Future Generali Saral Anand Plan

 

Future Generali Saral Anand Plan
 
Future Generali Saral Anand Plan is a Participating Endowment Plan with Guaranteed Additions. It is a Traditional Plan with Bonus facility as well as Guaranteed Additions.
 
How it works – In this plan, premium needs to be paid for a minimum of 10 and a maximum of 15 years. The policy however continues till the Life Insured is 80 years old.
 
This policy accrues Guaranteed Additions at the rate of 3.5% of the Sum Assured p.a. for the first 5 Policy Years. From the 6th year onwards, the policy accrues Compound Reversionary Bonus. The policy may also accrue Terminal Bonus. Thus, on survival till the end of the Premium Paying Term, 100% of the sum assured along with Guaranteed Additions and Vested Bonuses are paid as Survival Benefit and the policy continues.
 
This plan has an in-built additional Accidental Death Benefit during the premium paying term which is equivalent to 2 times the basic Sum Assured.
 
However, if the Life Insured dies within the Premium Paying Term, then Sum assured + Guaranteed Additions + Vested Bonus (if any) would be paid as Death Benefit to the nominee and the policy would be terminated. And if the Life Insured survives the Premium Paying Term but dies after that but within the policy tenure, then 150% of the Sum assured + Terminal Bonus (if any) would be paid as Death Benefit to the nominee and the policy would be terminated.
 
 
Key Features of Future Generali Saral Anand Policy
 
  • It is a participating Endowment Plan with Limited Payment Option
  • This plan offers Guaranteed Additions @3.5% of Sum Assured p.a. for the first 5 policy years
  • Compounded Reversionary Bonus is available in this plan from the 6th policy year
  • On survival till the end of the Premium Paying Term, 100% of Sum assured + Guaranteed Additions + Vested Bonus (if any) is paid as Survival Benefit
  • In case of death of the Life Insured within the Premium Paying Term, 100% of Sum assured + Guaranteed Additions + Vested Bonus (if any) is paid as Death Benefit to the nominee
  • In case of death of the Life Insured after the Premium Paying Term 150% of the Sum Assured + Terminal Bonus (if any) will be paid to the nominee
  • This plan has an inbuilt additional accidental death benefit during the premium paying term which is equal to twice the basic sum assured
  • This plan also offers a discount on large Sum Assured
 
 
Benefits you get from Future Generali Saral Anand Insurance Policy
 
Death Benefit – In case of death of the Life Insured
  • Within the Premium Paying Term, then 100% of Sum assured + Guaranteed Additions + Vested Bonus (if any) is paid as Death Benefit to the nominee and the policy would be terminated.
  • After the Premium Paying Term, then 150% of the Sum Assured + Terminal Bonus (if any) would be paid to the nominee and the policy would be terminated.
 
Maturity Benefit – On survival till the end of the premium paying term, the policyholder gets 100% of the Sum Assured + Guaranteed Additions + Vested Bonus as Survival Benefit and the policy continues.
 
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
 
 
Eligibility conditions & other restrictions in Future Generali Saral Anand Insurance Plan
 

 
Minimum
Maximum
Sum Assured (in Rs.)
75,000
25,00,000
Policy Term (in years)
80 – Age at Entry
Premium Payment Term (in years)
10
15
Entry Age of Life Insured (in years)
3
55
Age at Maturity for Survival Benefit  (in years)
18
70
Payment modes
Yearly, Half-Yearly, Quarterly and Monthly

 
 
Sample illustration of Premiums in Future Generali Saral Anand Plan
 

The below illustration is for a healthy male opting for a Sum Assured of Rs 75,000 in annual mode.

Future Generali Saral Anand Plan Sample Premiums
 

 

Additional Features and Benefits of Future Generali Saral Anand Plan
 
Riders – There is 1 in-built rider in this plan:
  1. Accidental Death Benefit Plan
 
 
What happens if?
 
You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease. However, if at least 3 years premiums have been paid, then the policy continues under Auto Cover Continuation Option for at least 2 years. If the premiums are not even paid during the Cover Continuation Option, then the policy gets converted to Paid Up Value.
 
You want to surrender the policy – On surrender, the higher of the guaranteed surrender value and the special surrender value will be paid.
Minimum Guaranteed Surrender Value=30% of all premiums paid – 1st year’s premium
 
You want a loan against your policy – Loan facility is available in this plan but only during the premium paying term upto 85% of Surrender Value.
 
 
Other Endowment Insurance Plans from Future Generali Life Insurance
 
Future Generali Assure Plan
 
 
Some Endowment Plans from other insurance companies
 
~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the Future Generali Saral Anand Plan brochure and insurance company's website. It should not be construed as a Critical or Favourable Future Generali Saral Anand Plan Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


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