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Future Generali Bima Guarantee Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
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 of Future Generali Bima Guarantee Policy
This is a Participating Money Back Plan
In this plan, Money Back is given at the end of the 4th year and then at the end of every 3rd year
An equal instalment of premium is paid at every interval as per the schedule provided
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- Accidental Death Benefit Rider, Premium Waiver Benefit Rider & Saral Term Benefit Rider
There is Large Sum Assured discount in this plan
COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS
Death Benefit – In 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.
Survival Benefit – 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.
Benefits you get from Future Generali Bima Guarantee Insurance Policy
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
Maturity Benefit – 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.
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 Bima Guarantee Insurance Plan
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
Sample illustration of Future Generali Bima Guarantee Plan
The below illustration is for a healthy male opting for a Sum Assured of Rs 1,00,000.
Additional Features and Benefits of Future Generali Bima Guarantee Plan
Riders – There are 3 additional riders in this plan:
Accidental Death Rider
Saral Term Benefit Rider
Premium Waiver Benefit Rider
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 gets converted to Paid Up Value. The policy can be revived within 3 years from the first unpaid premium.
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) for Limited Payment and 80% of Single Payment.
You want a loan against your policy – Loan facility is not available in this plan.
