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Future Generali Child Benefit

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This plan has been withdrawn by the insurance company and is no longer available for sale.

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.

 

Key Features of Future Generali Child Benefit Plan 

  • 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

 

COMPARE THIS PLAN WITH OTHER CHILD PLANS

 

Benefits you get from Future Generali Child Benefit Plan

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)

 

Eligibility in Future Generali Child Benefit Plan

 

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

 

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


Additional Features and Benefits of Future Generali Child Benefit Plan

Riders - There is 1 inbuilt rider available with this plan

Premium Waiver Benefit Rider for Total and Permanent Accidental Disability

 

What happens if?

You stop paying the premium – The policy will lapse if the premium stops. However, it acquires a PID Up Value and no further bonuses are payable.

You want to surrender the policy – The policy may be surrendered after it has been in force for 3 years or more. 

Guaranteed Surrender Value= 30% of Basic Premium paid – 1st years’ premiums

You want a loan against your policy – Loan is available after the policy acquires surrender value.



 

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