There are different things to look forward to as you enter different stages of your life. Be it your marriage, a dream vacation, your child’s birth or a comfortable retired life. And you want to ensure that these dreams are not compromised even if you are not around. What you need is adequate funds which are readily available at regular intervals and a life insurance cover to financially protect your family’s dreams and future.
We understand your needs and are committed to provide the right solutions that cater to your different life stages.
Introducing the Future Generali Money Back Super Plan, a savings life insurance plan which offers guaranteed money backs at defined intervals along with the benefit of a life insurance cover. With the promise of stable returns and adequate protection coverage, you can now prepare for a comfortable life.
Choose the duration of cover or the policy term as per your need.
Select from the two options (Option 1 & Option 2) and the available category for selected policy term that works best for you. The Option and Category chosen at inception of the policy cannot be subsequently changed during the term of the Policy.
Now that you have chosen your option and category, decide on the amount of Annualized Premium. Your Sum Assured is a multiple of Annualized Premium (excluding the applicable taxes, rider premiums, loadings for modal premium and underwriting extra premiums, if any), which depends upon the Option and Category chosen. The amount of Survival Benefit and Guaranteed Additions are a percentage of Sum Assured and will depend upon the Option and Category selected.
Note: The options vary by Sum Assured and amount of Survival Benefit to be paid.
| Parameter | Criterion | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Under Both Options | |||||||||||||||||
| Entry Age (As on last Birthday) |
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| Minimum | 0 Years | ||||||||||||||||
| Maximum | 55 Years | ||||||||||||||||
| Maturity Age (As on last Birthday) |
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| Minimum | 18 Years | ||||||||||||||||
| Maximum | 65 Years | ||||||||||||||||
| Policy Term (PT) | 10/12/15/20 years depending upon Category as below | ||||||||||||||||
| Premium Payment Term (PPT) | Same as Policy Term | ||||||||||||||||
| Premium Payment Type | Regular Pay | ||||||||||||||||
| Category |
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| Sum Assured |
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| Sum Assured Multiple |
Where ‘Annualized Premium’ excludes the applicable taxes, rider premiums, loadings for modal premium and underwriting extra premiums, if any. |
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| Premium Payment Frequency | Yearly, Half Yearly, Quarterly and Monthly | ||||||||||||||||
| Premium amount |
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Survival BenefitGuaranteed AdditionsMaturity BenefitDeath BenefitAs per the chosen category and option you will get Survival Benefits during the policy term, provided all due premiums till date of survival payout are paid and upon survival on the payment due dates which will help you to meet your planned financial milestones. The different categories are:
Survival benefits will be a percentage of Sum Assured as described below:
| Category | Survival Benefit as a % of Sum Assured | |
| Option 1 | Option 2 | |
| Platinum | 17.5% | 27.5% |
| Gold | 13.5% | 25.0% |
| Silver | 11.0% | 30.0% |
On your survival till the end of the policy term, provided all due premiums have been paid, you will receive Guaranteed Maturity Benefit which is:
Sum Assured on Maturity plus accrued guaranteed additions Where Sum Assured on Maturity is equal to Sum Assured.
Policy will terminate on payment of maturity benefit.
To clearly understand how the maturity benefit works, let us take a look at Ravi’s story.
Ravi is a 30 years old healthy man and has purchased the Future Generali Money Back Super Plan - Option 1. He has opted for Silver category with an annualized premium (excluding the applicable taxes, rider premiums, loadings for modal premium and underwriting extra premiums, if any) of ₹ 50,000. His policy term and premium payment term is 20 years and his Sum Assured is ₹ 5,00,000.
He will get Survival Benefit of ₹ 55,000 every year starting from end of 10th policy year till end of 19th policy year plus guaranteed addition of ₹ 46,265 every year will also get accrued in his policy for each completed policy year, starting from end of 8th policy year till end of 20th policy year. The accrued guaranteed additions will be paid along with Sum Assured on Maturity on the policy maturity date as explained below:
Keeping other conditions same, in case Ravi opts for Option 2, his Sum Assured will be ₹ 3,00,000. He will get Survival Benefit of ₹ 90,000 every year starting from end of 10th policy year till end of 19th policy year plus guaranteed addition of ₹ 21,282 every year will also get accrued in his policy for each completed policy year, starting from end of 8th policy year till end of 20th policy year. The accrued guaranteed additions will be paid along with Sum Assured on Maturity on the policy maturity date as explained below:
The Policy will terminate on payment of Maturity Benefit.
Let’s understand the benefits under all options and categories for a 30 years old healthy individual who opts for a 15 year Policy Term and pays an annual premium of ₹ 50,000 per year.
| Option | Category | Sum Assured | Survival Benefit Period | Benefits Payable |
|---|---|---|---|---|
| 1 | Platinum | ₹ 3,00,000 | End of year 6 to end of year 14 | Total Benefit of ₹ 9,92,180 (Total Survival Benefit of ₹ 4,72,500 Plus Total Maturity Benefit of ₹ 5,19,680) |
| 1 | Gold | ₹ 4,00,000 | End of year 8 to end of year 14 | Total Benefit of ₹ 10,27,008 (Total Survival Benefit of ₹ 3,78,000 Plus Total Maturity Benefit of ₹ 6,49,008) |
| 1 | Silver | ₹ 5,00,000 | End of year 10 to end of year 14 | Total Benefit of ₹ 11,04,568 (Total Survival Benefit of ₹ 2,75,000 Plus Total Maturity Benefit of ₹ 8,29,568) |
| 2 | Platinum | ₹ 2,37,500 | End of year 6 to end of year 14 | Total Benefit of ₹ 9,33,669 (Total Survival Benefit of ₹ 5,87,817 Plus Total Maturity Benefit of ₹ 3,45,852) |
| 2 | Gold | ₹ 3,00,000 | End of year 8 to end of year 14 | Total Benefit of ₹ 9,75,040 (Total Survival Benefit of ₹ 5,25,000 Plus Total Maturity Benefit of ₹ 4,50,040) |
| 2 | Silver | ₹ 3,00,000 | End of year 10 to end of year 14 | Total Benefit of ₹ 10,37,872 (Total Survival Benefit of ₹ 4,50,000 Plus Total Maturity Benefit of ₹ 5,87,872) |
In case of unfortunate demise of the life assured, the death benefit in this plan secures life assured’s family’s financial wellbeing and future. If the policy is in-force and due premium till the date of death have been paid, the death benefit under all Options and all Categories shall be higher of:
Waiting Period:
There is a 90 days waiting period from the date of acceptance of risk, within which, if death occurs (other than due to accident), the nominee will receive 100% of the premiums paid till the date of death excluding applicable taxes. During this period, the Sum Assured on Death will not be payable.
In case of death of the Life Assured due to accident, no Waiting Period shall apply and Death Benefit as defined above shall be payable.
The policy will terminate on payment of Death Benefit.
To clearly understand how death benefit works in this case, let's continue with Ravi’s story:
Ravi is a 30 years old healthy man and has purchased the Future Generali Money Back Super Plan – Option 1. He has opted for Silver category with an annualized premium (excluding the applicable taxes, rider premiums, loadings for modal premium and underwriting extra premiums, if any) of ₹ 50,000. His policy term and premium payment term is 20 years and his Sum Assured is ₹ 5,00,000.
It is assumed that Ravi’s death occurs at the end of 2nd policy year. The benefit payable under Option 1 to Ravi's nominee(s) will be:
Similarly in case Ravi opts for Option 2, his Sum Assured will be ₹ 3,00,000. It is assumed that Ravi’s death occurs at the end of 2nd policy year. The benefit payable under Option 2 to Ravi's nominee(s) will be:
The Policy will terminate on payment of Death Benefit.
If you disagree with the terms and condition 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 on 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 Yearly, 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 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:
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 ₹ 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 2023-24. Please contact us or visit our nearest branch for information on 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.
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.
If due premiums for the first two (2) 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.
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.
If a policy is converted into a paid-up policy, future survival benefit payments shall stop and no further survival benefits shall be payable.
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.
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 first two (2) full policy years.
Guaranteed Surrender Value = [GSV factor for Premium * Total Premium Paid (excluding the applicable taxes, rider premiums and underwriting extra premiums, if any)]
plus
[GSV factor for Guaranteed Additions * Accrued Guaranteed Additions]
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.
Special Surrender Value = SSV Factor* [Paid-up Sum Assured on Maturity + Accrued Guaranteed Additions].
In case of minor lives, the ownership of the policy shall automatically vest on the Life Assured on attainment of majority (i.e. when the Life Assured attains age 18 years).
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.
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.
There is a 90 days waiting period from the date of acceptance of risk, within which, if death occurs (other than due to accident), the nominee will receive 100% of the premiums paid till the date of death excluding applicable taxes. During this period, the Sum Assured on Death will not be payable.
In case of death of the Life Assured due to accident, no Waiting Period shall apply and Death Benefit shall be payable.
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 which ensures that we are close to you wherever you go.
At the heart of our ambition is the promise to be a life-time 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 who 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.
Future Generali Money Back Super Plan (UIN : 133N088V04)
This is POS variant of ‘Future Generali Money Back Super Plan’. To avail this product without waiting period and/or for a higher Sum Assured on Death, please opt for NON-POS variant i.e. ‘Future Generali Money Back Super Plan’. Please refer to the NON-POS variant sales literature for more details.
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 policy document or consult your advisor 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.