Generali Central Saral Jeevan Bima

What is Generali Central Saral Jeevan Bima?

Generali Central Saral Jeevan Bima is an investment plan structured to protect your loved ones from future financial struggles. By paying a regular, limited, or single premium, you secure a fixed life cover (Sum Assured) for a specified period. In the unfortunate event of the life assured's death during the policy term, the plan pays a guaranteed lump-sum amount to the nominee or assignee. Because it is a pure risk plan, it focuses solely on providing maximum protection at an affordable cost, and the policy naturally terminates upon the death of the life assured.

Features of Generali Central Saral Jeevan Bima

• Simple Financial Protection: Acts as a straightforward protection plan to secure your family's financial future.
• Flexible Terms: Offers the flexibility to choose a policy term ranging from 5 to 40 years, along with convenient premium payment terms (Single Pay, Limited Pay of 5 or 10 years, or Regular Pay).
• Lump-Sum Payout: Ensures that the death benefit is paid as a single lump sum to mitigate immediate financial losses.
• Benefit for Women: Provides lower premium rates specifically for female lives.
• Tax Benefits: Allows policyholders to avail tax benefits according to prevailing Income Tax Laws, subject to change.

Eligibility Criteria for Generali Central Saral Jeevan Bima

Benefits of Generali Central Saral Jeevan Bima

• Death Benefit: The policy pays a lump-sum death benefit if the life assured passes away during the policy term.
  • During the 45-Day Waiting Period: If death occurs due to an accident, the payout is the "Sum Assured on Death". For non-accidental death, the benefit is 100% of all premiums paid (excluding taxes), and the Sum Assured is not paid.
  • After the Waiting Period: The payout is the "Sum Assured on Death".
  • Calculation of Sum Assured on Death (Regular/Limited Pay): It is the highest of 10 times the annualised premium, 105% of all premiums paid as of the date of death, or the absolute amount assured to be paid on death (Basic Sum Assured).
  • Calculation of Sum Assured on Death (Single Pay): It is the higher of 125% of the Single Premium or the absolute amount assured to be paid on death.
• Maturity Benefit: Because this is a pure term plan, there are no maturity benefits payable if the life assured survives to the end of the policy term.
• Tax Benefits: Policyholders may be eligible for tax benefits on premiums paid under applicable provisions of the Income Tax Laws.

Riders Under Generali Central Saral Jeevan Bima

There are no riders available under this policy.

Additional Details of Generali Central Saral Jeevan Bima

• Premium Payment Options: You can switch your premium payment frequency between Annual, Half-yearly, and Monthly modes. Half-yearly premiums are 52% of the annual premium, while monthly premiums are 8.83% of the annual premium. Premium rates are guaranteed for the entire policy term.
• Grace Period: A grace period of 30 days is allowed for yearly or half-yearly premium payments, and 15 days for monthly payments. The policy remains valid during this period.
• Free-Look Period: You have a 30-day free-look period from the receipt of the policy document to review the terms. If you disagree, you can cancel the policy and receive a refund of premiums paid, minus proportionate risk premium, medical expenses, and stamp duty.
• Revival Provisions: A lapsed policy can be revived within 5 consecutive years from the due date of the first unpaid premium. Revival requires payment of all arrears with interest (9% p.a. simple interest for FY 2024-25, subject to change) and proof of continued insurability.
• Surrender and Policy Cancellation Value: There is no standard surrender value available. However, a Policy Cancellation Value is available for Single Premium policies (immediately after receipt) and Limited Premium policies (after paying 2 full years of premiums). Regular premium policies do not acquire any cancellation value.
• Paid-Up Value: There is no paid-up benefit available under this product.
• Policy Loans: There are no loans available under this policy.
• Nomination and Assignment: Nominations are governed by Section 39 of the Insurance Act, 1938, and assignments are permitted under Section 38 of the Insurance Act, 1938.

Exclusions Under Generali Central Saral Jeevan Bima

• Waiting Period Exclusion: There is a 45-day waiting period from the date of commencement of risk. During this period, only accidental death is fully covered. If death occurs due to non-accidental reasons, the benefit is restricted to a refund of 100% of all premiums received (excluding taxes), and the regular Death Sum Assured will not be paid. This waiting period does not apply upon policy revival.
• Suicide Exclusion: If the life assured commits suicide within 12 months from the risk commencement date or revival date under a Regular/Limited Premium policy, the nominee receives 80% of the premiums paid, provided the policy is active. For a Single Premium policy, suicide within 12 months from commencement results in a payout of 90% of the Single Premium paid.