Future Generali Total Insurance Solutions
Long Term Insurance Plan
Long Term Insurance Plan

Future Generali Long Term Income Plan

An Individual, Non-Linked, Non-Participating (without profits), Savings, Life Insurance Plan.

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.

Why go for the Future Generali Long Term Income Plan?

A life insurance savings plan where you pay premiums for chosen premium payment term and receive a host of benefits:

  1. Enjoy guaranteed benefits on death, survival and maturity.
  2. Guaranteed Long Term Income for up to 50 years.
  3. Option to get Income from as early as next month.
  4. Increasing Income Loyalty Additions from the 11th policy year till the end of the policy term.
  5. Option to ensure continuity of income benefit for the family in the event of death of Life Assured.
  6. Enjoy life cover during the premium paying term as well as while receiving income.
  7. Tax benefits - You may be eligible for tax benefits on the premium(s) you pay and benefit proceeds, according to the provisions of Income Tax laws as amended from time to time.

Easy steps to buy Future Generali Long Term Income Plan?

step-1

Step 1

Choose from the following Plan Options that work the best for you.

  • Option 1 – Plan for yourself: Receive Survival Benefits and Maturity Benefit upon survival. Death Benefit is payable to your Nominee.
  • Option 2 – Plan for yourself and your loved ones: Family’s goals do not change even if you are not around. Ensure the continuity of policy benefits for the family in case of death of the Life Assured, without any liability to pay future premiums. A lump sum is paid to the nominee upon the death of Life Assured. In addition, survival and maturity benefits continue as scheduled.

The Plan Option chosen at inception cannot be changed during the term of the policy.

step-2

Step 2

Choose from the following Income Options that meet your income requirement.

  • Immediate Income: The Survival Benefit starts immediately and is paid annually in arrears till the end of the Policy Term.
  • Deferred Income: The Survival Benefit starts after 5 years from the inception of the policy and is paid annually in arrears till the end of the Policy Term.

The Income Option chosen at inception cannot be changed during the term of the policy.

step-3

Step 3

Now that you have chosen the Plan Option & Income Option, decide on the following parameters which will influence the benefits under the policy:

  • Premium Payment Term - This is the duration for which you need to pay premiums
  • Policy Term - This is the total duration for which you are entitled to receive the policy benefits
  • Survival Benefit Payout Frequency - The frequency at which you want to receive Survival Benefit
  • Premium - The amount of premium you want to pay and the frequency at which you want to pay

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.

step-4

Step 4

Fill out the proposal form (application form) and complete the documentation process.
step-5

Step 5

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 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 -

  • ₹ 25,000 for annual mode
  • ₹ 13,000 for half-yearly mode
  • ₹ 6,625 for quarterly mode
  • ₹ 2,208 for monthly mode

For entry age 51 years to 60 years -

  • ₹ 50,000 for annual mode
  • ₹ 26,000 for half-yearly mode
  • ₹ 13,250 for quarterly mode
  • ₹ 4,415 for monthly mode
  • ₹ 50,000 for annual mode
  • ₹ 26,000 for half-yearly mode
  • ₹ 13,250 for quarterly mode
  • ₹ 4,415 for monthly mode
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
Note:
  1. For minors, the date of issuance of policy and date of commencement of risk shall be the same.
  2. Premiums mentioned above are excluding the applicable taxes, rider premiums, loadings for modal premium and underwriting extra premiums, if any.
  3. Age, wherever mentioned is age as on last birthday.

Benefits under this plan

Survival Benefit

You 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:

  1. Immediate Income: The Survival Benefit starts immediately and is paid annually in arrears till the end of the Policy Term.
  2. Deferred Income: The Survival Benefit starts after 5 years from the inception of the policy and is paid annually in arrears till the end of the Policy Term.

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:

  1. If the Income Option chosen is Immediate Income and the frequency of Survival Benefit payout chosen is monthly, the first Survival Benefit payout shall be payable at the end of 1st policy month.
  2. If the Income Option chosen is Immediate Income and the frequency of Survival Benefit payout chosen is yearly, the first Survival Benefit payout shall be payable at the end of 1st policy year.
  3. If the Income Option chosen is Deferred Income and the frequency of Survival Benefit payout chosen is monthly, the first Survival Benefit payout shall be payable at the end of the 61st policy month.
  4. If the Income Option chosen is Deferred Income and the frequency of Survival Benefit payout chosen is yearly, the first Survival Benefit payout shall be payable at the end of the 6th policy year.
Guaranteed Income:

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.

Income Loyalty Addition:

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.

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 Rs. 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 Rs. 10,00,000 and his Guaranteed Income will be Rs. 22,684 per annum.

On payment of all due premiums and upon his survival on the payout due dates, Rahul will receive:

  1. Survival Benefits annually from the end of the 6th policy year till the end of the 50th policy year
  2. Maturity Benefit at end of the Policy Term
maturity-benefit-1 maturity-benefit-2

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 Rs. 45,55,560 (Total Survival Benefit of Rs. 25,55,560 Plus Total Maturity Benefit of Rs.20,00,000) 4.55 times
Option 1 Deferred Income Rs. 10,00,000 end of year 6 to end of year 50 Total Benefit of Rs. 50,62,305 (Total Survival Benefit of Rs. 30,62,305 Plus Total Maturity Benefit of Rs.20,00,000) 5.06 times
Option 2 Immediate Income Rs. 10,00,000 end of year 1 to end of year 50 Total Benefit of Rs. 40,23,930 (Total Survival Benefit of Rs. 20,23,930 Plus Total Maturity Benefit of Rs.20,00,000) 4.02 times
Option 2 Deferred Income Rs. 10,00,000 end of year 6 to end of year 50 Total Benefit of Rs. 43,66,375 (Total Survival Benefit of Rs. 23,66,375 Plus Total Maturity Benefit of Rs.20,00,000) 4.36 times

Death Benefit

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:

  1. Option 1

    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:

    • Sum Assured on Death or
    • 105% of Total Premiums Paid (excluding applicable taxes, rider premiums and extra premiums, if any) as on date of death or
    • 150% of Total Premiums Paid (excluding applicable taxes, rider premiums and extra premiums, if any) as on the date of death minus the Total Survival Benefit already paid or
    • Surrender value as on the date of death

    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.

  2. Option 2

    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:

    • A lump sum payout equal to the Sum Assured on Death will be paid at the time of settlement of death claim.

      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 continue to pay the Survival Benefits till the end of the Policy Term as scheduled and the Maturity Benefit as scheduled.
    • No future premiums are required to be paid after the death of the Life Assured.

    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.

death-benefit-1 death-benefit-2

LITTLE PRIVILEGES JUST FOR YOU

Free Look Period

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.

Grace Period

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.

Flexibility to choose Survival Benefit Frequency

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.

Change in Premium Payment 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.

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. 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.

TERMS AND CONDITIONS

Non Payment of Due Premium

Lapse:

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.

Paid-Up:

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.

  1. Paid Up Death Benefit:

    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:

    1. Paid-Up Sum Assured on Death or
    2. Surrender Value as on date of death.

    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:

    1. Paid-up Sum Assured on Death paid immediately
    2. In addition, the policy shall continue to pay the Paid-Up Survival Benefits as defined below, till the end of Policy Term. The Paid-Up Maturity Benefit shall also be payable at the end of the Policy Term as defined below

    Where,Paid-Up Sum Assured on Death = (Number of premiums paid / Total number of premiums payable) * Sum Assured on Death

  2. Paid Up Survival Benefit:
    1. 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.

    2. No Income Loyalty Addition shall be paid while the policy is in paid-up status.
  3. Paid Up Maturity Benefit:
    1. 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.

    2. No Maturity Loyalty Addition shall be paid while the policy is in paid-up status.

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.

Revival:
  • You have the option to revive a lapsed/paid-up policy within five (5) consecutive years from the due date of the first unpaid premium.
  • Revival of a policy cannot be done once the Policy Term is over.
  • The revival will be considered on the receipt of the application from the policyholder along with the proof of continued insurability of Life Assured and on payment of all overdue premiums with interest, if any. We, however, reserve the right to accept at original terms, accept with modified terms or decline the revival of this Policy.
  • In case of revival of a lapsed policy, all the Survival Benefits payouts as applicable and due while the policy was in Lapsed status shall be paid out as a lump sum.
  • In case of revival of a paid-up policy, all the Survival Benefit payouts as applicable and due for an In-force policy minus any paid-up Survival Benefit payouts already paid while the policy was in Paid-Up status, shall be paid out as a lump sum.
  • The interest rate applicable on revival is 9% p.a. compounded yearly. However, the company may decide to increase the interest charged on revival from time to time with prior approval from IRDAI.
Surrender:

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.

    1. Guaranteed Surrender Value (GSV):

      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.

    2. Special Surrender Value (SSV):

      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.

Vesting of the Policy in Case of Policies Issued to Minor Lives

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 and Assignment

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.

Exclusions

Suicide exclusion:

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.

Prohibition on rebates:
Section 41 of the Insurance Act 1938 as amended from time to time states:
  1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
  2. Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakh rupees.
Fraud and Misstatement
Section 45 of the Insurance Act 1938, as amended from time to time, states:
  1. No policy of Life Insurance shall be called in question on any ground whatsoever after the expiry of 3 years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.
  2. A policy of Life Insurance may be called in question at any time within 3 years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud.

For further information, Section 45 of the Insurance Laws (Amendment) Act, 2015 may be referred.

Why choose us?

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.

Disclaimer

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 - 133N090V01

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