Maturity Benefits
If the Life Assured is alive on the Maturity Date and if all Instalment Premiums have been received in full, the Maturity Benefit shall be payable as follows:

• i. Equal annual Maturity Benefit instalments shall be payable at the end of each year from Policy Term +1 year till the end of Payout Period.
• ii. Payout Period will be equal to policy term.
• iii. Annual Maturity Benefit Instalment amount = Maturity Benefit Multiplier (as per table 1) X Annualized premium (excluding the taxes, modal loading, rider premiums, underwriting extra premiums, if any)
• iv. Additional benefit, based on the age at entry of the Life Assured shall be payable along with the last instalment.

How it works?

Let’s understand it with the help of an example for PT/PPT of 8, 11 & 15 years (Regular Pay):.

Note:

• The annualised premium mentioned in the table above is excluding taxes, rider premium, modal premium and underwriting extra premium, if any.
• At the inception of the policy, you can opt to take your Maturity Benefit as lump sum at the Maturity Date. The lump sum Maturity Benefit is equal to the value of Maturity Benefit instalments as mentioned above, discounted at a compound interest rate of 6.85% per annum.

The Policyholder may choose to receive Maturity Benefit instalments in half yearly, quarterly or monthly frequency instead of taking it annually. In such cases, the instalments shall be payable as follows:

• Yearly – 100% of (Annual Maturity Benefit Instalment) shall be payable on annual policy anniversary in arrears

• Half yearly – 50.67% of (Annual Maturity Benefit Instalment) shall be payable on half yearly policy anniversary in arrears

• Quarterly – 25.5% of (Annual Maturity Benefit Instalment) shall be payable on quarterly policy anniversary in arrears

• Monthly – 8.54% of (Annual Maturity Benefit Instalment) shall be payable on monthly policy anniversary in arrears.

The frequency to receive Maturity Benefit Instalments need to be chosen at inception and cannot be changed during the Policy Term.

Maturity Benefit Illustrated:

For example: Krish is 30 years old and pays Rs. 1,00,000 as annual premium (excluding applicable tax) for a term of 15 years. He will receive Rs. 34,80,000 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. 4,80,000.

Death Benefits

The Death Benefit shall be highest of the following:

• i.Sum Assured on Death i.e. Death Benefit Multiple X Annualized Premium (excluding the taxes, rider premiums, underwriting extra premiums if any), or

• ii.105% of total premiums paid (excluding any extra premium, any rider premium and taxes, if collected explicitly) as on date of death ,or

• iii.Total annual instalments which is equal to: Annual Instalment amount X Policy Term
  Where, Annual Instalment amount = Death Benefit payout rate (as per table 1) * Annualized premium (excluding the taxes, rider premiums, underwriting extra premiums if any)

Death Benefit payout rate table

In case of death of the Life Assured during the policy term, provided all due premiums till date of death have been paid, the Death Benefit shall be paid in the following manner.

• Equal Death Benefit instalments shall be payable with the first instalment being paid at the time of claim settlement and the remaining Death Benefit instalments payable on each of the following death anniversary of the Life Assured.

How it works?

Let’s understand it with the help of an example for PT/PPT of 8, 11 & 15 years (Regular Pay):.

Please Note:

• The death benefit mentioned above will be payable if your policy is inforce. The annualised premium mentioned in the table above is excluding taxes, rider premium and underwriting extra premium, if any.

The Policyholder may choose to receive Death Benefit instalments in half-yearly, quarterly or monthly frequency instead of taking it annually. In such cases, the Death Benefit instalments shall be payable as follows:

• Yearly – 100% of (Annual Death Benefit Instalment) shall be payable on annual policy anniversary in arrears

• Half yearly – 50.67% of (Annual Death Benefit Instalment) shall be payable on half yearly policy anniversary in arrears

• Quarterly – 25.5% of (Annual Death Benefit Instalment) shall be payable on quarterly policy anniversary in arrears

• Monthly – 8.54% of (Annual Death Benefit Instalment) shall be payable on monthly policy anniversary in arrears.

The frequency to receive Death Benefit Instalments need to be chosen at inception and cannot be changed during the Policy Term.

Lumpsum Death Benefit, if death occurs during the Policy Term:

The nominee has the option to take a lump sum death benefit as the discounted value of outstanding Death Benefit instalments. The outstanding Death Benefit instalments will be discounted at a compound interest rate of 6.85% per annum

Lumpsum Death Benefit, if death occurs during the Payout Period:

In the event of death during the payout period, regular Maturity Benefit instalments as per the maturity benefit will be paid to the nominee. The nominee has the option to take a lump sum death benefit as a discounted value of outstanding Maturity Benefit instalments. The outstanding Maturity Benefit instalments will be discounted at a compound interest rate of 6.85% per annum. The value of lump sum payment to nominee is at least equal to Sum Assured on Maturity less Maturity Benefit instalments already paid

Death Benefit Illustrated 

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 and unfortunately expires during the 4th policy year. In this case, the nominee will receive Rs. 70,000 as the first payout when the death claim is settled and thereafter for 14 years on Krish’s death anniversary.

Target Group

For customers who are looking for guaranteed income  and tax saving life insurance plan which provides guaranteed returns over 11/ 15 year payout period in the form of monthly/annual stream of income.

Little privileges just for you

Grace Period:
You get a grace period of 30 days for Annual, Half-yearly and Quarterly Premium Payment Frequency and 15 days for Monthly Premium Payment Frequency, from the premium due date to pay your missed premium. During these days, risk on your life you will continue to be covered and your nominee will be entitled to receive all the benefits subject to deduction of due premium.

Change in Premium Payment Frequency:
You can change your premium payment frequency subject to minimum eligibility criteria. Such change shall be applicable from the next Policy Anniversary.

Auto Cover

After payment of at least 1 year premiums, if you are not able to pay premium within the grace period, you will get an auto cover of one year.

If death occurs during the Auto Cover period, the Death Benefit payable will be as for an in-force policy after deducting unpaid due premium.

If due premium remains unpaid during the Auto Cover period, the policy will be converted to a paid-up policy.

Auto Cover will be available only once during the Policy Term and will not be available if the policy has been converted to a paid-up policy.

Free Look Period:
If you disagree with the terms and conditions of the Policy, you can return the Policy within 30 days of receipt of the Policy Document (whether received electronically or otherwise). To cancel the Policy, you can send us a request for cancellation along with the reason for cancellation. We will cancel this Policy if you have not made any claims 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).

If the policy is opted through Insurance Repository (IR), the computation of the said Free Look Period will be as stated below:-

•   -  For existing e-Insurance Account: Computation of the said Free Look Period will commence from the date of delivery of the email confirming the credit of the Insurance Policy by the IR.

•   -  For New e-Insurance Account: If an application for e-Insurance Account accompanies the proposal for insurance, the date of receipt of the ‘welcome kit’ from the IR with the credentials to log on to the e-Insurance Account(e IA) or the delivery date of the email confirming the grant of access to the eIA or the delivery date of the email confirming the credit of the Insurance Policy by the IR to the eIA, whichever is later shall be reckoned for the purpose of computation of the Free Look Period.

• I.Future Generali Non - Linked Accidental Death Benefit Rider:
  In case of an unfortunate event of death of the Life Assured during the Rider Term, the Rider Sum Assured is paid along with the Death Benefit.
  • " An "Accident" is a sudden, unforeseen, and involuntary event caused by external, visible & violent means
  • The “Accidental Death” benefit is payable only under if the Life Assured sustains any bodily injury resulting solely and directly from an accident caused by outward, violent and visible means and such injury shall within a period of 180 days of the occurrence of the accident; solely, directly and independently of all other causes, result in the death of the Life Assured. In case the “event” which has caused death due to accident has occurred during the Policy Term and accidental death occurs after the Policy Term but within 180 days from the date of accident, the accidental Death Benefit shall be payable.
  • Additional Benefits:
    Under this Rider, the Life Assured can get double benefit, if the death due to accident occurs under any of the following circumstances:
    • While the Life Assured is riding as a fare paying passengers on commercially licensed public land transportation over an established route such as a bus, tram or train.
    • While the Life Assured is in an elevator car (elevators in mines, rigs and on construction sites excluded) duly certified to carry passengers; or
    • As a direct result of the burning of the following public buildings only: theatre, cinema, public auditorium, hotel, school and hospital.
    • When the Life Assured is on a commercial passenger airline on a regular scheduled passenger trip over its established passenger route.
  • Other Features:
    • Change in Sum Assured – The Policyholder may increase/decrease Rider Sum Assured within the range of minimum and maximum Sum Assured under the base Policy and further subject to IRDAI regulations, 2024, as amended from time to time. The Rider Sum Assured shall not exceed 3 times the Sum Assured of the base Policy. Any increase/decrease in Sum Assured can only be done on the Policy Anniversary of the base Policy.
    • Return of Premium (ROP) option – Under ROP option, the Policyholder will get Total Premiums Paid (excluding any extra premium and taxes, if collected explicitly) upon maturity, if there was no Rider claim made during the Rider Term.
  • Exclusions:
    Rider Sum Assured will not be paid if the Accident is caused under any of the following circumstances.
    • Intentional self-inflicted Injury, attempted suicide, while sane or insane;
    • Life Assured person being under the influence of drugs, alcohol, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a doctor.
    • War, invasion, act of foreign enemy, hostilities (whether war be declared or not), armed or unarmed truce, civil war, mutiny, rebellion, revolution, insurrection, military or usurped power, riot or civil commotion, strikes.
    • Taking part in any naval, military or air force operation during peace time or during service in any police, paramilitary or any similar organization.
    • Participation by the Life Assured in any flying activity, except as a bona fide, fare-paying passenger of a recognized airline or Pilots and cabin crew of a commercial airline, on regular routes and on a Scheduled timetable.
    • Participation by the Life Assured in a criminal or unlawful act with illegal or criminal intent.
    • Engaging in or taking part in professional sport(s) or any hazardous pursuits, including but not limited to, diving or riding or any kind of race; underwater activities involving the use of breathing apparatus or not; martial arts; hunting; mountaineering; parachuting; bungee jumping.
    • Nuclear Contamination; the radio-active, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or Accident arising from such nature.
    • Suicide Exclusion
      In case of death due to suicide within 12 months from the date of commencement of risk under the Rider or from the date of revival of the Rider, as applicable, the Nominee or beneficiary of the Policyholder shall be entitled to at least 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.
    • Any other exclusion that forms a part of Policy Document will also apply.
• II.Future Generali Non - Linked Accidental Total & Permanent Disability Rider
  In case of an unfortunate event of accident, in which the Life Assured suffers from Total or Permanent Disability to such an extent that the Life Assured cannot perform 3 out of 6 daily life activities without continuous assistance from another person during the Rider term, the Rider Sum Assured is paid.
  • An Accident is a sudden, unforeseen, and involuntary event caused by external, visible & violent measures.
  • “Injury” means accidental physical bodily harm excluding any Illness or disease, solely and directly caused by an external, violent, visible and evident means which is verified and certified by a Medical Practitioner.
  • Total and Permanent Disability:
    A life shall be regarded as being totally and permanently disabled under a "3 ADL Failure" definition of disability, only if that life, due to accident, has been rendered disabled to such an extent that there are at least 3 of the 6 activities of daily living which that life is unable to perform without the continuous assistance of another person.
  • The activities of daily living are:
    • Washing; the ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash satisfactorily by other means,
    • Dressing: the ability to put on, take off, secure, and unfasten all garments and, as appropriate, any braces, artificial limbs, or other surgical appliances,
    • Transferring: the ability to move from a bed to an upright chair or wheelchair and vice versa,
    • Mobility: the ability to move indoors from room to room on level surfaces,
    • Continence: the ability to control bowel and bladder function so as to maintain a satisfactory level of personal hygiene,
    • Feeding: the ability to feed oneself once food has been prepared and made available.
  • Other Features:
    • Change in Sum Assured - The Policyholder may increase/decrease Rider Sum Assured within the range of minimum and maximum Sum Assured under the base Policy and further subject to the IRDAI Regulations 2024, as amended from time to time, The Rider Sum Assured shall not exceed the Sum Assured of base Policy. Any increase/decrease in Sum Assured can only be done on the Policy Anniversary of the base Policy.
    • Return of Premium (ROP) option – Under ROP option, the Policyholder will get Total Premiums Paid (excluding any extra premium and taxes, if collected explicitly) upon maturity, if there was no Rider claim made during the Rider Term.
  • Exclusions:
    Rider Sum Assured will not be paid if the Accident is caused under any of the following circumstances.
    • Intentional self-inflicted Injury, attempted suicide, while sane or insane.
    • Life Assured person being under the influence of drugs, alcohol, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a doctor.
    • War, invasion, act of foreign enemy, hostilities (whether war be declared or not), armed or unarmed truce, civil war, mutiny, rebellion, revolution, insurrection, military or usurped power, riot or civil commotion, strikes.
    • Taking part in any naval, military or air force operation during peace time or during service in any police, paramilitary or any similar organization.
    • Participation by the Life Assured in any flying activity, except as a bona fide, fare-paying passenger of a recognized airline or Pilots and cabin crew of a commercial airline, on regular routes and on a Scheduled timetable.
    • Participation by the Life Assured in a criminal or unlawful act with illegal or criminal intent.
    • Engaging in or taking part in professional sport(s) or any hazardous pursuits, including but not limited to, diving or riding or any kind of race; underwater activities involving the use of breathing apparatus or not; martial arts; hunting; mountaineering; parachuting; bungee jumping.
    • Nuclear Contamination; the radio-active, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or Accident arising from such nature.
    • Any other exclusion that forms a part of Policy Document will also apply.
• III.Flexibility to receive Rider Sum Assured
  Non - Linked Accidental Death Benefit Rider and Non - Linked Accidental Total & Permanent Disability Rider, both offer flexibility to receive Rider Sum Assured as either:
  • Lump sum Benefit- Rider Sum Assured will be payable as lumpsum.
  • Income for the income period chosen (from 2 to 10 years) - The income will be paid starting from the date of occurrence of insured event at a frequency (Yearly / Half Yearly / Quarterly / Monthly) and for the income period chosen. The payment frequency can’t be changed once the regular income commences.
  • Combination of lump sum and income for the income period chosen (from 2 to 10 years).

The default option to receive Rider Sum Assured is lump-sum benefit. The Policyholder can change it to any of the options during the Rider Term but before the occurrence of insured event.
The regular income instalments for frequencies other than annual shall be as specified below, where the Yearly Income below refers to the regular income payable in respect of annual frequency:

This benefit applies if it is in force on the date of accident resulting in death or disability of the Life Assured. The non-forfeiture provisions do not apply to this benefit.

The premium pertaining to health or critical illness Riders shall not exceed 100% of the premium under the basic plan. The premiums under all other Life Insurance Riders put together shall not exceed 30% of the premiums under the basic plan and any benefit arising under each of the above- mentioned Riders shall not exceed the Sum Assured under the basic plan.

Loan :

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 Rs. 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, basis current market interest rate on 10-year Government Securities (G-Sec) as on 31st March every year + 2% rounded to nearest 1%. The current interest rate applicable on loans is 9% per annum compounded half-yearly for the Financial Year 2024-25. Please contact Us or Our nearest branch for information on latest interest rate on loans.

Vesting of the Policy in case of policies issued to minor lives

The policy vests on the life assured on the policy anniversary coinciding with or immediately following the 18th birthday of the life assured. In case of death of Policyholder, while the Life Assured is a minor, the surviving parent/ legal guardian may be appointed as a new Policyholder. In case the policy is in paid-up status or upon non-payment of future premiums.

Nomination and Assignment :

Nomination, in accordance with Section 39 of the Insurance Act, 1938 as amended from time to time, is permitted under this policy.

Assignment, in accordance with Section 38 of the Insurance Act, 1938 as amended from time to time is permitted under this policy.

Policy purchased under MWP ( Married Women’s Property) Act cannot be assigned.

Suicide: In case of death of Life Assured due to suicide within 12 months from the date of commencement of risk 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 at least 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.

Grievance Redressal Processes

In case you have any grievances on the solicitation process or on the Product sold or any of the Policy servicing matters, you may approach the Company in one of the following ways:

• (a) Calling the Customer helpline number 1800-102-2355 for assistance and guidance.
• (b) Emailing at care@futuregenerali.in
• (c) You may also visit us at the nearest Branch Office. Branch locator - https://life.futuregenerali.in/branch-locator/
• (d) Senior citizens may write to us at the following id: senior.citizens@futuregenerali.in for priority assistance
• (e) You may write to us at: Customer Services Department Future Generali India Insurance Co. Ltd, Unit 801 and 802, 8th floor, Tower C, Embassy 247 Park, L.B.S Marg, Vikhroli ( W ) Mumbai – 400083

We will provide a resolution at the earliest. For further details please access the link: https://life.futuregenerali.in/customer-service/grievance-redressal-procedure