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.
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:
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.
A plan designed for the financial security of the child’s future, it has the following features and benefits:
|Entry Age of the Parent||21 years||50 years|
|Entry Age of the Child||0 years||10 years|
|Maturity Age||35 years||67 years|
|Policy Term||17 minus the age of the child|
|Premium amount||Rs.20, 000||No limit|
|Premium Payment Term||Equal to plan term|
|Premium Paying Frequency||Yearly or monthly|
The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
The reason of buying a child plan is not limited to only one. One can cite various reasons why a child insurance plan becomes a part and parcel of every individual’s financial planning process. Creating a fund for retirement or for taking a long vacation or building a long-term asset may seem important but if you have a child then planning for the child’s future is also important. Your child will need financial resources to achieve his dream, for pursuing higher education in a premier institute, for marriage, etc. With the current trend of inflation, a few lakhs of rupees which is sufficient for today will not be sufficient for your child’s future. Lakhs of rupees will be required for securing admission in a premier college or for pursuing higher studies. Even marriage would require a good sum of money so that your daughter or your son can have the marriage of their dreams. As an average man, your savings of today would go a long way in building this substantial corpus.
A child plan comes in the picture because of the benefit the plan promises. Apart from the usual death or maturity benefit which is available in other different plans of insurance, a child plan has something which the other plans fail to offer. The inbuilt premium waiver rider which shifts the burden of paying the premium on the company’s head if the parent who is the policyholder and the life insured faces untimely death. By paying twice the benefit in case of death the child plan ensures that no financial repercussion affects the child’s life anyhow even in the absence of the caring parent. Moreover, the rider which is inbuilt in the plan also ensures a steady growth of the corpus which was planned by the parent. So, whether the parent is alive or dead, the child plan runs its course, completes its goals and provides a substantial amount of money to the child which can be used as per his requirement.