Generali Central Life Insurance New Assure Plus

What is Generali Central Life Insurance New Assure Plus?

Generali Central New Assure Plus is a Non-Linked Participating Plan offered by Generali Central Life Insurance. This investment plan provides financial security through life insurance protection and allows policyholders to participate in the profits of the company through bonuses.

The plan offers two death benefit payout options:

• Option 1: Lump Sum Death Benefit Payout
• Option 2: Lump Sum Death Benefit with Maturity Payout

Policyholders can choose the sum assured, policy term, and premium payment term based on their financial goals. The plan also offers flexibility through premium payment options and the ability to enhance coverage through an accidental benefit rider.

Features of Generali Central Life Insurance New Assure Plus

Choice of Death Benefit Options

The plan allows you to select from two death benefit payout structures:

• Option 1: Lump Sum Death Benefit Payout
• Option 2: Lump Sum Death Benefit with Maturity Payout

Participating Plan

The policy participates in the insurer's profits through:

• Compound Reversionary Bonuses (if declared)
• Terminal Bonus (if declared)

Flexible Policy Terms

• Policy term ranging from 10 to 30 years.
• Flexible premium payment terms based on the selected option.

Flexible Premium Payment Frequencies

Premiums can be paid:

• Yearly
• Half-Yearly
• Quarterly
• Monthly

Accidental Benefit Rider

Coverage can be enhanced through the Generali Central Life Insurance Accidental Benefit Rider.

Large Sum Assured Discount

Premium discounts are available for higher sum assured amounts.

Tax Benefits

Tax benefits may be available under prevailing tax laws.

Eligibility Criteria for New Assure Plus

Benefits of Generali Central Life Insurance New Assure Plus

Death Benefit

Option 1 – Lump Sum Death Benefit Payout

The nominee receives the higher of:

• 105% of total premiums paid (excluding taxes, rider premiums and extra premiums), or
• Death Sum Assured plus vested Compound Reversionary Bonuses (if any) plus Terminal Bonus (if any)

The policy terminates after payment of the death benefit.

Option 2 – Lump Sum Death Benefit with Maturity Payout

Two payouts are made:

Lump Sum Death Payout

The nominee receives the higher of:

• 105% of premiums paid (excluding taxes, rider premiums and extra premiums), or
• Death Sum Assured

Maturity Payout

At policy maturity, the nominee receives:

• Guaranteed Maturity Sum Assured
• Vested Compound Reversionary Bonuses (if any)
• Terminal Bonus (if any)

No future premiums are payable after the death of the life assured, and the policy continues till maturity.

Death Sum Assured

Death Sum Assured is the highest of:

• 10 times the Annualised Premium
• Guaranteed Maturity Sum Assured
• Absolute amount payable on death (equal to Sum Assured)

Maturity Benefit

Upon survival till maturity and payment of all due premiums:

Option 1

The policyholder receives:

• Guaranteed Maturity Sum Assured equal to Sum Assured
• Vested Compound Reversionary Bonuses (if any)
• Terminal Bonus (if any)

Option 2

The same maturity benefit is payable. Additionally, maturity benefit remains payable even if the life assured dies during the policy term, provided all instalment premiums due till death have been received.

Bonuses

Compound Reversionary Bonus

The company may declare a bonus annually. The bonus is added to the Sum Assured and future bonuses are calculated on the enhanced amount.

Terminal Bonus

A discretionary terminal bonus may be declared and paid on death or maturity.

Tax Benefits

Premiums paid may qualify for tax benefits under:

• Section 80C
• Section 80CCC(1)
• Section 80D
• Section 10(10D)

Tax benefits are subject to prevailing tax laws.

Riders Under Generali Central Life Insurance New Assure Plus

Generali Central Life Insurance Accidental Benefit Rider

(UIN: 133B027V01)

This rider can be added to enhance coverage against accidental events.

For rider-specific benefits, terms, conditions, and exclusions, refer to the rider brochure.

Additional Details of Generali Central Life Insurance New Assure Plus

Premium Payment Options

Premiums may be paid:

• Yearly
• Half-Yearly
• Quarterly
• Monthly

Grace Period

• 30 days for Yearly, Half-Yearly and Quarterly modes
• 15 days for Monthly mode

Coverage continues during the grace period, subject to deduction of due premiums.

Revival of Policy

A lapsed or paid-up policy may be revived within two years from the due date of the first unpaid premium.

Policy Lapse

Premium Payment Term Less Than 10 Years

• Policy lapses if first two policy years' premiums are unpaid.
• No benefits are payable while lapsed.

Premium Payment Term 10 Years or More

• Policy lapses if first three policy years' premiums are unpaid.
• No benefits are payable while lapsed.

Paid-Up Value

After payment of:

• At least two years' premiums (PPT less than 10 years), or
• At least three years' premiums (PPT 10 years or more)

the policy acquires paid-up value.

The Sum Assured and Death Sum Assured are reduced proportionately.

No future bonuses accrue during paid-up status, though accrued bonuses remain attached.

Surrender Value

The policy can be surrendered after:

• Two full years' premiums have been paid (PPT less than 10 years), or
• Three full years' premiums have been paid (PPT 10 years or more)

The surrender value payable is the higher of:

• Guaranteed Surrender Value (GSV)
• Special Surrender Value (SSV)

Policy Loan

• Available after the policy acquires surrender value.
• Loan amount up to 85% of surrender value.

Free-Look Period

• 15 days from receipt of policy document.
• 30 days if purchased through distance marketing.

Nomination

Permitted under Section 39 of the Insurance Act, 1938.

Exclusions Under Generali Central Life Insurance New Assure Plus

Suicide Exclusion

If the Life Assured commits suicide:

• Within One Year of Policy Inception

  Death benefit payable will be: 80% of premiums paid

• Within One Year of Policy Revival

  Death benefit payable will be the higher of:

  • 80% of premiums paid till date of death, or
  • Surrender Value

Benefit Limitations

Under Option 2, nominees are not permitted to avail:

• Policy loan
• Assignment
• Surrender rights

after the death of the life assured.