Future Generali Assured Income Plan is a life insurance plan that provides you with both financial cover as well as assured returns on the premiums paid by you. The benefits of this plan include:
- The premium amounts you pay towards the plan each year can be claimed for a deduction as per Section 80C of the Income Tax Act, 1961
- The amount that your family receives as the death benefits or the maturity amounts that you receive at the end of the policy term, including the bonus, are also exempted from tax as per Section 10(10D) of the same Act if the premium is not more than 10% of the sum assured if premium paid in a financial year is 10% of the sum assured.
- Assured Income: Under this plan, you pay the premium for a period of time, post which you receive a regular income in the form of annual instalment payouts as per your plan
- Additional Income: There is also the unique option of securing an additional benefit ranging from 1 to 4.5 times of your premium calculated on an annual interval. This additional bonus income is paid out along with the last payout.
- Death Benefit: Since there’s a life cover, the death benefit feature is also present, with the amount ranging from 15.3 to 27.0 times of the annualised premium, including the additional benefit
- Flexibility to choose the tenure of the plan to be between 11 to 15 years, depending on your age
- The premium you pay towards the Future Generali Assured Income Plan is eligible for tax deduction up to ₹1,50,000 or 10% of the sum assured, whichever is lower.
- Section 80C provides for a tax deduction of up to ₹1,50,000 for the combination of other payments as well. These could be PF contributions, deferred annuity etc. The premiums paid on life insurance are just a part of them.
Thus, if you are looking at a financial instrument that can combine financial protection, give assured income and tax exemption, the Future Generali Assured Income Plan will serve you well.