Future Generali Bima Guarantee Plan
Future Generali Bima Guarantee Plan
Future Generali Bima Guarantee Plan is a Participating Money Back Plan. It is a Traditional Plan with Bonus facility.
How it works – In this plan, premium needs to be paid for the entire policy tenure. This being a money back plan, has periodic payouts during the entire policy tenure. A percentage of the Sum Assured will be paid on the fourth anniversary and on every third policy anniversary thereafter till maturity. An equal installment of premium is paid at every interval as per the schedule provided.
However, if the Life Insured dies within the policy tenure, 100% of the Sum Assured + vested Bonus as Death Benefit, irrespective of the amount already paid as Survival Benefit. In this plan, there is a flexibility to use money back payments to offset premiums due.
There are 3 additional riders in this plan as well.
Key Features
Benefits
n case of death of the Life Insured within the Policy Tenure the nominee would get 100% of the Sum Assured + vested Bonus as Death Benefit, irrespective of the amount already paid as Survival Benefit. However, if the death of the Life Insured takes place before commencement of risk, then only the premium paid is refunded back less earlier payouts made.
This policy pays a certain percentage of the Sum Assured from the fourth anniversary onwards and then on every third policy anniversary thereafter till maturity, provided the policy is in-force.
|
Money Back Survival Benefits paid per Rs. 1000 Sum Assured on survival to the end of year
|
|||||||
|
PT
|
4th Year
|
7th Year
|
10th Year
|
13th Year
|
16th Year
|
19th Year
|
22nd Year
|
|
10
|
333.33
|
333.33
|
333.33
|
-
|
-
|
-
|
-
|
|
13
|
250.00
|
250.00
|
250.00
|
250.00
|
-
|
-
|
-
|
|
16
|
200.00
|
200.00
|
200.00
|
200.00
|
200.00
|
-
|
-
|
|
19
|
166.67
|
166.67
|
166.67
|
166.67
|
166.67
|
166.67
|
-
|
|
22
|
142.86
|
142.86
|
142.86
|
142.86
|
142.86
|
142.86
|
142.86
|
On survival till the end of the Policy Tenure, the policyholder gets the remaining % of the Sum Assured + accumulated Bonus, if any would be paid as Maturity Benefit and the policy terminates.
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.
- Accidental Death Rider
- Saral Term Benefit Rider
- Premium Waiver Benefit Rider
Eligibility
|
|
Minimum
|
Maximum
|
|
Sum Assured (in Rs.)
|
As per the premium tables
|
No Limit
|
|
Policy Term (in years)
|
10
|
22
|
|
Premium Paying Term (in years)
|
Equal to PT
|
|
|
Entry Age of Life Insured (in years)
|
0
|
65
|
|
Age at Maturity (in years)
|
18
|
75
|
|
Annualized Premium (in Rs.)
|
10,000
|
No Limit
|
|
Payment modes
|
Yearly and Half-Yearly
|
|
FAQs
What happen 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 gets converted to Paid Up Value. The policy can be revived within 3 years from the first unpaid premium.
What happen if you want to surrender the policy ?What happen if you want a loan against your policy ?Loan facility is not available in this plan.
