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Future Generali Pension Guarantee

Future Generali Pension Guarantee

Pension Guarantee Plan
  • Premium Payment

    Regular/Limited/Single

  • Maturity Benefit

    Sum Assured plus Accrued Compounded Reversionary Bonuses, if any

  • Death Benefit

    Sum of all premiums paid plus accrued compounded reversionary bonuses, if any, with a minimum guarantee of 105% of premiums paid till date

  • Age at Entry

    20 to 70 years

  • Minimum Premium

    11,000/- per annum for Regular/Limited pay

    90,000 for single premium payment

  • Vesting Age

    40 to 80 years

  • Tax Benefits

    Yes, under sec 80CCC 

WHY BUY THIS POLICY?

  • You want to create a savings corpus for your retirement.
  • At maturity, a minimum return of 101% of all premiums paid is guaranteed and
  • Additionally, bonuses, if declared, are added throughout the Policy Term.

How it Works

Step1Choose the guaranteed amount you want for your retirement, i.e. Maturity Sum Assured
    Step2Decide the age at which you wish to retire
    • The policy term is Age at retirement Minus Age at entry
    Step3Choose the premium payment term
    • Choose your premium paying term i.e. single period, limited or regular and mode of premium payment.
    Step4Pay the premium
    • Fill up the proposal form and pay the premium.
    ;

    Benefits

    Maturity Benefit

    Maturity Sum Assured plus accrued bonuses on the policy will be payable to the policyholder on vesting. The policyholder has an option of:

    • Utilising the entire proceeds to purchase a single premium deferred pension plan.
    • Commuting the maturity proceeds as a lump sum amount to the extent allowed under Income Tax act and balance amount to be utilised to purchase an immediate annuity from Future Generali India Life Insurance Co. Ltd. (FGILICL), which shall be guaranteed for life, at the then prevailing annuity rate.
    • Extending the term under the same policy (provided the policyholder is below 55 years of age) so as to get the entitlement of the maturity proceeds afterwards. The policyholder may send us a request for such an alteration anytime before maturity. The total Policy Term including the extension period shall not be other than the Policy Terms allowable under the product and shall not be more than the maximum Policy Term allowable under the product. The age at maturity after such extension shall not exceed the maximum maturity age allowable under the product. For a regular premium policy, the premium will remain the same as the existing premium under the policy and will be paid during the extended period. For limited premium and single premium policies, no additional premium is payable. The Maturity Sum Assured will be altered from inception accordingly and revised vested bonuses will be calculated using revised Maturity Sum Assured and bonus rates declared for each of the past years. All terms and conditions of the policy shall apply during this extended period.

    Note: The guaranteed* minimum Maturity Benefit are 101% of total premiums paid excluding Goods & Services Tax and extra premiums (if any) paid.

    *Conditions Apply

    Annuity Benefit

    The vesting amount received will be used to purchase immediate annuity plan.

    Death Benefit

    In case of an unfortunate demise of the policyholder any time during the Policy Term, the nominee receives the sum of all premiums excluding Goods & Services Tax and extra premiums (if any) paid till date of death plus accrued bonuses till date of death. This total amount payable on death will be subject to a minimum of 105% of total premiums paid excluding Goods & Services Tax and extra premiums paid. Thereafter the policy terminates. If Surrender Value is higher than the Death Benefit then the Surrender Value will be paid on death of the Life Assured.

    The beneficiary can avail the policy proceeds in any of the following ways:

    • Utilise the entire proceeds or part thereof for purchasing an annuity at the then prevailing rate from Future Generali India Life Insurance Company Limited
    • Withdraw the entire proceeds of the policy

    Target Group
    For the customers who are looking for tax saving pension plan that offers flexibility of paying for a limited period and staying invested for a longer period to create a corpus for retirement, with potential upside through bonuses

    Eligibility

    Features Regular Premium Term Limited Premium Term Single Premium Term
    Premium Payment Term (PPT) Regular
    • 10 years
    • 15 years
    Single
    Age at Entry 20 to 70 years 20 to 70 years 20 to 70 years
    Policy Term 10 to 20 years
    • 10 year PPT: 11 to 20 years
    • 15 year PPT: 16 to 20 years
    10/ 15/ 20 years
    Minimum Vesting Age 40 years 40 years 40 years
    Minimum Premium 11,000/- per annum 11,000/-per annum 90,000/-
    Maximum Premium No Limit No Limit No Limit

     

    DISCLAIMERS

    Future Generali Pension Guarantee (UIN: 133N046V01)

    • Tax benefits are subject to change as per tax laws.
    • For more details on risk factors, terms and conditions please read the sales brochure and/ or sample policy document on our website carefully and/ or consult your advisor before concluding the sale.
    • Insurance is the subject matter of solicitation.

     

    FREE LOOK CANCELLATION:
    You have a period of 15 days (30 days if the policy is sold through Distance Marketing Mode) from the date of receipt of the Policy document to review the terms and conditions of the Policy. If you are not satisfied with or disagree with any of the terms and conditions, you have the option to Cancel/withdraw and return the Policy along with a letter (dated and signed) stating your intention to cancel the Policy and reasons for the objections/Cancellation, within this period. Cancellation of Policy and refund of premium is allowed under this provision, whereby the amount payable on such cancellation will be equal to the total premium paid less a proportionate cost of insurance for the period of cover and expenses towards Policy stamp duty and medical examination, if any.

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