Future Generali Life Child Plans

Future Generali Life Insurance Company Limited is a joint venture between Future Group, a leading Indian Retailer with retail outlets like Pantaloons, Big Bazar etc., and Generali Group which is a global insurance group boasting of being counted among the top 50 companies of the world and Industrial Investment Trust Limited (IITL) which is an investment company. The company was incorporated on September 2007 and as on September 2015 the company has total assets under management of the value of Rs.2600 crores. The range of products offered by Future Generali include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.

What are Child Plans?

Child plans are uniquely designed plans meant for the future of the child by ensuring a considerable fund even after the death of the parent. The plans have certain distinct characteristics which are explained below:

• The plan can cover either the minor child or the parent with the parent being the insured in most of the cases
• If the child is covered, the company inserts a deferment clause in the policy which excludes coverage in the initial years because the infant is considered to be a more risky life. death during this deferred period will entail the return of premiums as the Sum Assured will not be active during this period
• The child will also gain ownership of the policy after attaining 18 years of age which was previously in the name of his parent
• The premium waiver rider is automatically inherent in the plan which waives future premiums after the death of the parent while at the same time protecting the funds which are paid as and when originally promised under the plan

Future Generali Child Plans

Future Generali Life Insurance Company offers one type of child insurance plan called the Future Generali Assured Education Plan. The plan promises multiple benefits and comes loaded with great features. Let us take a look at the plan in detail and its features and benefits.

Future Generali Assured Education Plan

A plan designed for the financial security of the child’s future, it has the following features and benefits:

• Premiums under the plan are payable for the entire duration of the plan under the Regular pay option of premium payment.
• There are three options to receive the maturity benefits under the plan which can be chosen either as a money-back payouts under Options A and B or a lump sum payout under Option C
• Maturity occurs when the child reaches 17 years of age
• Under Option A, 40% of the Sum Assured is paid on policy maturity, i.e. when the child attains 17 years of age, 30% one year after the maturity when the child attains 18 years of age, 20% after another year and 10% of the Sum Assured after another year when the child completes 20 years of age
• Under Option B, 10% of the Sum Assured is paid on maturity and for every year for two years following the year of maturity and three years post maturity when the child reaches 20 years of age, 70% of the Sum Assured is paid
• Under Option C, 100% of the Sum Assured is paid on maturity.
• If the insured expires while the plan is in force, the Death Sum Assured is paid immediately to the nominee which will behigher of 10 times premiums which are to be paid yearly or 105% of all premiums paid till the date of death or the chosen Sum Assured. Moreover, 5% of the Sum Assured is paid every year post death and all future premiums are waived off. On maturity, the maturity benefit will be paid as per the Maturity Option chosen by the policyholder.
• The premium payment mode can be changed subject to certain terms and conditions
• Loans can be availed under the plan up to a maximum of 85% of the Surrender Value
• The plan can be customized by adding the available two riders which are Future Generali Non-Linked Accidental Death Rider and Future Generali Non-Linked Accidental Total and Permanent Disability Rider

Eligibility Details