% | 100% |
| 21-25 | 150% | 150% | 150% |
| 26-30 | 200% | 200% | 200% |
| 31-35 | 250% | 250% | |
| 36-40 | 300% | 300% | |
| 41-45 | 350% | ||
| 46-50 | 400% | ||
The last Survival Benefit payout is paid along with the Maturity Benefit.
You will receive Sum Assured on Maturity plus Maturity Loyalty Addition, upon survival till the end of the Policy Term subject to payment of all due premiums.
Sum Assured on Maturity is equal to the Sum Assured.
Where, Sum Assured is equal to Annualized Premium (excluding applicable taxes, rider premiums, loadings for modal premium and extra underwriting premiums, if any) times Premium Payment Term.
Maturity Loyalty Addition is equal to Sum Assured on Maturity.
The policy terminates on the payment of the Maturity Benefit under both Plan Options.
To clearly understand how the Survival and Maturity Benefit works, let us take a look at Rahul’s story.
Rahul is 35 years old healthy man and has purchased Future Generali Long Term Income Plan – Option 1 with Deferred Income option. He has opted for an Annualized Premium (excluding applicable taxes, rider premiums, loadings for modal premium and underwriting extra premiums, if any) of ₹1,00,000 for a Premium Payment Term of 10 years, Policy Term of 50 years and Yearly Survival Benefit payout frequency. His Sum Assured will be ₹ 10,00,000 and his Guaranteed Income will be ₹ 26,086 per annum.
On payment of all due premiums and upon his survival on the payout due dates, Rahul will receive:
If Rahul, who is a 35-year-old healthy man, purchases Future Generali Long Term Income Plan - Option 1 with Immediate Income option and opted for an Annualized Premium (excluding applicable taxes, rider premiums, loadings for modal premium and underwriting extra premiums, if any) of ₹1,00,000 for a Premium Payment Term of 10 years, Policy Term of 50 years and Yearly Survival Benefit payout frequency. His Sum Assured will be ₹10,00,000 and his Guaranteed Income will be ₹20,079 per annum.
On payment of all due premiums and upon his survival on the payout due dates, Rahul will receive:
Let’s understand the benefits under all Plan Options and Income Options for a 35 years old healthy individual who opts for a Premium Payment Term of 10 years, Policy Term of 50 years and Yearly Survival Benefit payout frequency and pays an annual premium of Rs. 1,00,000 per year.
| Plan Option | Income Option | Total Premiums to be Paid (a) | Survival Benefit Period | Total Benefits Payable (b) | What You Get/ What You Pay(b)/(a) |
|---|---|---|---|---|---|
| Option 1 | Immediate Income | Rs. 10,00,000 | end of year 1 to end of year 50 | Total Benefit of ₹48,11,105 (Total Survival Benefit of ₹28,11,105 Plus Total Maturity Benefit of ₹20,00,000) | 4.81 times |
| Option 1 | Deferred Income | Rs. 10,00,000 | end of year 6 to end of year 50 | Total Benefit of ₹55,21,650 (Total Survival Benefit of ₹35,21,650 Plus Total Maturity Benefit of ₹20,00,000) | 5.52 times |
| Option 2 | Immediate Income | Rs. 10,00,000 | end of year 1 to end of year 50 | Total Benefit of ₹42,26,320 (Total Survival Benefit of ₹22,26,320 Plus Total Maturity Benefit of ₹20,00,000) | 4.22 times |
| Option 2 | Deferred Income | Rs. 10,00,000 | end of year 6 to end of year 50 | Total Benefit of ₹47,21,330 (Total Survival Benefit of ₹27,21,330 Plus Total Maturity Benefit of Rs.20,00,000) | 4.72 times |
In case of unfortunate demise of the Life Assured during the Policy Term, the Death Benefit in this plan secures financial wellbeing for the family. The Death Benefit varies as per the Plan Option you have chosen:
In case of unfortunate demise of the Life Assured during the Policy Term, the Life Assured’s nominee shall receive the Death Benefit as specified below, provided the policy is in force and all due premiums till the date of death have been paid.
The Death Benefit shall be highest of:
Where,
Sum Assured on Death is 10 times the Annualized Premium (excluding applicable taxes, rider premiums and underwriting extra premiums, if any).
The policy will terminate on payment of the entire Death Benefit as defined above.
In case of unfortunate demise of the Life Assured during the Policy Term, the Life Assured’s nominee shall receive the Death Benefit as specified below, provided the policy is in force and all due premiums till the date of death have been paid.
The Death Benefit payable shall be:
Where,
Sum Assured on Death is 10 times the Annualized Premium (excluding applicable taxes, rider premiums and underwriting extra premiums, if any).
The policy will terminate on payment of the entire Death Benefit as defined above.
Under Option 2, the nominee will have no right to surrender or alter any of the conditions of the policy after the death of the Life Assured except change in the frequency of Survival Benefit payouts.
Death of the Nominee after the death of the Life assured under Option 2
In case of death of the Nominee(s) after the death of the Life Assured, a lump sum benefit equal to discounted value of outstanding payments shall be payable to the legal heir(s). The outstanding payments (outstanding Survival Benefits and Maturity Benefit) will be discounted using discount rate of 9% per annum compounded yearly. The policy shall terminate on payment of entire lump sum benefit.
Alternatively, the legal heir(s) has an option to continue the outstanding Survival Benefits and Maturity Benefit on the respective due dates without taking a lump sum benefit.
The provisions relating to Nomination shall be governed by the provisions of Section 39 of the Insurance Act 1938, as amended from time to time.
To clearly understand how Death Benefit works in this case, let us look at Rahul's story
Rahul is a 35-year-old healthy man and has purchased Future Generali Long Term Income Plan - Option 1 with Deferred Income option. He has opted for an Annualized Premium (excluding applicable taxes, rider premiums, loadings for modal premium and underwriting extra premiums, if any) of ₹1,00,000 for a Premium Payment Term of 10 years, Policy Term of 50 years and Yearly Survival Benefit payout frequency. His Sum Assured will be ₹10,00,000 and his Guaranteed Income will be ₹26,086 per annum.
It is assumed that Rahul’s death occurs in the 5th policy year. The benefit payable under Option 1 to Rahul’s nominee(s) will be:
If Rahul, who is a 35-years-old healthy man, purchases Future Generali Long Term Income Plan - Option 2 with Deferred Income option and opts for an Annualized Premium (excluding applicable taxes, rider premiums, loadings for modal premium and underwriting extra premiums, if any) of ₹1,00,000 for a Premium Payment Term of 10 years, Policy Term of 50 years and Yearly Survival Benefit payout frequency. His Sum Assured will be ₹10,00,000 and his Guaranteed Income will be ₹20,158 per annum.
It is assumed that Rahul’s death occurs in the 5th policy year. The benefit payable under Option 2 to Rahul’s nominee(s) will be:
If you disagree with the terms and conditions of the policy, you can return the policy within 15 days of receipt of the Policy Document (30 days if You have purchased this policy through Distance Marketing Mode or in case of electronic policies). To cancel the policy, you can send us a request for cancellation along with the reason for cancellation. We will cancel this policy and refund the Instalment Premium received after deducting proportionate risk premium for the period of 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.
You get a grace period of 30 days for Annual, 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, risk on your life will continue to be covered and your nominee will be entitled to receive all the benefits subject to deduction of due premiums.
You can change the frequency at which you receive the Survival Benefit anytime during the Policy Term. The revised frequency of Survival Benefit payouts shall be applicable from the policy anniversary.
The Survival Benefit as a percentage of Annual Survival Benefit shall be as follows:
| Yearly | 100% of Annual Survival Benefit in arrears |
|---|---|
| Half-yearly | 49% of Annual Survival Benefit every six months in arrears |
| Quarterly | 24.25% of Annual Survival Benefit every three months in arrears |
| Monthly | 8% of Annual Survival Benefit every month in arrears |
There shall be no charge made for the change of Survival Benefit payout frequency.
You can change your premium payment frequency subject to minimum eligibility criteria. Such change shall be applicable from the policy anniversary.
The premiums for various modes as a percentage of annual premium are given below:
| Half-yearly Premium | 52.0% of annual premium |
|---|---|
| Quarterly Premium | 26.5% of annual premium |
| Monthly Premium | 8.83% of annual premium |
There shall be no charge made for the change of premium payment frequency.
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. The minimum amount of policy loan that can be taken is Rs. 10,000. For more details, please refer to the Policy Document. The interest rate applicable for the Financial Year will be declared at the start of the Financial Year ,basis current market interest rate on 10-year Government Securities (G-Sec) + 2% rounded to nearest 1%. The current interest rate applicable on loans is 9% per annum compounded half-yearly for the Financial Year 2022-23. Please contact Us or Our nearest branch for information on the latest interest rate on loans.
If due premiums for the first two (2) policy years have not been paid in full within the grace period, the policy shall lapse and will have no value.
All risk cover ceases while the policy is in lapsed status.
Survival Benefit payable, shall also stop once the policy is in Lapsed status.
The policyholder has the option to revive a lapsed policy within five (5) years from the due date of the first unpaid premium.
In case the policy is not revived during the revival period, no benefit shall be payable at the end of the revival period and the policy stands terminated thereafter.
If due premiums for the first two (2) or more policy years have been paid in full and any subsequent due premium is not paid within the grace period, the policy will be converted into a reduced paid-up policy.
If a policy is converted into a reduced paid-up policy, Sum Assured on Death, Survival Benefits and Sum Assured on Maturity will be reduced.
A paid-up policy will not be eligible for any Income Loyalty Addition or Maturity Loyalty Addition.
Option 1: On the death of the Life Assured during the Policy Term while the policy is in Reduced Paid-up status, the reduced Death Benefit shall be payable, which shall be equal to:
whichever is higher.
Option 2: On the death of the Life Assured during the Policy Term while the policy is in Reduced Paid-up status, the reduced Death Benefit shall be payable which is:
Where,Paid-Up Sum Assured on Death = (Number of premiums paid / Total number of premiums payable) * Sum Assured on Death
Under all options, upon the survival of the Life Assured on the Survival Benefit payout due dates while the policy is in paid-up status, reduced Survival Benefit equal to Paid-Up Survival Benefit shall be payable.
Where, Paid-up Survival Benefit = (Number of premiums paid / Total number of premiums payable) * Guaranteed Income.
Under all options, upon the survival of the Life Assured till the end of policy term while the policy is in paid-up status, the Paid-Up Sum Assured on Maturity shall be paid at the end of the Policy Term.
Where, Paid-Up Sum Assured on Maturity = (Number of premiums paid / Total number of premiums payable) * Sum Assured on Maturity.
You can revive a paid-up policy within a period of five (5) years from the due date of the first unpaid premium.
You can also surrender your paid-up policy anytime during the Policy Term.
We encourage you to continue your policy as planned, however, you have the option to surrender the same for immediate cash requirement, in case of an emergency, any time after the payment of all due premiums for at least the first two (2) full policy years i.e. after the policy acquires a surrender value.
The amount payable on surrender will be (a) The Guaranteed Surrender Value (GSV) or (b) Special Surrender Value (SSV), whichever is higher.
The Guaranteed Surrender Value = Guaranteed Surrender Value factor for premiums * [Total Premiums Paid (excluding applicable taxes, rider premiums and extra premiums, if any)] minus Total Survival Benefits already paid.
The Special Surrender Value shall be based on the company’s expectation of future financial and demographic conditions. This shall be reviewed by the company from time to time with prior approval from IRDAI.
The policy terminates on surrender and no further benefits are payable under the policy.
In case of minor lives, the ownership of the policy shall automatically vest on the Life Assured on the attainment of majority (i.e. when the Life Assured attains age 18 years). In case of death of Policyholder, while the Life Assured is a minor, the surviving parent/ legal guardian may be appointed as a new Policyholder. In case the policy is in paid-up status or upon non-payment of future premiums, Paid Up or Lapse provisions as mentioned above shall apply.
Nomination shall be in accordance with Section 39 of the Insurance Act, 1938 as amended from time to time.
Assignment shall be in accordance with Section 38 of the Insurance Act, 1938 as amended from time to time.
In case of death due to suicide within 12 months from the risk commencement date 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.
For further information, Section 45 of the Insurance Laws (Amendment) Act, 2015 may be referred.
Future Generali India Life Insurance Company Limited offers an extensive range of life insurance products, and a distribution network that ensures we are close to you wherever you go.
At the heart of our ambition is the promise to be a lifetime partner to our customers. And with the help of technology, we are making the shift from not only offering protection to our customers but also providing personalized services to them.
It starts with our extensive agent base which is at the core of this transformation. Through our distribution network, we ensure that there is always a caring touch while servicing the individual needs of our customers. With this philosophy, we aim to make simplicity, innovation, empathy and care synonymous with our brand - Future Generali India Life Insurance Company Limited.
This Product is not available for online sale. For detailed information on this plan including risk factors, exclusions, terms and conditions etc., please refer to the product brochure and consult your advisor, or, visit our website before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. You are advised to consult your tax consultant. Future Group’s and Generali Group’s liability is restricted to the extent of their shareholding in Future Generali India Life Insurance Company Limited. Future Generali India Life Insurance Co. Ltd. (IRDAI Regn. No. 133), CIN: U66010MH2006PLC165288, Regd. and Corporate Office address: Unit 801 and 802, 8th floor, Tower C, Embassy 247 Park, L.B.S. Marg, Vikhroli (W), Mumbai – 400 083 | Email: care@futuregenerali.in | Call us at 1800-102-2355 | Website: life.futuregenerali.in | Fax: 022-40976600 | UIN Number - 133N090V02