Generali Central Insurance Assured Money Back Plan

What is Generali Central Insurance Assured Money Back Plan?

The Generali Central Insurance Assured Money Back Plan provided by Generali Central Life Insurance is a comprehensive life insurance and savings solution designed to offer guaranteed regular money-back payouts after the premium payment term concludes, followed by a final lump-sum payout upon maturity. This investment plan offers flexibility by allowing policyholders to select from various policy terms and premium payment terms based on their current age and financial goals. In the event of an unfortunate demise during the policy term, Generali Central Life Insurance guarantees a death benefit to the nominee, ensuring the family's financial stability remains intact.

Features of Generali Central Assured Money Back Plan

• Limited Premium Payment Term: Policyholders can choose to pay premiums for limited terms of 5, 7, 10, or 12 years to align with their future financial liabilities.
• Flexible Plan Options: You can customize your payouts by choosing between Option A and Option B, which dictate the duration and amount of your survival and maturity benefits.
• Guaranteed Payouts: Both the regular survival benefits and the final lump sum maturity benefits are entirely guaranteed.
• Life Cover: The plan ensures financial protection for your family by providing a guaranteed Death Sum Assured to the nominee in case of the policyholder's unfortunate demise.
• Tax Benefits: Premiums paid and benefits received may be eligible for tax savings under Section 80C and Section 10(10D) as per prevailing tax rules.

Eligibility Criteria for Generali Central Assured Money Back Plan

Benefits of Generali Central Assured Money Back Plan

• Death Benefit: If the life assured passes away during the policy term, Generali Central Life Insurance pays a Death Sum Assured to the family. This is calculated as the highest of 10 times the Annualized Premium, 105% of total premiums paid till death, 110% of the Sum Assured, or the absolute amount assured to be paid on death (which equals the Sum Assured).
• Maturity Benefit: Policyholders receive a guaranteed lump sum at the end of the policy term. Under Option A, the plan pays 110% of the Sum Assured, while under Option B, it pays 160% of the Sum Assured.
• Survival Benefit: Regular annual money-back payouts commence from the end of the premium payment term plus one year. Option A pays 10% of the Sum Assured every year for 9 years, whereas Option B pays 10% of the Sum Assured every year for 4 years.
• Tax Benefits: Premiums paid are eligible for income tax deductions under Section 80C, and all maturity and survival payouts are tax-free under Section 10(10D), subject to prevailing tax rules.

Riders Under Generali Central Assured Money Back Plan

• Generali Central Life Insurance Accidental Benefit Rider (UIN: 133B027V02): This optional rider provides an additional sum assured to the policyholder or their nominee in the event of an accidental death or an accidental total and permanent disability.

Additional Details of Generali Central Assured Money Back Plan

• Premium Payment Options: Premiums can be paid on an annual, half-yearly, quarterly, or monthly basis. Monthly premium payments can strictly be made via the Electronic Clearing System (ECS).
• Surrender Rules: The policy can be surrendered for immediate cash requirements any time after paying at least two full policy years' premiums. Generali Central Life Insurance will pay the higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV).
• Paid-up Value: If premiums are paid for at least the first two policy years and subsequent premiums are not paid, the policy automatically converts to a paid-up policy. The Sum Assured, Death Sum Assured, and Maturity Sum Assured are reduced proportionately based on the ratio of premiums paid to the total premiums payable.
• Revival Provisions: A paid-up policy can be revived within a period of five years from the due date of the first unpaid premium, provided the policy term has not expired.
• Free-look Period: Policyholders are entitled to a 15-day free-look period from the receipt of the Policy Document to cancel the plan if they disagree with any terms. This cancellation period is extended to 30 days if the policy was purchased through Distance Marketing Mode or credited to an e-Insurance Account.

Exclusions Under Generali Central Assured Money Back Plan

• Suicide Exclusion: If the life assured commits suicide within 12 months from the date of risk commencement or the date of policy revival, Generali Central Life Insurance will pay the nominee 80% of the total premiums paid until the date of death, or the surrender value available as on the date of death, whichever is higher, provided the policy is active.