Future Generali Return Of Premium Plan
Future Generali Return of Premium Plan
Future Generali Return of Premium Plan is a non-Participating Term Plan with Return of Premium Option. Thus, it is a Traditional Plan without Bonus facility.
How it works – In this plan, premium needs to be paid for the entire policy tenure as chosen between 5 to 10 years.
In this plan, if the Life Insured dies within the policy tenure, the Sum Assured is paid to the nominee as Death Benefit and the policy terminates. However, if the Life Insured survives the entire tenure, then 50% to 100% of the premiums paid as Maturity Benefit. The percentage of benefit depends on the Policy Tenure. 50% of the premium paid is provided as Maturity Benefit if the Policy Tenure is 5 years which increases by 10% for each policy year. The maximum amount of Maturity Benefit being 100% of the premiums paid for policy tenure of 10 years.
There are 4 additional riders in this plan as well.
Key Features
Benefits
In case of death of the Life Insured within the policy tenure, the Sum Assured is paid to the nominee as Death Benefit and the policy terminates.
- On survival till the end of the policy tenure, the policyholder gets 50% to 100% of the premiums paid as Maturity Benefit. The percentage of benefit depends on the Policy Tenure.
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Policy Term
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% of Maturity Benefit
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5
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50% of the Premium Paid
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6
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60% of the Premium Paid
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7
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70% of the Premium Paid
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8
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80% of the Premium Paid
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9
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90% of the Premium Paid
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10
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100% of the Premium Paid
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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
- Accidental Total and Permanent Disability Rider
- Term Assurance Rider
- Accelerated Critical Illness Rider (Extended)
Eligibility
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Minimum
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Maximum
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Sum Assured (in Rs.)
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3,00,000
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No Limit
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Policy Term (in years)
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5
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10
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Premium Payment Term (in years)
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Equal to Policy Term
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|
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Entry Age of Life Insured (in years)
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18
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65
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Age at Maturity (in years)
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23
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70
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Annualized Premium (in Rs.)
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3,000
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No Limit
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|
Payment modes
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Yearly, Half-Yearly and Monthly
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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 continues gets converted to a Paid Up Policy. The policy can however be revived within a period of three years from the due date of first unpaid premium.
What happen if 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
What happen if you want a loan against your policy ?There is no loan facility available in this plan.
