Generali Central Saral Ashray Yojana

Generali Central Saral Ashray Yojana: Plan Overview

Saral Ashray Yojana offered by Generali Central Life Insurance provides life insurance coverage with additional financial support in case of critical illnesses or accidental total and permanent disability. It covers 20 specified Critical Illnesses and an Accelerated Accidental Total and Permanent Disability benefit. 50% of the Sum Assured is paid and future premiums are waived on the first valid Critical Illness or ATPD claim. The remaining 50% can be paid on a subsequent covered event or as otherwise provided for in the policy terms.

Key Features of Generali Central Saral Ashray Yojana

• This term insurance plan provides a death benefit if the Life Assured dies during the policy term.

• The plan covers 20 specified Critical Illnesses.

• It provides an accelerated benefit if the Life Assured suffers a qualifying accidental total and permanent disability.

• On the first valid Critical Illness or ATPD claim, the plan offers 50% of the Sum Assured.

• Future premiums are waived after the first valid Critical Illness or ATPD claim.

• Flexibility to choose between Single Pay and Regular Pay, with a policy term of 5 or 10 years.

• Women customers receive a 5% lower premium.

• The plan does not provide any maturity benefit.

Eligibility Criteria of Generali Central Saral Ashray Yojana

Benefits of Generali Central Saral Ashray Yojana

Death Benefit

If the Life Assured dies during the policy term, the nominee receives the applicable Death Sum Assured.

For a Regular Premium policy, the Death Sum Assured is the highest of:

• Sum Assured

• 10 times the Annualized Premium

• 105% of the total premiums paid, excluding applicable taxes, rider premiums and underwriting extra premiums

For a Single Premium policy, the Death Sum Assured is the higher of:

• 1.25 times the Single Premium

• Sum Assured

Accelerated Critical Illness and ATPD Benefit

The plan provides an accelerated benefit for 20 specified Critical Illnesses and Accidental Total and Permanent Disability.

On the first valid diagnosis of either a covered Critical Illness or ATPD, 50% of the Sum Assured is paid. All future premiums are then waived. If a subsequent covered Critical Illness or ATPD occurs, or on the applicable subsequent event specified in the policy, the remaining 50% of the Sum Assured may be payable, subject to the policy terms.

The ATPD benefit applies if the disability is caused by an accident and satisfies the conditions in the policy. The disability must be continuous for a period of at least six months in a row and must be certified as permanent by a qualified and registered medical practitioner.

Waiver of Future Premiums

One of the built-in benefits of Saral Ashray Yojana is the waiver of future premiums. When a valid Critical Illness or ATPD claim is first triggered, future premiums under the policy are waived, subject to the terms and conditions applicable to the policy.

General Central Saral Ashray Yojana Policy Details

• Free Look Period

Once you get the policy document, you have a free look period of 30 days to review the terms and conditions. If dissatisfied with the policy, it may be returned within this period, subject to prevailing conditions.

• Grace Period

In policies where the premium is paid annually, a grace period of 30 days is available from the premium due date. This policy continues to apply during this time. If the premium is not paid within the grace period, the policy may lapse.

• Revival of a Policy

If the policy has lapsed due to non payment of premium within due date, it may be revived within period allowed under the terms of the policy. The insurer may request documents, such as medical information or other details as may be necessary before accepting the revival.

• LoanFacility

There is no loan facility available under Generali Central Saral Ashray Yojana.

• Surrender value

There is no surrender value under the plan. As this is a pure risk life insurance plan, there is no savings or investment component.

• Maturity Benefit:

Saral Ashray Yojana does not have any maturity benefit. If the policy runs to the end of the policy term and no applicable benefit is payable, no maturity amount is paid.

How To Buy Term Life Insurance Plans From Policybazaar?

Step 1: Go to the Policybazaar Term Insurance page

Step 2: Fill in details like Name, Gender, Mobile Number, DOB, and then click on View Term Quotes.

Step 3: Also fill in your annual income, smoking habits, educational qualification and occupation type, and click ‘View Plans'.

Step 4: From the list of insurers, choose the insurer you want to go with

Step 5: Fill in your full name, your occupation, your email, your yearly income and your educational qualification

Step 6: Select your preferred payment method and complete the purchase.

*Note: You can also contact Policybazaar's insurance advisors for quick resolution.

Exclusions Under Generali Central Saral Ashray Yojana

Some of the important exclusions under Generali Central Saral Ashray Yojana include:

Death Benefit Exclusions

• If the Life Assured dies by suicide within 12 months from the commencement of risk or revival of the policy, the nominee is entitled to at least 80% of the total premiums paid or the applicable policy cancellation value, whichever is higher, subject to the policy being in force.

• Claims or benefits may also be restricted where providing the cover would expose the insurer to applicable international or government sanctions.

Accidental Total and Permanent Disability Exclusions

ATPD benefit is generally not payable when the disability results from or is connected with:

• A pre-existing condition

• Participation in a criminal or unlawful act

• Alcohol, drugs, narcotics or psychotropic substances, except when taken as prescribed

• Self-inflicted injury or attempted suicide

• Certain military, police, paramilitary or similar operations

• Professional sports or hazardous pursuits such as mountaineering, parachuting, diving and similar activities

• Certain flying activities other than travelling as a fare-paying passenger on a recognised airline

• War, civil war, rebellion, riot or similar events

• Nuclear or radioactive contamination

Critical Illness Exclusions

The Critical Illness benefit does not cover every illness or medical condition. Some important exclusions include:

• Illnesses that are not among the 20 specified Critical Illnesses

• Critical Illness resulting from a pre-existing disease, unless it was disclosed and accepted by the insurer

• Critical Illness caused by alcohol, drugs or addictive substances

• Intentional self-injury, suicide or attempted suicide

• Certain conditions related to war, armed forces and similar events

• Nuclear or radioactive contamination

• Congenital external anomalies and inherited disorders

• Certain hazardous or adventure sports and activities

• Certain flying activities

• Certain conditions related to childbirth, miscarriage and lawful termination of pregnancy

• Unproven or experimental treatment

• Diagnosis or treatment by an unregistered medical practitioner

• Certain cosmetic or plastic surgery

• Certain obesity-related surgical treatment unless the specified conditions are met

• Certain infertility and assisted reproductive treatments, including IVF and related procedures

A 90-day waiting period also applies to the Critical Illness benefit from the Policy Commencement Date or the date of revival/reinstatement, whichever is later. This waiting period does not apply when the covered Critical Illness occurs due to an accident.

The above exclusions are only a summary. The exact conditions, definitions and exclusions are governed by the policy document and product terms.