Future Generali Life Insurance Company Limited is a joint venture between Future Group, a leading Indian Retailer with retail outlets like Pantaloons, Big Bazar etc., and Generali Group which is a global insurance group boasting of being counted among the top 50 companies of the world and Industrial Investment Trust Limited (IITL) which is an investment company. The company was incorporated on September 2007 and as on September 2015 the company has total assets under management of the value of Rs.2600 crores. The range of products offered by Future Generali include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C ApplyPension plans are so called because they provide pension like benefits after retirement when there is no source of income. These plans are offered as two types – one where you have to pay premiums for certain tenure after which annuity payments will start and the other where you pay a single premium after which the annuity payments start. There is no benefit payable on death except in case of Deferred Annuity plans and if required only 1/3rd of the amount which has been accumulated can be withdrawn from the plan as commuted benefit. This amount will also be free from the incidence of taxation. The remaining amount has to be used to take annuity or pension from the company.
Future Generali Life Insurance Company offers two plans to its customers which offerattractive features and benefits. Below is the detailed analysis of both the plans for proper understanding:
Under the plan, annuity payments will start without any delay. Other features are:
Read Also : What is Annuity |
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
40 years |
80 years |
Purchase Price |
Rs.30, 000 |
No limit |
Annuity Payout Frequency |
Yearly or monthly |
A traditional deferred annuity plan where a lump sum corpus is given for retirement usage. Other features are:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
20 years |
70 years |
Vesting Age |
40 years |
80 years |
Policy Term |
Regular Pay -10 years Limited 10 Pay – 11 years Limited 15 Pay – 16 years Single Pay - 10 |
20 years |
Premium Paying Term |
Equal to plan term or Single Pay or Limited Pay for 10 or 15 years |
|
Annual Premium amount |
Regular & Limited Pay - Rs.11, 000 Single Pay – Rs.90, 000 |
No limit |
Premium Paying Frequency |
Yearly, half-yearly or monthly |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Online
The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Intermediaries
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
You need a pension plan because the plan will enable you to fund your retirement when the income flow stops but the expenses continue and even increase due to an increased requirement of medical attention. Pension plans are specialized plans which are created for the sole purpose of providing for retirement. These plans do not let the customer withdraw money from the accumulated corpus higher than the specified 1/3rd part. The remainder of the corpus, which constitutes the bulk of the corpus, has to be taken in the form of pension payments which is mandatory. Thus, this protects the corpus from being put to any other usage except for drawing pension. Under most of the pension plans, the Purchase Price which is the one time premium you are required to pay in case of Immediate Annuity plans, is returned when the policyholder dies. This feature enables the policyholder to earn the dual benefit of pension payments and even a lump sum payment to the nominee which can be put to any use as deemed necessary.
After you retire, your income stops. Though salaried people feel the greatest pinch, even self-employed individuals have to retire at some point of their lives and their children or any partner taking over the business, makes them dependent as well. In these cases, a corpus is required which will provide a regular income without fail. Such an income would take care of the expenses which old age brings and make you financially independent. Pension plans also have the feature of a joint life annuity especially in case of immediate annuity plans. This can ensure that both the individual and his spouse can earn annuity payments. This would take care of the expenses of the couple even in the absence of any one of them. By saving smaller amounts every year of your working life, you can easily build a pension corpus for your golden period of retirement.
A pension plan like all other forms of insurance requires certain documentation at the time of purchase. The documents required can be pointed out below:
To know more about other life insurance plans check at Future Generali Life Insurance
You can also check National Pension Scheme Benefits