Generali Central New Assured Wealth Plan (POS Variant)

What is Generali Central New Assured Wealth Plan (POS Variant)?

The Generali Central New Assured Wealth Plan (POS Variant) by Generali Central Life Insurance is a savings-oriented life insurance policy designed to strike a balance between financial security and wealth growth. It acts as a reliable financial tool by providing a lump sum death benefit to protect your family from unforeseen circumstances, alongside a guaranteed payout at the end of the policy term. By offering Guaranteed Additions every year starting from the 8th policy year, it helps policyholders build a substantial corpus. This specific POS Variant offers a simplified issuance process and operates solely under "Option 1" of the core product framework.

Features of Generali Central New Assured Wealth Plan (POS Variant)

• No Medical Examination: The policy can be purchased by individuals up to the age of 53 years without undergoing any medical tests.
• Guaranteed Additions: The plan enhances your savings by accruing simple Guaranteed Additions at the end of each policy year, starting from the 8th year until the end of the policy term.
• Flexible Terms: Policyholders have the flexibility to choose a Policy Term (12, 16, 18, or 20 years) and a Premium Payment Term (6, 8, 10, or 12 years) that best suits their financial planning.
• Increasing Death Benefit: The death benefit payout increases over time as the Guaranteed Additions accrue and attach to the base policy.
• Tax Benefits: Premiums paid and benefit proceeds received may be eligible for tax benefits under the prevailing provisions of the Income Tax laws.

Eligibility Criteria for Generali Central New Assured Wealth Plan (POS Variant)

Benefits of Generali Central New Assured Wealth Plan (POS Variant)

• Death Benefit: In the unfortunate event of the life assured's demise during the policy term, Generali Central Life Insurance pays a Death Benefit to the nominee, provided the policy is active. It equals the Death Sum Assured plus any Accrued Guaranteed Additions. The Death Sum Assured is the highest of:
• 10 times the Annualized Premium (Death Benefit Multiple of 10).
• 105% of Total Premiums Paid as of the date of death.
• Maturity Benefit: If the life assured survives until the end of the policy term, the plan pays a Guaranteed Maturity Benefit. This payout equals the Maturity Sum Assured (which is the same as the base Sum Assured) plus all Accrued Guaranteed Additions. The policy terminates after this payment.
• Guaranteed Additions: Subject to the payment of all due premiums, simple Guaranteed Additions accrue as a percentage of the Sum Assured at the end of each policy year, beginning from the 8th policy year until maturity.
• Tax Benefits: The plan may offer tax benefits on premium payments and the payouts received, governed by current Income Tax laws and subject to future amendments.

Additional Details of Generali Central New Assured Wealth Plan (POS Variant)

• Premium Payment Options: Premiums can be paid Yearly, Half-Yearly (52.0% of annual), Quarterly (26.5% of annual), or Monthly (8.83% of annual). The payment mode can be changed on any policy anniversary.
• Grace Period: Generali Central Life Insurance grants 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 (whether electronically or otherwise) to review the terms and return the policy if they disagree with any conditions.
• Surrender Rules: The policy acquires a surrender value and can be surrendered for an immediate cash requirement anytime after the completion of the first policy year, provided at least one full year’s premium has been paid. The payout is the higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV).
• Paid-up Value: If premiums for at least the first policy year are paid in full and subsequent payments are missed, the policy automatically converts to a Paid-Up policy. The Death and Maturity Sum Assureds are reduced proportionally based on the number of premiums paid. No future Guaranteed Additions will accrue, though previously accrued additions remain attached.
• Revival Provisions: A lapsed or paid-up policy can be revived within five years from the due date of the first unpaid premium, subject to underwriting approval. Revival requires paying all overdue premiums with interest (9% p.a. compounded half-yearly for FY 2026-27).
• Policy Loans: Once a surrender value is acquired, you can take a loan against the policy up to a maximum of 85% of the surrender value. The minimum loan amount is ₹10,000, with an interest rate of 9% p.a. compounded half-yearly (for FY 2026-27).
• Nomination and Assignment: Handled strictly under Section 39 and Section 38 of the Insurance Act, 1938, respectively.

Exclusions Under Generali Central New Assured Wealth Plan (POS Variant)

• Waiting Period: There is a 90-day waiting period from the date of risk acceptance. If the life assured dies during this period (other than due to an accident), the nominee will receive a refund of 100% of the premiums paid (excluding taxes), but the Death Sum Assured will not be payable.
• Suicide Exclusion: If the life assured dies by suicide within 12 months from the policy risk commencement date or the revival date, Generali Central Life Insurance will pay the nominee the higher of 80% of the total premiums paid till death or the available surrender value as of the date of death (provided the policy is in force).