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Future Generali Flexible Money Back Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

Future Generali Flexible Money Back Plan

Future Generali Flexible Money Back Plan is a Participating Money Back Plan with Guaranteed Additions. It is a Traditional Plan with Bonus facility as well as Guaranteed Additions.
 
How it works – In this plan, premium needs to be paid for 3 or 5 years less than the Policy Tenure chosen depending upon the number of Money Back Installments opted for.
 
This policy accrues Guaranteed Additions at the rate of 3.5% of the Sum Assured p.a. for the first 5 Policy Years. From the 6th year onwards, the policy accrues Compound Reversionary Bonus. The policy may also accrue Terminal Bonus. Thus, on survival till the end of the Policy Tenure, the remaining Sum Assured along with Guaranteed Additions and Vested Bonuses are paid as Maturity Benefit and the policy terminates.
 
Now, in this plan, there are 2 options for selecting Money Back- 4 times and 6 times. If 4 times Money Back Option has been selected, then premium is paid for 3 years less than the Policy Tenure and if 6 times Money Back Option has been selected, then premium is paid for 5 years less than the Policy Tenure. After the Premium Paying Term is over, the Money Back Payout starts as per schedule and the remaining amount along with vested Bonus and accrued Guaranteed Additions are paid as Maturity Benefit at the end of the Policy Tenure.
 
However, in this plan, if the Life Insured dies within the Policy Tenure, then 100% of the Sum Assured is paid as Immediate Death Benefit. All the future premiums are waived, all Guaranteed Additions and Bonuses continue to accrue and the policy continues to pay the Money Back as Survival Benefit to the nominee as per schedule.
 
This plan has an in-built additional Accidental Total and Permanent Disability Benefit Rider.
 
 

Key Features of Future Generali Flexible Money Back Policy

  • It is a participating Money Back Plan
  • This plan offers Guaranteed Additions @3.5% of Sum Assured p.a. for the first 5 policy years
  • Compounded Reversionary Bonus is available in this plan from the 6th policy year
  • There are 2 options for choosing Money Back- 4 times and 6 times
  • For 4 MB Option, the premium is paid for 3 years less than the Policy Tenure and for 6 MB Option, the premium is paid for 5 years less than the Policy Tenure
  • On survival till the end of the Policy Tenure the remaining Sum assured + Guaranteed Additions + Vested Bonus (if any) is paid as Maturity Benefit
  • In case of death of the Life Insured within the Policy Term, 100% of Sum assured is paid immediately and the policy continues. The future premiums are waived and the Money Back is paid to the nominee as per schedule.
  • This plan has an inbuilt accidental total and permanent disability rider

COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS
 
 

Benefits you get from Future Generali Flexible Money Back Insuranace Policy

Death Benefit – In case of death of the Life Insured within the Policy Tenure, then the nominee gets:
  • 100% of the Sum Assured as Immediate Death Benefit and
  • The Policy Continues
  • All future premiums are waived off
  • All Bonuses and Guaranteed Additions continue to accrue
  • The Money Back Payouts are provided as per schedule
 
Survival Benefit – This policy pays out a pre-defined % of the Sum Assured at the end of each year after the premium paying term is over.

 

Money Back Payable
Guaranteed Money Back (MB) Payouts as % of Sum Assured
4 MB Option
6 MB Option
Policy Tenure – 5 years
NA
10%
Policy Tenure – 4 years
NA
15%
Policy Tenure – 3 years
15%
15%
Policy Tenure – 2 years
25%
15%
Policy Tenure – 1 years
25%
20%
At Maturity
35% + Guaranteed Additions + Vested   Bonuses
25% + Guaranteed Additions + Vested Bonuses
 
 
Maturity Benefit – On survival till the end of the Policy Tenure, the policyholder gets the remaining % of the Sum Assured + Guaranteed Additions + Vested Bonus 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 Flexible Money Back Insurance Plan

 
Minimum
Maximum
Sum Assured (in Rs.)
50,000
50,00,000
Policy Term (in years)
8 for 4 MB
10 for 6 MB
21 for 4 MB
23 for 6 MB
Premium Payment Term (in years)
For 4 MB, PT – 3
For 6 MB, PT – 5
Entry Age of Life Insured (in years)
20
55
Age at Maturity (in years)
-
-
Payment modes
Single, Yearly, Half-Yearly, Quarterly and Monthly
 
 

Sample illustration of Premiums for Future Generali Flexible Money Back Plan

This sample illustration of premiums is for a healthy male opting for a Sum Assured of Rs 50,000 in annual mode for Policy Term of 20 years.

Future Generali Flexible Money Back Plan Sample Premiums

 

Additional Features and Benefits of Future Generali Flexible Money Back Plan

Riders – There is 1 in-built rider in this plan:

  1. Accidental Total and Permanent Disability Benefit
 

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 available in this plan but only during the premium paying term upto 85% of Surrender Value.




 
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