Generali Central Lifetime Partner Plan

What is Generali Central Lifetime Partner Plan?

The Generali Central Lifetime Partner Plan is a comprehensive life insurance and savings solution that provides you with financial protection and a steady income stream for your entire life, up to age 100. This investment plan works by allowing policyholders to select from two customized options: Option 1 (Immediate Income) and Option 2 (Deferred Income). By paying limited premiums, individuals secure a lifelong cover that protects their beneficiaries in case of an untoward event, while simultaneously enjoying the potential upside of cash bonuses during their lifetime. The chosen option must be selected at inception and cannot be altered during the policy term.

Features of Generali Central Lifetime Partner Plan

Below are the features of Generali Central investment plan:

• Increasing Guaranteed Income: The plan provides an increasing guaranteed income in addition to an annual cash bonus, if declared by Generali Central Life Insurance.
• Two Flexible Plan Options: Policyholders can choose Option 1 for Immediate Income, starting from the first year, or Option 2 for Deferred Income, starting from the premium payment term plus three years.
• Whole-Life Cover: You can enjoy life insurance protection that covers you up to 100 years of age, ensuring long-term security against life's uncertainties.
• Flexible Income Frequencies: You have the flexibility to receive your income payouts on a yearly, half-yearly, quarterly, or monthly basis according to your needs.
• Change in Premium Payment Frequency: You can modify your premium payment frequency on the policy anniversary, subject to minimum eligibility criteria, with no additional charges.
• Tax Benefits: Premium payments and benefit proceeds may be eligible for tax benefits under prevailing Income Tax laws.

Eligibility Criteria for Generali Central Lifetime Partner Plan

Benefits of Generali Central Lifetime Partner Plan

• Death Benefit: In the unfortunate event of the life assured's demise during the policy term, the nominee receives the Death Benefit, which terminates the policy. The benefit amount is the highest of either 105% of the total premiums paid as of the date of death or the Sum Assured on Death plus a Terminal Bonus, if declared. The Sum Assured on Death is calculated as 10 times the annualized premium.
• Maturity Benefit: Upon surviving until the end of the policy term, the policyholder receives the Sum Assured on Maturity, which is equal to 2 times the Sum Assured, alongside a Terminal Bonus if declared.
• Survival Benefit: On survival, policyholders receive a Guaranteed Income plus an Annual Cash Bonus, if declared. For Option 1, payouts begin from the first policy year and continue until the end of the 25th policy year. For Option 2, payouts begin from the premium payment term plus 3 years and continue until the premium payment term plus 12 years.
• Bonuses: Generali Central Life Insurance may declare an Annual Cash Bonus expressed as a percentage of the Sum Assured at the end of each financial year, and a Terminal Bonus payable on death or maturity.
• Tax Benefits: Policyholders can avail themselves of tax benefits on both the premiums paid and the proceeds received, as per the rules of the Income Tax Act, 1961.

Riders Under Generali Central Lifetime Partner Plan

There are no riders available under the Generali Central Lifetime Partner Plan.

Additional Details of Generali Central Lifetime Partner Plan

• Premium Payment Options: Premiums can be paid over limited terms of 6, 8, 10, or 12 years. Payments can be made yearly, half-yearly, quarterly, or monthly.
• Grace Period: A grace period of 30 days is allowed for yearly, half-yearly, and quarterly premiums, and 15 days for monthly premiums, during which the policy remains in full force.
• Revival Provisions: A lapsed or paid-up policy can be revived within five years from the due date of the first unpaid premium. This requires proof of insurability and payment of overdue premiums with a simple interest rate of 9% p.a. for FY 2024-25.
• Surrender Rules: The policy acquires a surrender value after completing the first policy year, provided one full year's premium has been paid. The payout will be the higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV), after which the policy terminates.
• Paid-up Value: If premiums are stopped after one full year of payment, the policy converts to a reduced paid-up state. The Sum Assured on Death, Sum Assured on Maturity, and Guaranteed Income are reduced proportionally, and the policy becomes ineligible for future cash bonuses.
• Policy Loans: Loans up to 85% of the surrender value are available once the policy acquires a surrender value. The minimum loan amount is ₹10,000, with an interest rate of 9% per annum compounded half-yearly for the Financial Year 2024-25.
• Free-look Period: Policyholders have 30 days from receiving the policy document to review and return the policy if they disagree with the terms.
• Nomination: Nomination provisions operate in accordance with Section 39 of the Insurance Act, 1938.

Exclusions Under Generali Central Lifetime Partner Plan

• Suicide Exclusion: If the life assured passes away due to suicide within 12 months from the policy commencement date or the revival date, the nominee receives at least 80% of the total premiums paid till death or the surrender value available on the date of death, whichever is higher.