Future Generali Money Back Super Plan (POS Variant)

TERMS AND CONDITIONS

Non Payment of Due Premium

Lapse:

If due premium for the first (1) policy year has 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.

The policyholder has the option to revive the policy within five years from the due date of first unpaid premium.

In case the Policy is not revived during the revival period, no benefit shall be payable at the end of revival period and the policy stands terminated.

Paid-Up Value:

If due premiums for the first (1) or more policy years have been paid in full and any subsequent premium is not paid within the grace period, the policy will be converted into a paid-up policy.

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, if any, remain attached to the policy.

If policy is converted into a paid-up policy, future survival benefit payments shall stop and no further survival benefits shall be payable.

1. Paid Up Death Benefit:

   Paid-Up Sum Assured on Death = (Number of Premiums Paid / Total number of premiums payable) *Sum Assured on Death.

   On death of the life assured during the policy term while the policy is in paid-up status, a reduced death benefit equal to the Paid-up Sum Assured on Death plus Accrued Guaranteed Additions, if any shall be payable.

2. Paid Up Survival Benefit: NIL

   If a policy is converted into a paid-up policy, future survival benefit payments shall stop and no further survival benefits shall be payable.

3. Paid Up Maturity Benefit:

   Paid-Up Sum Assured on Maturity = (Number of premiums paid / Total number of premiums payable) *(Sum of total survival benefits payable under the policy plus Sum Assured on Maturity) minus Total survival benefits already paid.

On survival of the life assured at the end of the policy term while the policy is in a paid-up status, Paid-up Sum Assured on Maturity plus Accrued Guaranteed Additions, if any shall be paid at the end of the policy term.

You can revive a paid-up policy within a period of five years from the due date of first unpaid premium. A paid-up policy cannot be revived once the Policy Term is over.

You can also surrender your paid-up policy anytime during the Policy Term.

If the Paid up Sum assured (exclusive of Guaranteed Income and Income Loyalty Additions) is less than rupees two thousand five hundred, the Policy may be terminated after expiry of revival period by paying the surrender value.

Revival:

• You have the option to revive a lapsed/paid-up policy within five consecutive years from the date of the first unpaid premium.
• Revival of a policy cannot be done once the policy term is over.
• If the Paid up Sum assured (exclusive of Guaranteed Additions) is less than rupees two thousand five hundred, the Policy may be terminated after expiry of revival period by paying the surrender value.
• 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 this Policy.
• The revival will be effected as per the Board approved underwriting policy.
• On revival, all the Guaranteed Additions due while the policy was in Lapse/Paid-up status, will be added back to the policy. Survival Benefits due but not paid while the policy was in paid-up status shall be paid to you as a lumpsum.
• The interest rate charged by the company on revival, is the simple interest rate of 9% p.a. (applicable for FY 2024-25). 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) as on 31st March every year + 2% rounded to nearest 1%. However, the company may decide to increase the interest charged on revival from time to time with a prior approval from IRDAI.

Surrender Value:

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 completion of first policy year provided one (1) full year premium has been received.

• The amount payable on surrender will be (a) Guaranteed Surrender Value (GSV) or (b) Special Surrender Value (SSV), whichever is higher.
• The policy terminates on surrender and no further benefits are payable under the policy

1. Guaranteed Surrender Value (GSV):

   Guaranteed Surrender Value = [GSV factor for Premium * Total Premium Paid (excluding the applicable taxes, rider premiums and extra premiums, if any)]
   plus
   [GSV factor for Guaranteed Additions * Accrued Guaranteed Additions]
   minus
   [Total Survival Benefits already paid]

2. Special Surrender Value (SSV):
3. The Special Surrender Value shall be based on the Company’s expectation of future financial and demographic conditions and may be reviewed annually by the company in accordance with the applicable IRDAI regulations in this behalf.

Special Surrender Value = SSV Factor* [Paid-up Sum Assured on Maturity + Accrued Guaranteed Additions].

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

The policy vests on the life assured on the policy anniversary coinciding with or immediately following the 18th birthday of the life assured. 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 Insurance Act, 1938 as amended from time to time.

Assignment shall be in accordance with Section 38 of Insurance Act, 1938 as amended from time to time.