Future Generali Total Insurance Solutions
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Future Generali Immediate Annuity Plan

This is a Single Premium, Non-Linked, Non-Participating, Individual Immediate Annuity Plan.

After your retirement things which worry you most is financial security and the comfort which you were enjoying earlier. Today with rising prices, increasing health care costs and higher life expectancy you need concrete post retirement planning which helps you to deal with it. Hence you need a plan that continues to pay you an income throughout your retired life.

Future Generali Immediate Annuity Plan is a non-linked, non-participating, whole life plan where you get the benefit in the form of regular income throughout your life. You can start getting your annuity immediately after paying the premium depending upon the frequency you choose.

Why go for the Future Generali Immediate Annuity Plan?

  1. Pay once and enjoy lifetime income.
  2. Two annuity payment options to choose from:
    • Option 1 - Life Annuity: Annuity payable for life
    • Option 2 - Life Annuity with Return of Purchase Price (ROP): Annuity payable for life and return of purchase price on the death of the annuitant
  3. Option to get purchase price back, in case of death of annuitant.
  4. Flexibility in receiving annuity payments: Annually or Monthly.
  5. Tax benefits: You may be eligible for tax benefits on the premium 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?

Terms you need to know
  • Annuity: It is a regular payout that is received during the policy term.
  • Annuitant: It is the person on whose name the policy is issued.
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Step 1

Choose from the following annuity payment options that work the best for you.

  • Option 1 – Life Annuity: Under this option, annuity payment continues as long as annuitant is alive. Annuity payment stops on an unfortunate demise of annuitant. No death benefit is payable on such unfortunate demise & the policy terminates.
  • Option 2 – Life Annuity with Return of Purchase Price (ROP): Under this option, annuity payment continues as long as annuitant is alive. Annuity payment stops on an unfortunate demise of annuitant, the purchase price is paid to the nominee(s)/legal heirs/policyholder & the policy terminates.

The annuity payment option is chosen by the policyholder at inception of the policy and cannot be changed subsequently.

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Step 2

Decide your purchase price, i.e. the amount of single premium you want to pay under the policy.

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Step 3

Decide the frequency to receive the annuity payment under the policy, i.e. annually or monthly.

Generate a quotation to review the benefits receivable.

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Step 4

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

Plan Summary

Parameter Criterion
(Under both the Annuity Payment Options)
Minimum Entry Age (as on last birthday) 40 years – for fresh purchase by new customers
0 years – for life assured/nominee/beneficiary of existing customers of pension products purchased from us
Maximum Entry Age (as on last birthday) 65 years
Purchase Price
(Single Premium)		 Minimum: Rs. 3,00,000
Maximum: No Limit
Policy Term Whole Life (as long as annuitant survive)
Premium Payment Term Single Pay
Annuity Amount

Minimum: Rs. 1,000 per Month, and Rs. 12,000 per annum

Maximum: No Limit
Annuity Payment Frequency Annually / Monthly (Annuity Payments shall be made in arrears)

Purchase Price mentioned above are excluding applicable taxes.

Minimum Annuity amount may change as per the regulations, circulars and clarifications thereof, as prescribed by the IRDAI from time to time.

Benefits under this plan

Survival Benefit

You will receive annuity amount till annuitant is alive, depending on annuity payment option and annuity payment frequency you have chosen.

  1. Option 1 - Life Annuity: Annuity payments will be made in arrears for as long as annuitant is alive, as per the chosen frequency of annuity payment
  2. Option 2 - Life Annuity with Return of Purchase Price (ROP): Annuity payments will be made in arrears for as long as annuitant is alive, as per the chosen frequency of annuity payment.

You can choose to receive the annuity amounts in annual or monthly frequency.

The amount of annuity chosen depends upon the age, annuity option & annuity rate applicable at the time of purchase of the policy. Once the policy is purchased, annuity rates are guaranteed for the life of annuitant.

Sample Annuity Amount

For annuitant aged 60 years

Single Premium (Purchase Price excluding applicable taxes) (Rs) Option 1- Life Annuity
  Annuity amount payable per annum on choosing annual frequency (Rs) Annuity amount payable per month on choosing monthly frequency (Rs)
5,00,000 41,063 3,290
10,00,000 82,126 6,581
20,00,000 1,64,252 13,161
Single Premium (Purchase Price excluding applicable taxes) (Rs) Option 2 - Life Annuity with Return of Purchase Price
  Annuity amount payable per annum on choosing annual frequency (Rs) Annuity amount payable per month on choosing monthly frequency (Rs)
5,00,000 33,531 2,682
10,00,000 67,061 5,365
20,00,000 1,34,122 10,729

Maturity Benefit

There is no Maturity Benefit under this product.

Death Benefit

  • Option 1 - Life Annuity with Return of Purchase Price (ROP): On death of annuitant, the annuity payment shall cease immediately and no death benefit shall be paid and the policy terminates.
  • Option 2 - Life Annuity with Return of Purchase Price (ROP): On death of annuitant, the annuity payment shall cease immediately. The Purchase Price shall be payable to nominee(s)/legal heirs/policyholder and the policy terminates.

LITTLE PRIVILEGES JUST FOR YOU

Free Look Period

You have the right to return the policy within 15 days of receipt of the Policy Document (30 days if You have purchased the policy through Distance Marketing Mode or in case of electronic policies) if You disagree with any of the terms and conditions by giving Us a request for cancellation of the policy which states the reasons for your objections. We will cancel the policy and refund the premium received after deducting stamp duty charges and annuity paid, if any, as follows:

  1. For standalone immediate annuity policy, the proceeds from cancellation shall be returned to the Policyholder.
  2. If this policy is purchased out of proceeds of a deferred pension plan of the Company or any other insurance company then the proceeds from cancellation will be transferred back to the Company or the other insurance company.

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

Not applicable under this product.

Rider

No riders are available under this product.

TERMS AND CONDITIONS

Lapse/ Paid-up

Not applicable under this product.

Revival

Not applicable under this product.

Surrender:

Not applicable under this product.

Loan

Not available under this product.

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 annuitant on the attainment of majority (i.e. when the annuitant attains age 18 years). In case of death of Policyholder, while the annuitant is a minor, the surviving parent/legal guardian may be appointed as a new Policyholder.

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.

Exclusions

There are no exclusions under this product.

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 policy document 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 - 133N006V03

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