Securing the financial needs of our loved ones is a primary concern for most of us, with the unpredictability surrounding life making it necessary to invest in a good plan. Future Generali Assure Plus is a specialised product which offers an insurance cover to ensure that the future of your family is secure, regardless of what happens in life. This is a participating, non-linked endowment plan which offers peace of mind and financial stability to individuals.
Eligibility Criteria for Future Generali Assure Plus
|Minimum entry age||3 years|
|Maximum entry age||55 years|
|Minimum age at maturity||18 years|
|Maximum age at maturity||70 years|
|Minimum premium||Rs 12,000 per year|
Key Features of Future Generali Assure Plus
|Plan type||Participating, non-linked, endowment policy|
|Premium payment term||
|Maturity benefit||A maturity benefit equivalent to the sum assured plus all bonuses accrued will be paid|
|Premium payment frequency||Monthly, quarterly, half-yearly or yearly|
|Loan||No loan facility available|
|Surrender value||Surrender value will be paid after policy has been in force for a specific time period|
|Free look period||
|Revival/Renewal||A lapsed policy can be revived by paying all premiums and any fine/interest. Revival is possible only within 2 years of first unpaid premium|
Minimum – Rs 1 lakh
Maximum – Rs 5 crore
|Policy coverage||Death Benefit, Maturity Benefit|
Benefits/Advantages of Future Generali Assure Plus
Some of the benefits of Future Generali Assure Plus are listed below.
- Flexibility – Individuals can choose a policy term which matches their needs, having additional flexibility in terms of premium payment modes, premium payment terms and the amount they wish to invest every year.
- High sum assured – One can avail cover to the tune of Rs 5 crore under this policy.
- Tax benefits – Policyholders are entitled to tax benefits under Section 80C of the Income Tax Act.
- Maturity benefits – A maturity benefit equivalent to the sum assured plus all accrued bonuses will be paid once the policy completes its term.
- Death benefit – In the event of unfortunate demise of a policyholder during the policy term, his/her nominee will receive a death benefit comprising the death sum assured and all bonuses accrued.
- Discounts – Individuals who opt for a high sum assured are entitled to discounts on their premiums.
- Bonus – Each policy is eligible to earn a bonus, thereby offering higher returns.
Working of Future Generali Assure Plus
Let us consider the example of Mr. Rakesh to understand the working of this plan. Rakesh is a software engineer working for a reputed firm. He is married and has two children aged 4 and 5 year. He decides to opt for this plan on his 40th birthday, choosing a 20 year policy, with the sum assured being Rs 25 lakhs. He pays an annual premium for 10 years towards this policy.
Let us consider the following scenarios to understand how this Future Generali life plan works.
Scenario 1: Rakesh passes away 15 years after buying the policy. All premiums were paid by him before his death. In this case, his nominee will receive a death benefit which is equal to the death sum assured plus all bonuses accrued until death.
Scenario 2: The policy matures after 20 years, with Rakesh and his family leading an eventful life. In this case, he will receive a maturity benefit which includes the sum assured and bonuses accrued over the policy term.
|Policy Term||Premium Payment Terms||Premium Payment Frequency|
|15 years||7, 10 or 12 years||Yearly, half-yearly, quarterly or monthly|
|20 years||10, 12, 15 or 17 years||Yearly, half-yearly, quarterly or monthly|
|25 years||12, 15, 17 or 20 years||Yearly, half-yearly, quarterly or monthly|
No riders available with this plan.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017