Future Generali Secure Income Plan
Future Generali Secure Income Plan
Future Generali Secure Income Plan is a limited premium plan which is a combination of Endowment and Money Back Plan. This is a non unit-linked insurance traditional plan
In this plan the Premium Paying Term (PPT) is less than the Policy Term. On completion of the premium payment period, accrued compounded reversionary bonuses are paid and the policy continues. After the chosen PPT, every year 5.5% of Sum Assured is paid as Guaranteed Cash Back + declared Cash Bonus as Survival Benefit. This is paid till the end of the Policy Term. On maturity, the policyholder would receive the Sum Assured + the Terminal Bonus, if any.
However, if the life insured dies within the policy tenure, Sum Assured + Accrued Bonuses would be paid and the policy would be terminated.
Key Features
Benefits
In case of death of the Life Insured, the nominee would receive the Death Benefit and the policy would be terminated
- Before Risk Commences- The premiums paid under the policy would be refunded and no Bonus is payable
- After Risk Commences but within Premium Paying Term- The Death Benefit would be Sum Assured + accrued Reversionary Bonus + Terminal Bonus (if any) – Unpaid Premiums (if any)
- During Cash Back Period- The Death Benefit would be Sum Assured + Terminal Bonus (if any)
The Life Insured would receive 5.5% of the Sum Assured every year after the Premium Paying Term is over till the end of the Policy Term.
When the policy matures, the Sum Assured + Terminal Bonus, if any, is paid back.
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)
There are 3 additional riders in this plan
· Accidental Death Rider
· Saral Term Benefit Rider
· Premium Waiver Benefit Rider
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 1,50,000 | No Limit |
| Policy Term (in years) | 15 | 65 |
| Premium Payment Term (in years) | Single, 10/15/20/25 | 30 |
| Cash Back Term (in years) | 5 | 35 |
| Entry Age of Life Insured (in years) | 0 | 60 |
| Age at Maturity (in years) | 18 | 80 |
| Premium (in Rs.) | Rs 10,000 | No Limit |
| Payment modes | Yearly, Half-yearly, Quarterly and Monthly (ECS) | |
FAQs
What happen if you stop paying the premium ?If the premium has been paid for at least 3 years, then an auto cover period is available in this plan. During this period, the death benefit will not lapse for a maximum period of 2 years after the date of first unpaid premium. The policy is not eligible for bonuses till premiums have been paid. If death occurs during this period, Sum Assured + accrued Bonus – unpaid Premium is paid and the policy is terminated.
What happen if you want to surrender the policy ?here is a Guaranteed Surrender Value after 3policy years.
Guaranteed Surrender Value = 30% of Total Basic Premiums Paid– 1st years’ Premium and 80% of Single Premium
What happen if you want a loan against your policy ?Loan facility is not available under this policy.
