With inflation and increasing cost of education, people find it hard to financially secure their children’s future. The Future Generali Assured Education Plan offers financial protection to you and your child/ children and provides cover for their education needs. Under this policy, the parent would be the principal life insured.
|Minimum age for entry||
Parent: 21 years
Child: 0 years
|Maximum age for entry||
Parent: 50 years
Child: 10 years
|Minimum age at maturity||35 years|
|Maximum age at maturity||67 years|
|Minimum premium payable||Rs. 20, 000 per annum/ Rs. 2,000 per month|
|Maximum premium payable||Maximum limit has not been set|
|Minimum policy term||7 years|
|Maximum policy term||17 years for a newborn|
Benefits of Future Generali Assured Education Plan
- This policy helps parents to save funds for the purpose of their children’s education. Money can be saved until the child turns 17 years old and then it can be used to fund their college fees.
- This plan offers the flexibility to choose from three payout frequencies. These assured payouts can be claimed according to the education requirements of the child.
- The Future Generali Assured Education Plan also offers various riders which can extend the cover offered by the base policy.
- Tax Benefits as specified under the Income Tax Act is applicable on this life insurance policy.
Key Features of Future Generali Assured Education Plan
|Policy Term||Policy Term is calculated by deducting the age of the child from a period of 17 years. In this case, for a 7 year old child the minimum policy term would be 10 years and for a newborn the maximum policy term will be 17 years.|
|Life Assured||The parent will be the life assured under this policy. Parents should fall within the age group of 21 years – 50 years at the time of entry and the child/ children should fall within the age group of 0-10 years.|
|Payout Options||There are three payout options – Option A, Option B and Option C.
|Maturity Benefit||The maturity benefit available under this policy is 100% of the Sum Assured. The amount will be paid as per the instructions of the policyholder at the time of inception of the policy.|
|Death Benefit||This policy also offers a Death Sum Assured. If the parent, who is the life assured, passes away then a death benefit is provided to his/her nominee. Along with the Death Sum Assured, the insurance provider will pay 5% of the Sum Assured upon death of the life insured and on every death anniversary as well. The maturity benefit is also paid out at the end of the policy period.|
|Premium Payment Term||The premium payment term is equal to the policy term. It can be paid on a monthly basis or on an annual basis.|
How the Future Generali Assured Education Plan Works
In order to avail this policy, all you have to do is visit a Future Generali life branch or contact the customer care to initiate the process. Fill up the policy form by choosing the sum assured you wish to receive through the policy. This can be determined based on an estimate of how much your child’s college expenses would be. Once this is done, you can choose from the available riders to expand the cover available in the base policy. A Future Generali financial advisor will assist you in calculating the premium to be paid on the sum assured of your choice. Once the form is filled with the required information, you will have to undergo a medical examination. Finally, pay the premium and enjoy the guaranteed payouts and additional financial protection.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017