Future Generali

What are the tax benefits of Future Generali Assured Money Back?

Introduction

Future Generali Assured Money Back Plan is a life insurance plan that provides you with both financial cover as well as an element of savings by offering returns in the form of payouts.

The Future Generali Assured Money Back Plan comes with tax benefits too. They are as follows:

  • The premium you pay towards the Future Generali Assured Money Back Plan is eligible for tax exemption up to ₹1,50,000 or 10% of the sum assured, whichever is lower, as per Section 80C of the Income Tax Act, 1961.
  • The amount that your family receives as the death benefits under a life insurance policy is also exempted from tax as per Section 10(10D) of the same Act. 

The policy delivers payouts regularly such that you can meet your specific financial goals. There is an option to receive these payouts in either of the following modes:

  • You can receive 10% of the total sum assured each year for 9 years. When the policy term expires, 110% of the sum assured is made available, or
  • You can choose to receive 10% of the total sum assured each year for 4 years. Upon reaching maturity, the policy will give you 160% of the sum assured. 

Money-back plans allow you to plan for any anticipated expense - whether it is a financial milestone like building a house, or surplus you want to invest in your business, or broadly even retirement planning. You get to decide the amount of life cover as well as the number of years for which you want to pay the premium, with the option of 5,7,10 or 12 years.

Thus, if you are looking at a financial instrument that can combine financial protection, provides a steady, assured income benefits, the Future Generali Assured Money Back Plan would serve you well.

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