Future Generali Assure Plus Plan

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Introduction/Overview

The Future Generali Assure Plus plan is a traditional endowment plan with limited premium payment terms. With its range of policy terms and premium payment terms, policyholders have a varied choice on how to manage their savings according to what suits their financial needs. Policyholders can plan their savings and provide for their loved ones even in their absence.

Key Features

Policyholders have a choice to pay premiums for a range of limited or fixed premium payment terms that are available, while enjoying the insurance cover and staying invested for much longer policy terms.
The bonuses available accrue throughout the policy term and help generate more wealth for the policyholder.
With an upper limit of Rs. 5 crore as the Sum Assured, policyholders may enjoy a high insurance cover.

Benefits

On survival until the end of the policy term, the policyholder receives a Maturity Benefit, which is the sum assured plus the Accrued Bonus, and Terminal Bonus if any.
In the unfortunate event of the demise of the person insured, the nominee receives the Death Benefit. The Death Benefits payable is higher of the following:

The Death Sum Assured plus Vested Bonus and Terminal Bonus (if any), or
105% of the total premiums paid.

There is a discount given on large sum assured amounts.
This policy offers the advantage of compound reversionary bonuses that are paid on maturity of the policy or as part of the Death Benefit.
Tax benefits are available on the premium paid and Death and Maturity Benefits as per sections 80(C) and 10 (10D) of the Income Tax Act.

Product Specification:

	Minimum	Maximum
Entry Age of the Life Assured(Last Birthday)	3years	55 years
Maturity Age (Last Birthday) of the Life Assured	18 years	70 years
Policy Term (PT) in years	15 years	25 years
Premium Paying Term (PPT) in years	For PT of 15 yrs = 7 / 10 / 12 yrs PPT For PT of 20 yrs = 10 / 12 / 15 / 17 yrs PPT For PT of 25 yrs = 12 / 15 / 17 / 20 yrs PPT
Premium Paying Frequency	Yearly, Half-yearly, Quarterly, Monthly
Annual Premium	Rs. 12000		Depends on Sum Assured
Sum Assured	Rs. 1 lakh		Rs. 5 crore

Details About Premium

Age	Policy Term	Premium Payment Term	Annual Premium	Sum Assured
10 years	20 years	15 years	Rs.25, 984	Rs. 200,000
18 years	25 years	20 years	Rs.15,042	Rs.300,000
30 years	15 years	7 years	Rs. 64,13,000	Rs. 5, 00,00,000
50 years	15 years	15 years	Rs. 3,99,280	Rs. 40,00,000
55 years	15 years	12 years	Rs 40,93,6500	Rs.4,50, 00,000

Policy Details

Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues, without interest. For premium payments through monthly mode, the Grace Period is 15 days. If premiums remain unpaid at the end of the Grace Period, the policy lapses from the due date of the first unpaid premium.

Policy Termination or Surrender Benefit: Surrender Value of the policy is acquired when the policyholder pays all due premiums for the first two years for a premium payment term of less than ten years; and for the first three years for a premium payment term of over ten years. Termination of the policy occurs on payment of the Surrender Value or the Death Benefit or Maturity Benefit.

Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. This timeframe is extended to thirty days if the policy was sold via distance marketing. If the policyholder does not wish to continue with the policy, then he or she has to return the policy stating their objections. The customer will receive the policy premium minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.

Inclusions

Provided all due premiums have been paid, Future Generali will declare a compound reversionary bonus from the first year, which will be applied on the Sum Assured. Reversionary Bonus and Terminal Bonus is payable on death or maturity.

Additional Features or Riders

The revival of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of two years from the date of the first unpaid premium.

Exclusions

The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover or reinstatement. The company will refund only 80% of the premiums paid and Surrender Value, as Death Benefit.

Documents Required

The policyholder has to fill up an ‘Application form’ with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof and a medical examination.

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