Generali Central Money Back Super Plan (POS Variant)

What is Generali Central Money Back Super Plan (POS Variant)?

The Generali Central Money Back Super Plan (POS Variant) by Generali Central Life Insurance is a regular-pay life insurance product that offers financial protection alongside guaranteed periodic returns. This investment plan allows policyholders to choose between two plan options (Option 1 and Option 2) and three payout categories (Platinum, Gold, and Silver). Based on the chosen combination, the policyholder receives fixed percentage payouts of the Sum Assured at defined intervals during the policy term. Additionally, the plan enhances savings by accumulating guaranteed additions from the 8th policy year onwards. In case of an unfortunate event, it provides a guaranteed death benefit to ensure the financial security of the policyholder's family.

Features of Generali Central Money Back Super Plan (POS Variant)

• Guaranteed Payouts: The plan offers fully guaranteed benefits on death, survival, and maturity.
• Two Plan Options: Policyholders can select between Option 1 and Option 2, which determine the Sum Assured and the percentage of the survival benefit payable.
• Flexible Payout Categories: You can choose from Platinum, Gold, or Silver categories to decide when your regular survival benefits will commence (end of 6th, 8th, or 10th year respectively).
• Guaranteed Additions: The plan bolsters your corpus by offering guaranteed additions at a simple rate as a percentage of the Sum Assured for each completed policy year, starting from the end of the 8th policy year.
• No Medical Examination: You can easily purchase this plan up to the age of 55 years without undergoing any medical examination.
• Tax Benefits: Premiums paid and benefits received may be eligible for tax exemptions under the prevailing provisions of the Income Tax laws.

Eligibility Criteria for Generali Central Money Back Super Plan (POS Variant)

Benefits of Generali Central Money Back Super Plan (POS Variant)

• Death Benefit: In case of the life assured's demise during the policy term, Generali Central Life Insurance pays a death benefit to the nominee. It is the higher of 105% of the total premiums paid as of the date of death or the Sum Assured on Death plus Accrued Guaranteed Additions. The Sum Assured on Death is 10 times the annualized premium.
• Maturity Benefit: Upon surviving the policy term, the policyholder receives a Guaranteed Maturity Benefit. This includes the Sum Assured on Maturity (which is equal to the Sum Assured) plus all accrued guaranteed additions.
• Survival Benefit: Regular payouts are provided as a percentage of the Sum Assured based on the selected option and category. Under the Platinum category, payouts start from the end of the 6th year; under Gold, from the end of the 8th year; and under Silver, from the end of the 10th year. Payouts range from 11.0% to 30.0% of the Sum Assured depending on the chosen Option.
• Guaranteed Additions: Guaranteed Additions accrue at a simple rate as a percentage of the Sum Assured for each completed policy year, beginning from the end of the 8th policy year until the end of the policy term, provided all due premiums are paid.
• Tax Benefits: Policyholders can avail of tax benefits on premiums paid and the benefits received as per prevailing Income Tax laws, subject to amendments.

Additional Details of Generali Central Money Back Super Plan (POS Variant)

• Premium Payment Options: Policyholders can pay premiums Yearly, Half-Yearly (52.0% of annual), Quarterly (26.5% of annual), or Monthly (8.83% of annual).
• Grace Period: Generali Central Life Insurance provides a grace period of 30 days for Yearly, Half-Yearly, and Quarterly modes, and 15 days for the Monthly mode.
• Free-look Period: Policyholders have 30 days from the receipt of the Policy Document to review and return the policy if they disagree with the terms and conditions.
• Surrender Rules: The policy can be surrendered for cash at any time after the completion of the first policy year, provided one full year's premium has been paid. The surrender payout will be the higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV).
• Paid-up Value: If at least one full year's premium is paid and subsequent premiums are not paid, the policy automatically converts into a paid-up policy. It will retain already accrued guaranteed additions but will not accrue any future guaranteed additions. Future survival benefits will also cease, and the death and maturity benefits will be reduced proportionately.
• Revival Provisions: A lapsed or paid-up policy can be revived within five consecutive years from the due date of the first unpaid premium. The revival interest rate is 9% p.a. simple interest (applicable for FY 2025-26).
• Policy Loans: Once the policy acquires a Surrender Value, a loan up to 85% of the Surrender Value can be availed. The minimum loan amount is ₹10,000, with a current interest rate of 9% per annum compounded half-yearly for FY 2025-26.
• Nomination and Assignment: Nomination is governed by Section 39, and Assignment is governed by Section 38 of the Insurance Act, 1938.

Exclusions Under Generali Central Money Back Super Plan (POS Variant)

• Waiting Period: There is a 90-day waiting period from the date of risk acceptance. If death occurs within this period (other than due to an accident), the nominee will receive 100% of the premiums paid till the date of death (excluding taxes). The Sum Assured on Death is not payable in this scenario. No waiting period applies to accidental death.
• Suicide Exclusion: If the life assured commits suicide within 12 months from the policy's risk commencement date or the revival date, the nominee will receive at least 80% of the total premiums paid till the date of death, or the available surrender value on the date of death, whichever is higher (provided the policy is in force).