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Future Generali Assured Income Plan

Future Generali Assured Income Plan

  • Premium Payment Term:

    11 years / 15 years

  • Age at Entry:

    7 to 50 years for a 11 year policy term
    5 to 50 years for a 15 year policy term

  • Policy Term:

    11 years / 15 years

  • Guaranteed Payouts:

    Policy Term 11 Years: Annual Instalments of 1.5 times of Annualised Premium will be paid for 11 years

    Policy Term 15 Years: Annual Instalments of 2 times of Annualised Premium will be paid for 15 years.

    Additional Benefit upto 4.5 times of Annualised Premium along with the last instalment

  • Death Benefit:

    17.5 to 34.5 times of annualised premium

  • Loan Facility:

    Yes

  • Payout Period:

    Equal to Policy Term

  • Tax Benefit:

    Yes

WHY BUY THIS POLICY?

  • You pay premiums only for 11/15 years and get guaranteed payout for the next 11/15 years.
  • Besides guaranteed income, the plan offers you Additional Benefits. Depending on your age, you can receive up to 4.5 times your annualised premium along with the last payout.
  • The plan also provides Death Benefits to your nominee, depending upon your age and the Policy Term opted for.

How it Works

Step1Choose a tenure for your plan
  • Choose a Policy Term of 11 or 15 years.
Step2Decide how much income you would like to receive after 11 or 15 years
  • Choose an amount keeping in mind your current financial plan as well as any future financial obligations that you wish to cover.
Step3Get a quote
  • Based on the inputs you provide, you will receive a standard quote for the premium payable.
Step4Pay the premium
  • Fill up the application form and pay the premium.
Step5Get ready to receive your guaranteed income

Receive guaranteed income every year after the Policy Term and also receive Additional Benefits along with the last payout.

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BENEFITS

Maturity Benefits
If you have paid all your premiums, you will receive the following benefits after your policy matures:

Your Benefits 11-year Term 15-year Term
Maturity Benefits A: 11 annual instalments of 1.5 times your annualised premium from the end of the 12th year to the end of 22nd year
+
B: Additional Benefits at the end of the 22nd year (based on age at entry)
A: 15 annual instalments of 2 times your annualised premium from the end of the 16th year to the end of 30th year
+
B: Additional Benefits at the end of the 30th year (based on age at entry)
Total Benefits 17.5 to 21 times of annualised premium (depending upon the age when you purchased the policy ) 31 to 34.5 times of annualised premium (depending upon the age when you purchased the policy)
Option To Receive Maturity Benefits In Monthly Instalments Available Available

Note:

  • The annualised premium mentioned in the table above is excluding taxes and extra premium, if any.
  • You have the option to receive your Maturity Benefits in monthly instalments. In such a case, you will get 2.5% more than the annual instalment. The payment will be equal to the annual instalment amount divided by 12 and marked up by 2.5%, with the first monthly instalment paid at the end of 12th year (for a 11-year term) or 16th year (for a 15-year term). No mark-up will be done on Additional Benefits.
  • At inception of the policy, you can opt for receiving the Maturity Benefits as a lump sum at the maturity date. The lump sum Maturity Benefits are equal to the value of instalments as mentioned above, discounted at a compound interest rate of 6.5% p.a.

For example: Krish is 30 years old and pays Rs. 1,00,000/- as annual premium (excluding service tax) for a term of 15 years. He will receive Rs. 34,00,000/- over the next 15 years. Let us explain how:
He will receive Rs. 2,00,000/- every year from the end of the 16th to the 30th year. Plus, in the last year i.e., the end of the 30th year, he will enjoy an additional income of Rs. 4,00,000/-

Assured-Income-graphic1.jpg

Death Benefits

The Death Sum Assured shall be highest of the following:

  • 10 times annualised premium (excluding taxes and extra premiums, if any), or
  • 105% of total premiums paid (excluding taxes and extra premiums, if any) as on date of death, or
  • Maturity Sum Assured

In case of your unfortunate demise any time during the Policy Term, the Death Sum Assured will be payable to your nominee as under:

Your Benefits 11-year Term 15-year Term
Death Benefits A: 11 annual instalments of 1.5 times your annualised premium. The first instalment will be paid to the nominee after the settlement of claim and the remaining 10 instalments will be paid on each subsequent death anniversary of the Life Assured.

+
B: Additional Benefits shall be payable along with the last annual instalment.
A: 15 annual instalments of 2 times your annualised premium. The first instalment will be paid to the nominee after the settlement of claim and the remaining 14 instalments will be paid on each subsequent death anniversary of the Life Assured.

+

B: Additional Benefits shall be payable along with the last annual instalment.
Total Benefits 17.5 to 21 times of annualised premium (depending upon the age when you purchased the policy) 31 to 34.5 times of annualised premium (depending upon the age when you purchased the policy)

Please Note:

  • The Death Benefits mentioned above will be payable if your policy is in force. The annualised premium mentioned in the table above is excluding taxes and extra premium, if any.
  • The nominee has the option at the time of claim settlement to take lump sum Death Benefits as the discounted value of outstanding instalments. The outstanding instalments will be discounted at a compound interest rate of 6.5% p.a.
  • In the event of death during the payout period, regular instalments as per the Maturity Benefits will be paid to the nominee. The nominee has the option at the time of death to opt for lump sum Death Benefits as a discounted value of outstanding instalments. The outstanding instalments will be discounted at a compound interest rate of 6.5% p.a. The value of lump sum payment to the nominee would at least be equal to the Maturity Sum Assured less the instalments already paid.

For example: Krish is 30 years old and has purchased the plan for a duration of 15 years with an annual premium of Rs. 1,00,000/-. He pays the premium for 4 years but unfortunately passes away during the 4th policy year. In this case, his nominee will receive Rs. 2,00,000/- as the first payout when the death claim is settled and would also receive Rs. 2 lakhs as regular annual payouts, thereafter, for the next 14 years on Krish's death anniversary. The nominee will also receive Additional Benefits of Rs. 4,00,000/- along with the last instalment.

Assured-Income-graphic2.jpg

Target Group
For customers who are looking for a tax saving life insurance plan which guarantees Double Returns over the payout period in the form of monthly/annual stream of income.

EXCLUSIONS

Suicide Exclusion: If the Life Assured commits suicide within one year from the policy commencement date, the policy will be void and only 80% of the premiums paid will be payable as Death Benefits. If the Life Assured commits suicide within one year from the revival date of the policy, if revived, 80% of the premiums paid till the date of death, will be payable as Death Benefits.

Eligibility

Plan Summary
Parameters Criterion
Entry Age (as on last birthday) 7 to 50 years (for a 11-year Policy Term)
5 to 50 years (for a 15-year Policy Term)

Note: For a minor Life Assured, the risk will commence immediately on the policy commencement date.
Maturity Age 18 to 65 years
Policy Term 11 years / 15 years
Premium Payment Term 11 years (for a 11-year Policy Term)
15 years (for a 15-year Policy Term)
Annual Premium (minimum)
    • For a 11-year Policy Term:
      - 35,000/- (age - 7 to 50 years)

  • For a 15-year Policy Term:
    - 35,000/- (age -5 to 44 years)
    - 75,000/- (age -45 to 50 years)
Sum Assured
Multiple of Annualised Premium (Excluding taxes and extra premium, if any)
Entry Age Policy Term - 11 years Policy Term - 15 years
5 to 6 NA 34.5
7 to 17 21.0 34.5
18 to 30 20.5 34.0
31 to 35 20.0 33.5
36 to 40 19.5 33.0
41 to 45 19.0 32.5
46 to 50 17.5 31.0
Premium Payment Frequency Annual only
Payout Term For a 11-year Policy Term : Payout term is 11 years
For a 15-year Policy Term : Payout term is 15 years
Additional Benefits Benefits are paid along with the last payout.
Entry Age Multiple of Annualised Premium (Excluding taxes and extra premium, if any)
5 to 6 4.5 (not applicable for a 11-year Policy Term)
7 to 17 4.5
18 to 30 4.0
31 to 35 3.5
36 to 40 3.0
41 to 45 2.5
46 to 50 1.0

DISCLAIMERS

Future Generali Assured Income Plan (UIN: 133N054V01)

  • For more details on risk factors, terms and conditions, etc., please read the policy document carefully before conducting a sale
  • Tax benefits are subject to change as per tax laws.
  • 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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