If you have paid all your premiums till the completion of the Premium Payment Term, you will receive 5 annual payouts equal to 10% of your Sum Assured which is called the Survival Benefit. These payouts will begin at the end of the same year in which you paid your last premium.
Once your policy matures, which is 5 years after your premium payment term, you will receive a lump sum payout equal to 50% of the Sum Assured plus any declared Compounded Reversionary bonuses plus any Terminal Bonus, which is called the Maturity Benefit.
Extended Life Cover:
Your insurance cover will be active till you turn 80. Once you reach 80 years of age, you will receive another lump sum payment equal to 100% of your Sum Assured which is called Extended Cover Payout
What's more, In case of your unfortunate demise after maturity but before you turn 80 years, your nominee will receive 100% of your Sum Assured.
Let's understand your benefits with the help of an example:
Amit is 30 years old while buying the policy. He has opted for 10,00,000 Sum Assured for a premium payment term of 20 years. He pays 65,250 annual premium (plus service tax) for a term of 20 years.
As per the above example, Amit will get the following Triple Benefits:
Please Note: Benefits illustrated at 8% and 4% gross rate of return includes non-guaranteed bonuses.
Death Benefit during the Policy Term:
Death Benefit in this plan secures your family in case of your unfortunate demise during the policy term.The Death Benefit payable shall be higher of:
|The Death Sum Assured will be the highest of:|
The above Death Benefit shall be payable irrespective of any survival benefits paid earlier
The plan terminates after paying the death benefit to the family.
Let's understand the Death 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 nominees will be:
In case of death after the Policy Term but before reaching age 80 years, Sum Assured is paid to your Nominee
|Your Benefits||15 Year PPT||20 Year PPT|
|Regular Payouts||10% of Sum Assured every year from end of 15th year till end of 19th policy year.||10% of Sum Assured every year from end of 20th year till end of 24th year|
|Lump Sum Payout||50% of Sum Assured + Compounded Reversionary bonuses1 (if any) + Terminal Bonus2(if any) at end of 20th year||50% of Sum Assured + Compounded Reversionary bonuses1 (if any) + Terminal Bonus (if any) at end of 25th year|
|Extended Cover Benefit||100% of Sum Assured on turning 80 years or
100% of Sum Assured paid to nominee in case of death before 80 years
|1. Compounded Reversionary Bonus: At the end of each financial year the Company may declare a bonus expressed as a percentage of the Sum Assured and all previous bonuses declared. The bonus of each year is added to the Sum Assured and the next year's bonus is calculated on the enhanced amount.|
|2. Terminal Bonus: The Company may declare a discretionary terminal bonus which is payable on death or maturity of the plan.|
|Entry Age (as on last Birthday)||7 to 50 years
Please note, we will undertake the risk on your policy from the policy commencement date.
|Maturity Age||27 years – 75 years|
|Policy Term||Premium Payment Term + 5 years|
|Premium Payment Term||15 or 20 years|
|Minimum Sum Assured||2,00,000|
|Premium Payment Frequency||Annual, Semi-Annual and Monthly.|
Maximum: No limit
Future Generali Triple Anand Advantage Plan [UIN: 133N055V01]