Generali Central Life Insurance New Assured Wealth (Non-POS)

Eligibility Criteria for the Generali Central Life Insurance New Assured Wealth Plan

Understanding the eligibility requirements helps policyholders determine whether the Generali Central Life Insurance New Assured Wealth Plan qualifies as the best Investment Plan for their financial goals and profile.

Features of Generali Central Life Insurance New Assured Wealth Plan

The Generali Central Life Insurance New Assured Wealth Plan includes several structured features that support predictable savings growth and life protection. Here is a list breakdown:

1. Guaranteed Additions

   Simple Guaranteed Additions are credited from the 8th policy year until the end of the policy term, provided all premiums are paid. These additions accumulate as a percentage of the Sum Assured and enhance the final payout.

2. Flexible Premium Payment Options

   The policyholders have an option of premiums yearly, half-yearly, quarterly, or monthly. Limited pay and regular pay options are both available based on the policy term taken.

3. Two Plan Variants

   The plan will be available in two types that will either be long-term savings or enhanced family protection with premium waiver benefits.

4. Tax Benefits

   Premiums paid and benefits received may qualify for tax benefits under applicable provisions of the Income Tax Act, subject to prevailing tax laws.

5. Increasing Death Protection

   The plan offers a structured death allowance that helps to offer the nominee significant financial assistance throughout the policy period.

Benefits of the Generali Central Life Insurance New Assured Wealth Plan

Like many Future Generali Life Traditional Plans, this policy combines life protection with guaranteed financial benefits over the policy term. Let’s explore some of the key benefits offered under the plan.

1. Guaranteed Maturity Benefit.

   A lump sum maturity amount is payable at the end of the policy term if all premiums have been paid. The maturity benefit includes the Sum Assured and accumulated guaranteed additions.

2. Death Benefit

   If the life assured passes away during the policy term, the nominee will receive the highest of the following amounts:

   • Death Benefit Multiple x Annualised Premium
   • 105% of the entire premiums paid (less taxes and rider premiums)

   Premium Waiver Benefit

   • In Option 2, premiums may not be paid in future following the death of the life assured, but the benefits of the policy are paid up to maturity.

   Loan Facility

   • A loan of up to 85% of the surrender value can be obtained once the policy has obtained a surrender value.

Riders Under the Generali Life Insurance Central New Assured Wealth Plan

Policy Details of the Generali Central Life Insurance New Assured Wealth Plan

1. Grace Period

   Annual, half-yearly and quarterly premiums will allow policyholders 30 days of grace and monthly premiums will be allowed 15 days of grace.

2. Revival

   The policy may be reinstated within 5 years of the initial unpaid premium, paying all the premiums that are due and interest as well.

3. Free Look Period

   In case the terms are not acceptable, the policy could be cancelled in 30 days after the policy document was received.

4. Surrender

   The policy can be surrendered upon the expiry of the first year of the policy through the payment of one full year's premium.

Exclusions Under the Generali Central Life Insurance New Assured Wealth Plan

1. Suicide Exclusion

   In case the assured dies by suicide in 12 months after taking the policy or reviving the policy, the nominee will get at least 80% of premiums paid or the value of the surrender (whichever is the highest).

2. Total Permanent Disability (TPD)

   TPD type coverage is only applicable when one has selected the Accidental Total and Permanent Disability Rider and the disability fits the stipulated medical conditions.