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Future Generali Return Of Premium Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

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 of Future Generali Return of Premium Policy

  • It is a non-participating Term Plan with Return of Premium Option
  • Sum Assured would be paid to the nominee as Death Benefit if the Life Insured dies within the policy tenure
  • In this plan, 50% to 100% of the premiums would be paid back if the Life Insured survives till the end of the policy tenure
  • There are 4 additional riders in this plan
  • This plan also offers a discount on large Sum Assured
 
COMPARE THIS PLAN WITH OTHER TERM PLANS
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    No

     

    Benefits you get from Future Generali Return of Premium Insurance Policy

    • Death Benefit – 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.
    • Maturity Benefit – 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.
    Policy Term
    % of Maturity Benefit
    5
    50% of the Premium Paid
    6
    60% of the Premium Paid
    7
    70% of the Premium Paid
    8
    80% of the Premium Paid
    9
    90% of the Premium Paid
    10
    100% of the Premium Paid
     
     
    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.
     
    HAVE ANY DOUBTS THAT NEED TO BE CLARIFIED?
     

    Eligibility conditions & other restrictions in Future Generali Return of Premium Insurance Plan

     
    Minimum
    Maximum
    Sum Assured (in Rs.)
    3,00,000
    No Limit
    Policy Term (in years)
    5
    10
    Premium Payment Term (in years)
    Equal to Policy Term
    Entry Age of Life Insured (in years)
    18
    65
    Age at Maturity  (in years)
    23
    70
    Annualized Premium (in Rs.)
    3,000
    No Limit
    Payment modes
    Yearly, Half-Yearly and Monthly
     
     

    Additional Features and Benefits of Future Generali Return of Premium Plan

    Riders – There are 4 additional riders in this plan:
    1. Accidental Death Rider
    2. Accidental Total and Permanent Disability Rider
    3. Term Assurance Rider
    4. Accelerated Critical Illness Rider (Extended)
     

    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 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.
    • 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
    • You want a loan against your policy – There is no loan facility available in this plan.




     
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