The Future Generali Assured Income Plan provides a regular assured income for a long period after the limited premium payment term gets over. With the flexibility to receive this income annually or monthly or even as a lump sum amount, policyholders find that they are spoilt for choice when it comes to managing their finances for their future needs. The policyholders can rest easy with this plan knowing that not only are their savings are being multiplied and that they will receive a regular income in the future, they will receive an additional benefit of up to 4.5 times the annualized premium. The policy also ensures that the families of the policyholders are taken care of in the unfortunate event of the demise of the policyholder.
For the 11-year policy term, the Death Benefit is received in 11 year annual instalments of 1.5 times the annualized premium. The first installment is paid to the nominee after the settlement of the claim and the remaining 10 installments are paid on the following death anniversaries of the Life Assured. For the 15-year policy term, it is received in 15 annual installments of 2 times your annualised premium. The first instalment is paid to the nominee after the settlement of claim and the remaining 14 instalments are paid on each the following death anniversaries of the Life Assured. Additional benefits are paid along with the last annual installment.
|
|
Minimum |
Maximum |
|
Entry Age of the Life Assured(Last Birthday) |
5 years |
50 years |
|
Maturity Age (Last Birthday) of the Life Assured |
18 years |
65 years |
|
Policy Term (PT) in years |
11 years |
15 years |
|
Premium Paying Term (PPT) in years |
11 years |
15 years |
|
Premium Paying Frequency |
Yearly |
|
|
Annual Premium |
For 11 year term: Rs. 35,000 for age 7 to 50 years.
For 15 year term: Rs. 35,000 for age 5 to 44 years,
Rs. 75,000 for age 45 to 50 years |
- |
|
Sum Assured |
Multiple of Annualized Premium
Entry Age 11 yrs PT 15 yrs PT 5 to 6 NA 34.5 7 to 17 21.0 34.5 18 to 30 20.5 34.0 31 to 35 20.0 33.5 36 to 40 19.5 33.0 41 to 45 19.0 32.5 46 to 50 17.5 31.0 |
|
|
Age |
Policy Term |
Premium Payment Term |
Annual Premium |
Sum Assured |
|
10 |
11 years |
11 years |
Rs.35, 000 |
Rs. 7, 35,000 |
|
25 |
15 years |
15 years |
Rs.1,78, 000 |
Rs. 60, 52,000 |
|
42 |
11 years |
12 years |
Rs. 5,00, 000 |
Rs. 95,00,000 |
|
50 |
15 years |
15 years |
Rs.1,00, 00,000 |
Rs. 31,00,00,000 |
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 three policy 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.
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.
