Future Generali Child Benefit

Future Generali Child Benefit Plan

Future Generali Child Benefit Plan is a child moneyback policy such that the Sum Assured is paid in the last few years depending on the policy option chosen. There are 2 policy options- Child Benefit at 21 years and Child Benefit at 23 years. This plan can have a maximum tenure of 21 or 23 years.

In this plan, premium payment stops before the benefit payment starts. Hence in Child Benefit at 21 years, the premium is paid till last 3 Policy Years when then Survival Benefits are paid out at pre-defined intervals. And in Child Benefit at 23 years, the premium is paid till last 5 Policy Years when then Survival Benefits are paid out.

However, if the parent dies within the policy tenure or meets with an accidental total and permanent disability, then the Sum Assured is paid as immediate Death Benefit but the policy continues. The future premiums are waived such that the Survival Benefits are paid on Due Dates as defined. Hence the Survival Benefits would be paid at all circumstances.

Accidental Disability benefit

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Child Benefit

Guaranteed additions

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Key Features

There are 2 Maturity Options in this plan- One plan is for Child Benefit at age 21 and the other one is for Child Benefit at age 23

This plan has inbuilt Accidental Disability benefit incorporated in it as Sum Assured is paid out but the policy continues to its maturity

Guaranteed additions @ 3.5% of sum assured per annum at a compounding rate at the end of each of the first five policy years

Compounded reversionary bonuses are payable after the first 5 policy years

There is Large Sum Assured rebate in this plan

Sample illustration of premium amount in Future Generali Child Benefit Plan

The below illustration is for a healthy male (Non Smoker) opting for a Sum Assured = Rs. 50,000

Policy Term= 20 years

Future Generali Child Benefit Plan

Benefits

Death Benefit

Sum Assured is paid immediately. The future premiums are waived but the policy continues to pay the Survival Benefits in due time.

Survival Benefit

For Future Generali Child Benefit @ 21:

Payable on Policy Anniversary	% of Sum Assured
3 years before Maturity	15%
2 years before Maturity	25%
1 year before Maturity	25%

For Future Generali Child Benefit @ 23:

Payable on Policy Anniversary	% of Sum Assured
5 years before Maturity	10%
4 years before Maturity	15%
3 years before Maturity	15%
2 years before Maturity	15%
1 year before Maturity	20%

Maturity Benefit

For Future Generali Child Benefit @ 21: 35% of Sum Assured + guaranteed additions + vested bonuses

For Future Generali Child Benefit @ 23: 25% of Sum Assured + guaranteed additions + vested bonuses

Income Tax Benefit

Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

Riders

There is 1 inbuilt rider available with this plan

Premium Waiver Benefit Rider for Total and Permanent Accidental Disability

Eligibility

	Minimum	Maximum
Sum Assured (in Rs.)	50,000	No Limit
Policy Term (in years)	For Future Generali Child Benefit @ 21 - 8 to 21 years For Future Generali Child Benefit @ 23 - 10 to 23 years
Premium Payment Term (in years)	For Future Generali Child Benefit @ 21=PT– 3 years For Future Generali Child Benefit @ 23= PT– 5 years
Entry Age of Life Insured (in years)	20	55
Age at Maturity (in years)	-	70
Single premium (in Rs.)	NA
Payment modes	Single, Yearly, Half-yearly, Quarterly and Monthly