Future Generali Immediate Annuity Plan

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Introduction/Overview

The Future Generali Immediate Annuity Plan provides a regular assured income for the rest of the policyholders’ life after retirement. Thus, this policy is ideal for those policyholders who wish to supplement their limited income on retirement; it helps them maintain their standard of living and even provides tax benefit as per prevailing tax rules.

Key Features

  • The policyholder has to make only one payment on purchase of the policy.
  • The policy provides a regular income for the policyholder after retirement.
  • Policyholders may choose to receive their payouts via monthly or yearly modes.
  • The policy offers an annuity card, which increases the convenience of receiving the payout amount.
  • Policyholders have a choice of two payout options as per their wish.

Benefits

  • Policyholders can choose between two annuity options, which are as follows:
  1. Life Annuity in which the payout is received as long as the annuitant is alive. On the unfortunate demise of the annuitant, the payouts stop and no more benefits are paid, resulting in the termination of the policy.
  2. Life Annuity with return of Purchase Price in which payouts are received as long as the annuitant is alive. On the unfortunate death of the annuitant, the nominee receives the purchase price of the policy and then the policy terminates.
  • Tax benefits are available as per prevailing income tax rules.

Product Specification:

 

Minimum

Maximum

Entry Age of the Life Assured(Last Birthday)

40 years

0 years – existing customers of deferred pension products purchased from Future Generali

80 years

Policy Term (PT) in years

Till the annuitant is alive

Premium Paying Term (PPT) in years

Single Premium

Annuity Mode

Yearly, Monthly

Purchase Price

Rs. 30,000

No limit

       

 

Details About Premium

Life Annuity (without Return of Purchase Price) for annuitant aged 60 years

Purchase Price

Annuity Amount available p.a. via Yearly mode

Annuity Amount available p.a. via Monthly mode

Rs. 30,000

Rs. 2362

Rs. 2278

Rs. 60,000

Rs. 4819

Rs. 4652

Rs. 100,000

Rs. 8092

Rs. 7814

Rs. 2,00,000

Rs. 16,245

Rs. 15, 688

Life Annuity with Return of Purchase Price for annuitant aged 60 years

Purchase Price

Annuity Amount available p.a. via Yearly mode

Annuity Amount available p.a. via Monthly mode

Rs. 30,000

Rs. 1779

Rs. 1712

Rs. 60,000

Rs. 3655

Rs. 3521

Rs. 100,000

Rs. 6151

Rs. 5928

Rs. 2,00,000

Rs. 12,362

Rs. 11, 916

         

 

Policy Details

Grace Period: There is no Grace Period as it is a single premium policy.

Policy Termination or Surrender Benefit: The policy cannot be surrendered. Termination of the policy occurs on the death of the annuitant. In case the policyholder chose the option with the return of Purchase Price, then the policy terminates when the purchase price that was paid by the policyholder is refunded to his or her nominee.

Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. This timeframe is extended to thirty days if the policy was sold via distance marketing. If the policyholder does not wish to continue with the policy, then he or she has to return the policy stating their objections. The customer will receive the policy purchase price minus the cost of the stamp duty charges.

Inclusions

  • Policyholders can choose to receive their payouts as per their convenience via two options :
  1. Direct credit to an annuity card
  2. Post dated cheques.

Documents Required

The policyholder has to fill up an ‘Application form’ with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof and a medical examination.