An Individual, Non-Linked, Participating (with-profits), Savings, Life Insurance Plan.
You need a perfect partner for the journey called Life.
Financial wellness means planning well for financial milestones in life. All you need is a plan that offers you a continuous flow of income for your regular expenses, be it for your kid’s education, annual vacation or post-retirement income. Life Insurance plan that pays income for life, can help you secure finances for your family, even in the case of an untoward incident.
Presenting the Future Generali Lifetime Partner Plan, a Life Insurance Plan that provides a much needed protection to your family, along with a regular income for whole of your life, up to age 100. It also provides you potential upside on the income, through cash bonuses (if declared).
This plan provides an increasing guaranteed income, in addition to an annual cash bonus, if declared. The guaranteed income duration and amount depends upon the plan option chosen.
Option 1: Immediate Income - With this option, get a guaranteed income along with cash bonus, if declared, from the first year as defined below under the survival benefits section.
Option 2: Deferred Income - With this option, get a guaranteed income along with cash bonus, if declared, from premium payment term plus 3 years as defined below under the survival benefits section.
Get a whole - life cover till 100 years of age and secure your family’s financial future against the uncertainties of life.
Choose among yearly, half-yearly, quarterly and monthly frequencies to receive income, as per your need.
You may be eligible for tax benefits on the premium(s) you pay and benefit proceeds, according to the provisions of Income Tax laws. These benefits are subject to change as per the current tax laws. Please consult your Tax Advisor for more details.
Step 1
Choose from the following two options that works the best for you:
The option has to be chosen at inception and cannot be changed during the term of the policy.
Step 2
Now that you have chosen your option, decide on the following:
Step 3
Fill the Proposal Form (Application Form) and complete the documentation process.
Step 4
Finally, pay your premium amount and head towards a financially secure future. Premium will vary depending upon the Option chosen.
Parameter | Criterion | ||||
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Entry Age (As on last birthday) |
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Under both Options | |||||
Maturity Age (As on last birthday) |
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Policy Term | (100 minus Entry Age) years | ||||
Premium Payment Term (PPT) | 6/ 8/ 10/ 12 years | ||||
Premium Payment Type | Limited Pay | ||||
Sum Assured |
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Premium Payment Frequency | Yearly, Half-yearly, Quarterly and Monthly | ||||
Premium Amount |
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Note: Premiums mentioned above, are excluding applicable taxes and extra premium paid as a part of underwriting requirements, if any.
You will receive a Guaranteed Income and Annual Cash Bonus, if declared, as per the option chosen by you, on survival and subject to payment of all due premiums.
a) Option 1: Immediate Income
You will receive a sum of:
Where Guaranteed Income is calculated by multiplying Guaranteed Income Rate by Sum Assured.
Policy Year | Guaranteed Income Rate per annum as a percentage of Sum Assured for Option 1: Immediate Income |
---|---|
1-5 | 3% |
6-10 | 4% |
11-15 | 5% |
16-20 | 6% |
21-25 | 7% |
26 to the end of the Policy Term | Nil |
For example, if the frequency of Survival Benefit payout is monthly, first Survival Benefit shall be payable at the end of 1st policy month. In case, frequency of Survival Benefit payout is yearly, the first payout shall be payable at the end of 1st policy year
b) Option 2: Deferred Income
You will receive a sum of:
Where Guaranteed Income is calculated by multiplying Guaranteed Income Rate by Sum Assured.
Policy Year | Guaranteed Income Rate per annum as a percentage of Sum Assured for Option 2: Deferred Income |
---|---|
1 to PPT+2 | Nil |
PPT+3 and PPT+4 | 3% |
PPT+5 and PPT + 6 | 4% |
PPT+7 and PPT+8 | 5% |
PPT+9 and PPT+10 | 6% |
PPT+11 and PPT+12 | 8% |
PPT+13 till end of the Policy Term | Nil |
Where PPT stands for Premium Payment Term
For example, if PPT=10 years and frequency of Survival Benefit payout is monthly, first Survival
Benefit shall be payable at the end of 12 policy years and 1 month. In case, frequency of Survival
Benefit payout is yearly, the first payout shall be payable at the end of the 13th policy year.
For Option 1: Immediate Income and Option 2: Deferred Income
You will receive Sum Assured on Maturity which is equal to 2 times the Sum Assured, upon survival till the end of the policy term, subject to payment of all due premiums. Terminal Bonus, if declared, shall also be paid, along with the Maturity Benefit.
The policy terminates on the payment of the Maturity Benefit, under both the options.
To clearly understand how the survival and maturity benefit works, let us take a look at Amit’s story.
Amit is a healthy 40-year old male and has purchased the Future Generali Lifetime Partner Plan – Option 1: Immediate Income. He has opted for an Annual Premium of ₹ 50,000 per year (excluding applicable taxes) for a Premium Payment Term of 10 years and Annual Survival Benefit frequency. His Policy Term is 60 years and his Sum Assured is ₹2,53,485/-.
If Amit purchases Future Generali Lifetime Partner Plan – Option 2: Deferred Income with an Annual Premium of ₹50,000 per year (excluding applicable taxes) for a Premium Payment Term of 10 years and Annual Survival Benefit frequency. His Policy Term will be 60 years and his Sum Assured will be ₹3,01,623/-.
Please Note: Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company. These assumed rates of return 8% and 4%, are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance.
Please Note:
For Option 1: Immediate Income and Option 2: Deferred Income
In case of the unfortunate demise of the life assured during the Policy Term, the life assured’s nominee/beneficiary shall receive the Death Benefit. This is applicable if the policy is inforce and all due premiums, till the date of death, have been paid.
The Death Benefit shall be the highest of the following:
Where Sum Assured on Death is equal to 10 times the Annualized Premium (excluding applicable taxes, rider premiums and underwriting extra premiums, if any.)
The Policy will terminate on payment of entire Death Benefit under both the options.
To clearly understand how death benefit works, in this case, let us look at Amit’s story.
Amit is a healthy, 40-year old male and has opted for Future Generali Lifetime Partner Plan – Option 1: Immediate Income with an Annual Premium of ₹50,000 per year for a Premium Payment Term of 10 years. His Policy Term is 60 years and Sum Assured is ₹2,53,485/-.
Assuming that Amit’s death occurs in the 41st policy year, i.e. after attaining age 80 years and that he had opted for an Annual Survival Benefit frequency, the benefit payable to Amit’s nominee(s) will be:
If Amit purchases the Future Generali Lifetime Partner Plan – Option 2: Deferred Income with Annual Premium of ₹50,000 per year for a Premium Payment Term of 10 years, his Policy Term will be 60 years and st Sum Assured will be ₹3,01,623. It is assumed that Amit’s death occurs in the 41st policy year, i.e. after attaining age 80 years and that he had opted for Annual Survival Benefit frequency. The benefit payable to Amit's nominee(s) will be:
Please Note: Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company. These assumed rates of return 8% and 4%, are not guaranteed and they are not upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.
If you disagree with the terms and conditions 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 written request for cancellation which is dated and signed by you, 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, you will continue to be covered and be entitled to receive all the benefits, subject to deduction of due premiums.
You can change the frequency at which you receive the Survival Benefits (i.e. Guaranteed Income, if any, plus Annual Cash Bonus, if declared) anytime, during the Policy Term. The revised frequency of Survival Benefit payments shall be applicable on the next policy anniversary.
The Survival Benefit, as a percentage of Annual Survival Benefit, shall be as follows:
The Survival Benefit is paid in arrears, i.e. in case of Monthly frequency, the first payout will be made at the end of month 1, of the respective policy year.
You can change your premium payment frequency, subject to minimum eligibility criteria. Such a change shall be applicable on the Policy Anniversary.
The premiums for various modes, as a percentage of the annual premium, are given below:
There shall be no charge made for the change of premium payment mode.
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. The current interest rate applicable on loans is 8% per annum compounded half-yearly for the Financial Year 2020-21. Please contact us or our nearest branch for information on the latest interest rate on loans.
Non-payment of Due Premium:
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. Survival benefit payable, if any, shall also stop once the policy is in lapsed status.
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 the first unpaid premium.
In case, the Policy is not revived during the revival period, no benefit shall be payable at the end of the 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 reduced paid-up policy.
If a policy is converted into a reduced paid-up policy, it will not be eligible for any future cash bonuses, if declared. Sum Assured on Death, Sum Assured on Maturity and Guaranteed Income will be reduced in proportion to the number of premiums paid to the number of premiums payable under the Policy.
While the policy is in Paid-up status, on survival of the Life Assured, on survival benefit payment dates, the Paid-up Guaranteed Income, if any, shall be paid.
Paid-up Guaranteed Income = Guaranteed Income Rate p.a. * Paid-up Sum Assured
Where Guaranteed Income Rate p.a. and manner of payment of survival benefit is defined under survival benefits section above.
No Annual Cash Bonuses, if declared, shall be paid while the policy is in Paid-up status.
You can revive a Paid-up Policy, within a period of five years, from the due date of first unpaid premium.
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 policy years i.e. after the policy acquires a Surrender Value.
The amount payable on surrender will be (a) The Guaranteed Surrender Value (GSV) or (b) Special Surrender Value (SSV), whichever is higher.
The GSV will be equal to the GSV factor for premium multiplied by the [Total Premium Paid (excluding applicable taxes, rider premiums, underwriting extra premiums, if any)] less sum of survival benefits paid till date.
The Special Surrender Value shall be based on the company’s assessment of past financial and demographic conditions as well as likely future experience. This shall be reviewed by the company, from time to time, with prior approval from IRDAI. It is calculated as:
Special Surrender Value Factor for Sum Assured x (Paid-up Sum Assured) plus Special Surrender Value Factor for future Guaranteed Income x 3% X (Paid-up Sum Assured)
Special Surrender Value Factor for Sum Assured x (Sum Assured) plus Special Surrender Value Factor for future Guaranteed Income x 3% x (Sum Assured) plus Special Surrender Value Factor for Contingent Future Annual Cash Bonus x (Contingent Future Annual Cash Bonus)
In case of minor lives, the ownership of the policy shall automatically vest on the Life Assured on the 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.
Suicide Exclusion:
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.
Section 41 of the Insurance Act 1938 as amended from time to time, states:
Section 45 of the Insurance Act 1938 as amended from time to time, states:
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.
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 (life.futuregenerali.in) 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 Company Limited (IRDAI Regn. No.: 133) (CIN: U66010MH2006PLC165288). Regd. & Corporate Office Address: Unit 801 and 802, 8th floor, Tower C, Embassy 247 Park, L.B.S. Marg, Vikhroli (W), Mumbai - 400083 | Fax: 022-4097 6600 | Email: care@futuregenerali.in | Call us at 1800 102 2355 | Website: life.futuregenerali.in | UIN: 133N086V01 | ARN: ADVT/Comp/2020-21/Dec/529
Self & Partner Branchesa
Individual claims settlement ratio for FY 2021-2022
Lives covered since inception
Worth of Asset Under Management
Data as on 31st March 2022