Future Generali Life Pension Plans

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.

What are Pension Plans?

Pension 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except in case of Deferred Annuity plans and if required only 1/3^rd of the amount which has been accumulated can be withdrawn from the plan as commuted benefit.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 Pension Plans

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:

Future Generali Immediate Annuity Plan

Under the plan, annuity payments will start without any delay. Other features are:

• There are two annuity options available to choose from. One is life annuity and the other is life annuity with return of Purchase Price.
• Annuity rates are higher for higher Purchase Price levels
• The premium amount is non-taxable as per Section 80CCC

Eligibility Details

Future Generali Pension Guarantee

A traditional deferred annuity plan where a lump sum corpus is given for retirement usage. Other features are:

• The plan is offered as a participating one which is eligible to earn bonuses
• Regular Pay, Limited Pay and Single Pay are the available options for paying the required premiums
• When the plan matures, Sum Assured plus the reversionary bonus is paid provided that it is not lower than 101% of the total paid premiums
• On maturity, the corpus can be dealt in different ways. 1/3^rd can be withdrawn tax-free and 2/3^rd can be used for annuity, another Deferred Annuity plan with Single premium option can be bought or lastly the age of vesting can be deferred if the actual age is lower than 55 years
• In the event of the insured’s demise, total premiums paid till death or aggregate premiums paid including the accrued bonuses is payable whichever is the highest
• The death benefit can be either taken completely at one time or in annuity payouts
• Premium discounts are given for choosing higher Maturity Sum Assured levels
• This plan can be customized by adding the available two riders which are Future Generali Non-Linked Accidental Death Rider and Future Generali Non-Linked Accidental Total and Permanent Disability Rider
• Income tax benefits accrue on the premiums paid (Section 80CCC), on the death benefit (Section 10(10D)) and also on the commuted pension (Section 10(10A))

Eligibility Details

Applying for a Pension Plan from the company:

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.

Applying For Pension Plans through PolicyBazaar

1. On the PolicyBazaar homepage, click on Retirement under the Personal tab.
2. Click New Quotes to compare and choose from top insurance providers.
3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
8. This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

Why are Pension Plans needed?

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. 

What documents will be required for buying a pension plan?

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:

• The application form which should be filled with the correct information and signed
• Passport-sized recent colored photographs of the applicant
• The applicant’s identity proof which can be any one of the documents like the valid passport, a valid driving license, Aadhar Card, Voter’s ID card, PAN card, etc.
• The applicant’s address proof which can be either the passport or the driving license or the Aadhar Card or utility bills, etc.
• Date of birth proof
• The cheque for the premium.

To know more about other life insurance plans check at Future Generali Life Insurance

Future Generali Life Pension Plans - FAQs

1. How to pay premium? What are the modes of payment available?

Future Generali India Insurance offers three ways to the clients for paying the premium

• Auto Debit
• Cash/cheque deposit at Branch
• Online payment
• Pay by Phone

2. How can I check policy status for Future Generali life pension plans?

You can check the policy details from the website of the company with your valid username and password. 

3. What is the policy renewal process for Future Generali life pension plans?

You can renew the policy by login to e-Portal with policy details. Select the payment option (Debi/credit card or by Net Banking) to pay. Finally, print/save the e-receipt.

4. What is the company’s process to settle claim for Future Generali life pension plans?

The company settles the claims within 7 days, provided the documents and the claims form is correct. You will have to apply for the claim at the company through email.

5. What is the policy cancellation process for Future Generali life pension plans?

Simply walk into the nearest branch office with your policy documents and duly filled surrender form. It would take 5 business days to process the cancellation request and deposit the refund premium. An intimation letter on cancelled policy will be posted your registered address.