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Do I Get Tax Benefits with the Future Generali New Assure Plus?

Future Generali New Assure Plus is a life insurance plan that combines the elements of financial protection and savings. The plan offers maturity benefit upon survival till the end of policy term and death benefit in case of death of life assured. This plan offers option to choose between two death benefit payout options. Here are some key features and benefits:

  • ● Opportunity to enhance your maturity payout through bonuses if you survive till the end of the policy term: Upon maturity, you receive the guaranteed* maturity sum assured. In addition, you also get the vested compound reversionary bonuses, if any plus terminal bonus, if any which enhances your corpus.

Let’s understand this benefit with the help of an example: Amit is a healthy 35 years old and has purchased Future Generali New Assured Plus – Option 2. He has opted for Rs. 7,00,000 Sum Assured for a Policy Term of 20 years and Premium Payment Term of 15 years. He pays Rs. 48,055 premium (excluding taxes) annually for a term of 15 years.

future generali new assure plus maturity

Guaranteed Benefit (₹) Variable Compound Reversionary Bonus, if any(₹) Total Benefit (₹)
At 8% 7,00,000 6,92,852 13,92,852
At 4% 7,00,000 1,54,133 8,54,133

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.

  • ● Option to choose between two death benefit payout options: Option 1-‘Lumpsum Death Benefit Payout’ under this option the nominee receives the entire death benefit as lump sum in the event of death of life assured during the policy term and policy terminates.

Option 2-‘Lumpsum Death Benefit with Maturity Payout’ under this option the first lump sum death benefit payout is made to the nominee at the time of death of life assured. The policy continues after the death of insured without any premium payment obligation. A second payout equal to guaranteed* maturity sum assured plus vested compound reversionary bonuses, if any plus terminal bonus, if any is paid to the nominee at the end of policy term.

Let’s understand this benefit with the help of the previous example: It is assumed that the death occurs in the 2nd policy year. The benefit payable to Amit’s nominee(s) will be:

Future Generali New Assure Plus-Death

Guaranteed Benefit (₹) Variable Compound Reversionary Bonus, if any(₹) Total Benefit (₹)
At 8% 7,00,000 6,92,852 13,92,852
At 4% 7,00,000 1,54,133 8,54,133

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.

  • ● Flexibility: The flexibility to choose any available combination of policy term and the premium payment term that suits your financial goals. Specifically, if you want the flexibility of paying for a short period and then reap the benefits by staying invested for a longer period, you can opt for this plan.
  • ●Tax benefits : The Future Generali New Assure Plus comes with tax benefits too. The benefits are as follows:
  • ● The premium amounts you pay towards the plan each year may be claimed for a tax deduction as per Section 80C of the Income Tax Act, 1961. Thus, you can claim a deduction of up to ₹1,50,000.
  • ● The amount that your family receives as the death benefits is also exempt from tax as per Section 10(10D) of the Income Tax Act, 1961.

Thus, if you are looking at a financial instrument that can combine financial protection, savings and tax benefits, the Future Generali New Assure Plus will serve you well.

Future Generali New Assure Plus (UIN: 133N065V02)

This is an individual, non-linked, participating (with profits), savings, life insurance plan

Glossary:

* Guarantee - Guarantee is subject to payment of all due premiums.

Disclaimer: For more details on this product including risk factors, exclusions, terms and conditions, please read the product brochure carefully and/or consult your Advisor and/or visit our website before concluding a sale. Tax benefits are subject to change in law from time to time. You are advised to consult your tax consultant. Riders are not mandatory and available at an additional cost. Future Group’s, Generali Group’s and IITL’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 | ARN:

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