Future Generali Saral Anand Plan
Future Generali Saral Anand Plan
Future Generali Saral Anand Plan is a Participating Endowment 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 a minimum of 10 and a maximum of 15 years. The policy however continues till the Life Insured is 80 years old.
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 Premium Paying Term, 100% of the sum assured along with Guaranteed Additions and Vested Bonuses are paid as Survival Benefit and the policy continues.
This plan has an in-built additional Accidental Death Benefit during the premium paying term which is equivalent to 2 times the basic Sum Assured.
However, if the Life Insured dies within the Premium Paying Term, then Sum assured + Guaranteed Additions + Vested Bonus (if any) would be paid as Death Benefit to the nominee and the policy would be terminated. And if the Life Insured survives the Premium Paying Term but dies after that but within the policy tenure, then 150% of the Sum assured + Terminal Bonus (if any) would be paid as Death Benefit to the nominee and the policy would be terminated.
Key Features
The below illustration is for a healthy male opting for a Sum Assured of Rs 75,000 in annual mode.
Benefits
- Within the Premium Paying Term, then 100% of Sum assured + Guaranteed Additions + Vested Bonus (if any) is paid as Death Benefit to the nominee and the policy would be terminated.
- After the Premium Paying Term, then 150% of the Sum Assured + Terminal Bonus (if any) would be paid to the nominee and the policy would be terminated.
On survival till the end of the premium paying term, the policyholder gets 100% of the Sum Assured + Guaranteed Additions + Vested Bonus as Survival Benefit and the policy continues.
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 Benefit Plan
Eligibility
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Minimum
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Maximum
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Sum Assured (in Rs.)
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75,000
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25,00,000
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Policy Term (in years)
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80 – Age at Entry
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Premium Payment Term (in years)
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10
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15
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Entry Age of Life Insured (in years)
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3
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55
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Age at Maturity for Survival Benefit (in years)
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18
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70
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Payment modes
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Yearly, Half-Yearly, Quarterly 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 under Auto Cover Continuation Option for at least 2 years. If the premiums are not even paid during the Cover Continuation Option, then the policy gets converted to Paid Up Value.
What happen if you want to surrender the policy ?What happen if 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.
