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Future Generali Assured Money Back Plan

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Future Generali Assured Money Back Plan

Future Generali Assured Money Back Plan caters to the needs of customers who are unsure about their ability to pay premiums for the entire policy term. For e.g.: business owners, sportspersons, and artists etc. who tend to have an irregular income. 

This plan also offers flexibility to choose from 4 limited premium payment terms, which starts from 5th year and the customer enjoys a longer duration of life cover along with 200% of the sum assured as guaranteed money backs during the policy term.

How Future Generali Assured Money Back Plan works

  • Payment Term: You can choose your own premium payment terms i.e. 5, 7, 10 or 12 years.
  • Guaranteed money back: You get 10% of the Sum Assured every year for 9 years after your Premium Guaranteed Maturity Benefit: You get 110% of the Sum Assured on maturity of your policy
  • Life Cover: You get an insurance cover. In case of your unfortunate demise, your family will receive the sum assured
COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS

 

Key Benefits of Future Generali Assured Money Back Policy

  • Flexibility: Offers flexibility to choose from 4 limited premium payment terms, which starts from 5th year
  • Survival Benefits: 10% of Sum Assured at the end of every year after the Premium Payment Term, for 9 years
  • Maturity Benefit: 110% of Sum Assured at the end of Policy Term
  • Death Benefit: Sum Assured will be payable to your beneficiary. Sum Assured shall be highest of the following:
  1. 10 times Annualised Premium (excluding taxes and extra premiums, if any), or
  2. 105% of total premiums paid (excluding taxes and extra premiums, if any) as on date of death or
  3. 110% of Sum Assured

Eligibility conditions in Future Generali Assured Money Back Insurance Policy

Parameter Minimum Maximum
Entry age 18 50 years – for Policy Term of 15/17/20 years
48 years -  for Policy Term of 22 years
Annualised Premium 5 year / 7 year Premium Paying Term: Rs. 18,000
10 year / 12 year Premium Paying Term: Rs. 24,000
No Maximum limit
Sum Assured Rs. 58,215 No Maximum limit
Policy Term 15 years / 17 years / 20 years and 22 years
Premium Payment Frequency Monthly, quarterly, half yearly and annual
Monthly premiums can only be paid by Electronic Clearing System (ECS)

Other features of Future Generali Assured Money Back Policy

  • Free Look Period: In case you are not happy with product, you can cancel the policy within 15 days of receipt of policy document. The medical charge, mortality & stamp duty will be deducted from the first paid premium.
  • Grace Period: If you miss paying premium, then you get additional 30 days for annual, half yearly or quarterly mode & 15 days for monthly mode. The grace period starts from your premium due date.
  • Change in mode: Flexibility to make changes in the mode of payment
  • Loan: Yes available, minimum of Rs. 10,000 up to a maximum of 85% of the Surrender Value. Income Tax Benefit - Premium(s) paid are eligible for tax benefits as may be available under the provisions of Section(s) 80C, 80 CCC (1), 80D, 10.10D as applicable
  • Riders: There are no riders available in this plan. 

Premium discontinuance

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 gets converted to Paid Up Value.  The policy can be revived within 2 years from the date of the first unpaid premium. 

Surrender policy

On surrender, the higher of the guaranteed surrender value and the special surrender value will be paid. Please find the surrender values in a tabular format below:
Premium Term 5 7 10 12
Policy Term 15 17 20 22
Policy Year Of Surrender Surrender Value
2-3 30% 30% 30% 30%
4-7 50% 50% 50% 50%
8 55% 54% 53% 53%
9 60% 58% 56% 55%
10 65% 62% 59% 58%
11 70% 66% 62% 61%
12 75% 70% 65% 63%
13 80% 74% 68% 66%
14 85% 78% 72% 69%
15 90% 82% 75% 71%
16 Not Applicable 86% 78% 74%
17 Not Applicable 90% 81% 77%
18 Not Applicable Not Applicable 84% 79%
19 Not Applicable Not Applicable 87% 82%
20 Not Applicable Not Applicable 90% 85%
21 Not Applicable Not Applicable Not Applicable 87%
22 Not Applicable Not Applicable Not Applicable 90%
 

Policy Exclusions:

If the life assured commits suicide within one year from the policy start date, the policy will be cancelled and only 80% of the premiums paid will be paid to the nominee. If the life assured  commits suicide within one year from the revival date, (if revived), the policy will be cancelled and the higher of 80% of the premiums paid and the surrender value, if any, will be paid to the nominee.
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