Retirement is something all of us go through in life. It is inevitable, but it can make anyone feel anxious about the future thereafter. Every individual aims at working hard to ensure a financially comfortable life for their family post-retirement. Future Generali is here to help you on your way to achieve that goal with the Pension Guarantee Plan. This unique pension plan comes with Guaranteed benefits which will be provided either on the maturity of the policy or in the event of unfortunate demise occurring earlier. So, let go of all your financial worries and plan for all that you want to do post retirement.
Eligibility for Future Generali Pension Guarantee
|Regular Premium Term||Limited Premium Term||Single Premium Term|
|Minimum Age at Entry||Not below 20 years||Not below 20 years||Not below 20 years|
|Maximum Age at Entry||Not above 70 years||Not above 70 years||Not above 70 years|
|Minimum Vesting age||40 years||40 years||40 years|
|Maximum Vesting Age||80 years||80 years||80 years|
Key Features of Future Generali Pension Guarantee
|Plan Type||Deferred Pension Plan – Pension Plan with guaranteed benefit|
|Premium Payment Term (PPT)||Under this policy, you can choose from:
|Premium Payment Frequency||Premium payments can be made on a yearly, half-yearly and monthly basis.|
|Maturity Benefit||Minimum Guaranteed Maturity Benefit of 101% of total premiums paid will be given (excluding the Service Tax and Extra Premiums paid, if any).|
30 days – Applicable for yearly and half yearly premium payment policies, counting from the due date on which premium has to be paid.
15 days – for monthly premium payment policy.
|Free Look Period||
15 days - Free look period if the policy does not meet your terms.
30 days - For policies received via distance marketing.
|Nomination Facility||If the policy holder is also the Life Assured, he/she may nominate one or more than one person, under Section 39 of the Insurance Act, 1938, to receive the benefits of the policy following the death of the Life Assured.|
|Policy Revival||If the premiums are not paid within the grace period, the policy will lapse. Policy holders can reinstate their policy, with full benefits, within a period of 2 years from the date on which the first unpaid premium was due and also before the maturity date of the policy. Policy will be revived on payment of all unpaid due premiums with interest and a written application provided by the policy holder.|
|Min. Premium Payment||
|Max. Premium Payment||
|Min. Sum Assured on Maturity||Minimum Sum Assured on Maturity is provided based on the minimum premium amount|
|Max. Sum Assured on Maturity||No upper limit to Sum Assured provided on Maturity.|
Benefits of Future Generali Pension Guarantee
- Post-retirement Savings - This plan lets you accumulate savings for your post -retirement needs.
- Guaranteed Returns - Once the policy has matured, you will receive a guaranteed minimum return of 101% of the collective amount of premiums paid by you. This excludes service taxes.
- Bonus - You are also eligible to get bonuses throughout the term of the policy, subject to declaration.
- Payout to Nominee - In the unfortunate event of death of the Life Assured individual during the term of the policy, the nominee shall receive the amount of all premiums which have been paid till the date of death of the Life Assured, along with a minimum guarantee of 105% of premiums paid (excluding Service Tax). They are also eligible to receive any accrued bonuses.
- Tax Benefit - Any premium paid under the Pension Guarantee plan is eligible for tax benefits which may be available as per the regulations of Section(s) 80C, 80CCC(1), 80D, 10.10D.
How It Works
- You begin by choosing the guaranteed amount which you would like to receive for your retirement, which is Maturity Sum Assured.
- Next, to determine the Future Generali Life policy term, you must decide the age at which you want to retire. Policy term will be calculated by deducting the Age At Entry from the Age At Retirement.
- Next, you must choose the term for which you want to make payments towards the policy. You may choose from different payment terms like single period payment, limited premium payment or regular premium payment. You may also choose the frequency or mode for making the payments i.e. yearly, half-yearly or monthly basis.
- Next, you just have to fill up the Proposal form and pay the premium as per the chosen options.
Riders Available For Future Generali Pension Guarantee
To enhance the protection provided by your policy, Future Generali life pension plan offers two suitable riders which are available only with the Regular Premium Payment Plan, at a nominal additional premium. The two riders are:
- Future Generali Non Linked Accidental Death Rider – With this add-on rider, you get to enjoy additional insurance cover in the event of death resulting due to an accident. The amount of the cover will be paid to your family.
- Future Generali Non Linked Accidental Total & Permanent Disability Rider - This cover has been designed to provide additional insurance cover following an unfortunate event causing total and permanent disability, caused due to an accident.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017