Future Generali Investment Plans
Future Generali India Life Insurance Company Limited was formed after the collaboration of the three leading groups:
- The Future Group (a leading retailer in India)
- The Generali Group (A global insurance group), and
- Industrial Investment Trust Limited (IITL) (A leading investment company).
All of the three joined hands together to form the Future Generali India Life insurance company.
Future Generali has a wide variety of plans when it comes to buying insurance. Be it health insurance plans, life insurance plans, child plans, savings & investment plans, retirement plans, etc, Future Generali Insurance company can provide protection to its policy buyers from all sides. Here we are going to explore the savings & investment plans being offered by Future Generali Life insurance company.
Future Generali Savings & Investment Plans
There are two types of savings & investment plans being served by Future Generali Life Insurance Company.
1. Future Generali Traditional Plans
There are four different plans served under traditional plans of Future Generali life insurance:
- Assure Plus
- Triple Anand Advantage
- New Saral Anand
- New Assure Plus
2. Future Generali Guaranteed Plans
Seven different savings and investment plans are being offered under the Future Generali Guaranteed Plans:
- Assured Wealth Plan
- Big Income Multiplier Plan
- Pearls Guarantee Plan
- Assured Income Plan
- Saral Bima Plan
- Assured Money Back Plan
- Assured Education plan
A tabular representation has been given below mentioning all the plans being offered under Future Generali savings & investment plans as per 2019-2020. The table can be used for easy comparison, before buying an investment & saving plan.
Future Generali Traditional Plans
|Future Generali Savings Plans||Entry Age||Policy Term||Minimum Annual Premium||Maturity Age (Min/Max)|
|Assure Plus||3 Years||55 Years||15/20/25 Years||Rs.12,000/-||18 Years to 70 Years|
|Triple Anand Advantage||7 Years||50 Years||Premium payment term + 5 Years||Rs.15,000/-||27 Years - 75 Years|
|New Saral Anand||3 Years||50 Years||15 Years to 20 Years||Rs.8,000 onwards||18 Years to 70 Years|
|New Assure Plus||3 Years||55 Years||10 Years to 30 Years||Rs.10,000 onwards||18 Years to 70 Years|
Future Generali Guaranteed Plans
|Plan Name||Entry Age||Policy Term||Minimum Annual Premium||Sum Assured||Maturity Age|
|Assured Wealth Plan||Option 1: 0 Year |
Option 2: 18 Years
|Option 1: 60 Years |
Option 2: 55 Years
|Option 1: 10 Year - 25 Years |
Option 2: 10 Year - 25 Years
|For entry age 0 to 50 Years - Rs.15,000 onwards |
For entry age>50 Years
|Rs.50,000||No Limits||Option 1: 18 Year to 75 Years |
Option 2: 28 Years to 70 Years
|Big Income Multiplier Plan||4 Years||50 Years||Fixed policy term of 14 Years||Rs.18,000 onwards||Not mentioned||Not mentioned||18 Years to 64 Years|
|Pearls Guarantee Plan||7 Years||55 Years||16 Years or 18 Years||Rs.10,000/-||Not mentioned||Not mentioned||23 Years to 73 Years|
|Assured Income Plan||For policy term 11 Years - 7 Years brFor policy term 15 Years - 5 Years||For policy term 11 Years - 50 Years |
For policy term 15 Years - 50 Years
|11 Years/ 15 Years||For policy term 11 Years - Rs.35,000 (for age 7 Years to 50 Years) |
For policy term 15 Years - Rs.35,000 (for age 5 Years to 44 Years)
For 15 years policy term - Rs.75,000 (for age 45 Years to 50 Years)
|Rs.5,35,500||As per approved underwriting policy||18 Years to 65 Years|
|Saral Bima Plan||7 Years||55 Years||10 Years to 20 Years||Rs.9000||Not mentioned||Rs.5 Crores||18 Years to 70 Years|
|Assured Money Back Plan||18 Years||55 Years||Option A: 15, 17, 20 and 22 Years |
Option B: 10, 12, 15, 17 Years
|Rs.18,000||Option A: Rs. 58,215 |
Option B: 49,425
|As per approved underwriting policy||Not mentioned|
|Assured Education plan||Children: 0 Years |
Adult: 21 Years
|Children: 10 Years |
Adult: 50 Years
|(17 Years - age of the child at the time of purchase), i.e. a minimum of 7 years, if the child’s age is 10 years to a maximum of 17 years in case of a newborn child.||Rs.20,000||Not mentioned||Not mentioned||35 Years to 67 Years|
Short Description Of Future Generali Savings & Investment Plans
After taking a superficial idea of the plans through the table, let us have a thorough understanding of the plans one by one for more clarity and knowledge.
Future Generali Traditional Plans
All the plans mentioned below can be found in the traditional plans section of the savings plan, on the official site of Future Generali Life Insurance company. Here is a short description of the plans.
1. Assure Plus Plan
- Assure Plus plan is a participating & non-linked endowment plan.
- It is an insurance product as it also provides life insurance coverage to the policy buyers.
- It is a traditional endowment plan which provides limited premium payment.
- The policyholder is benefited from compounded reversionary bonuses addition during the term of the policy.
- The policyholder can avail of tax benefits under the plan.
- The premiums can be paid on annually, semi-annually, quarterly and monthly basis.
- The plan provides the best death benefits to the beneficiary.
- The minimum and maximum sum assured limit is of Rs.1 Lakh and Rs.5 Crores respectively.
2. Triple Anand Advantage
- The plan is a life insurance-cum-savings plan.
- It is an individual, non-linked & participating plan being offered by Future Generali Life company.
- After the insured has paid all of the premiums under the plan, s/he gets a fixed amount for consecutive 5 years. 10% of the sum assured is provided every year, for 5 continuous years. This makes the plan unique.
- A lump-sum amount is provided to the policyholder on the maturation of the policy. This includes 50% of the sum assured along with compounded reversionary bonus and terminal bonus.
- The plan provides cover to the insured till 80 years of age and 100% of the sum assured is provided to the insured in case of living out 80 years of age.
- The minimum sum assured limit is of Rs.2 Lakhs and there is no maximum sum assured limit.
3. New Saral Anand
- The plan is a non-linked, participating & endowment plan which also provides life insurance coverage to the insured. It is a double advantage plan.
- The policyholder gets a lump sum amount at maturity. The maturity amount is inclusive of the accrued bonuses.
- The plans also provide extended life coverage till the policyholder turns out to be of 100 years of age.
- The minimum sum assured is of Rs.1 Lakh whereas the maximum sum assured has no limits.
- The plan provides a 30 days grace period. In case the insured misses the renewal premium payment date, s/he can pay the premium amount within the grace period to keep the policy in force.
- There are riders available under the plan. The insured can opt for accidental riders for add-on coverage in case of death due to accident or permanent loss of a limb in an accident.
- In case the policyholder fails to pay the plan premium for 3 policy years, s/he needs to pay all the due premium within the grace period. Failing this, the policy is subject to lapse.
4. New Assure Plus
- New Assure Plus is an individual plan which is non-linked & participating in nature.
- The plan provides dual protection to the insured’s family by acting as savings as well as a life insurance plan.
- The minimum sum assured limit under the plan is of Rs.1 Lakh whereas there is no maximum sum assured limit mentioned.
- The plan provides it’s policy buyers flexibility to choose different policy terms.
- There are two death benefit payout options under the plan. The insured can make his/her choices as per their requirement.
- There is the availability of accidental riders under the plan.
- The insured gets an opportunity to enhance the maturity payout through bonuses paid by the insurance company under the plan.
Future Generali Guaranteed Plans
All the plans mentioned henceforth fall under Guaranteed plans criteria of the Future Generali Savings and Investment plans. A brief description of each plan has been presented below in pointers for a compatible reference and understanding:
1. Assured Wealth Plan
- This plan can help the insured to reach their financial goals with dual assurance, i.e. guaranteed addition throughout the term of the policy + guaranteed sum assured on the maturity of the plan.
- It is a non-linked & non-participating plan which also provides the policy buyer with life insurance cover.
- The minimum sum assured is Rs.50,000 and there is no maximum limit.
- The insured can choose the premium payment term and the policy term at their own ease.
- The tax benefit is available under the plan as per section 80C and 10D of the Income Tax Act, 1961.
- There are guaranteed additions done to the fund during the policy term as bonuses. Other than this, the insured also gets increasing death benefits as mentioned under the plan.
- There are lower premium rate options for women policyholders.
2. Big Income Multiplier Plan
- Big Income Multiplier plan is an individual, non-linked, and non participating (without-profits) plan.
- It is one of the savings-cum- life insurance plans.
- The plan is one of the best investment plans.
- The policyholders only need to pay a premium for 12 years under the plan and get coverage for 14 years.
- The plan provides its insured with the flexibility to choose between:
I. Annual Income Option
II. Monthly Income Option
- The premiums paid under the plan are exempted from tax as per income tax laws.
- The plan has a fixed policy term of 14 years.
3. Pearls Guarantee Plan
- It is a non-linked & non-participating life insurance plan.
- The premium payment term under the policy is limited with guaranteed returns.
- Policy buyers can get an affordable life cover with assured benefits under this plan.
- The plan provides guaranteed protection as well as wealth.
- The policyholder gets 70% of the sum assured on maturity.
- In case of the demise of the policyholder, 120% of the sum assured is paid to the beneficiary.
- Insured needs to pay the premium only for 10/12 years depending on the policy term s/he has opted at the time of inception of the policy.
- The sum assured depends on the age of the policyholder at the time of buying the policy, and the policy term.
4. Assured Income Plan
- It is an individual, non-linked & non-participating life insurance plan which also acts as savings to the policyholders.
- An additional benefit is also offered under the plan ranging between 1 to 4.5 times the annualized premium along with the last payout.
- The insured can get guaranteed payout for the upcoming 11/15 years only by paying a premium for 11/15 years.
- In the case of the policy term of 11 years, the total maturity benefit = 17.5 to 21 times the annualized premium, depending on the policyholder’s age when s/he bought the policy.
- In the case of the policy term of 15 years, the total maturity benefit = 31 to 34.5 times the annualized premium, depending on the life assured’s age at the time of buying the policy.
- The minimum sum assured under the plan is 5,35,500, whereas the maximum sum assured is as per the board approved underwriting policy.
5. Saral Bima Plan
- Saral Bima is a non-participating, non-linked & endowment life insurance plan.
- It is a regular premium life insurance plan.
- There are several policy term options under the plan which are suitable for medium and long-term financial needs.
- The death sum assured is higher of:
I. 10 times the annualized premium.
II. Sum assured.
III. 105% of the total premiums paid till the date of death.
- Reinstatement of a lapsed policy is possible if all the due premium amount is paid during the 2 years from the date of last paid premium.
- Under the survival benefits, the policyholder receives the reduced paid-up sum assured, in case s/he outlives the policy tenure.
6. Assured Money Back Plan
- It is an individual, non-linked, and non-participating plan.
- It acts as both savings and a life insurance plan.
- The payouts under the plan are guaranteed, subject to the condition that the policy is in force.
- There are two plan options A & B to choose from as depicted in the plan table.
- The loan facility can be availed on the plan in case the surrender value has been met.
- The minimum sum assured for both the options are:
I. Option A: Rs.58,215/-
II. Option B: Rs.49,425/-
- The maximum sum assured is as per approved policy underwriting.
- The policyholder can avail tax benefits on premium paid and received death benefits.
7. Assured Education Plan
- The plan has been designed to provide the best educational support to the children of the insured.
- It is a non-participating & non-linked individual plan.
- It is a life insurance plan which also acts as saving to the insured and his/her beneficiary in case of his demise.
- The benefits mentioned under the plan are guaranteed subject to the condition that the policy is in force.
- The plan provides its policyholders the flexibility to make changes in the mode of premium payment, subject to a valid reason mentioned by the insured.
- The plan has discount offers for larger assured sum chosen by the policyholders.
- In case the policyholder fails to pay any due premium for the first two policy years during the grace period, the policy will be subject to lapse.
- The loan facility can be availed on the policy after the surrender value has been met.
Features Of Future Generali Investment Plans
All the investment and savings plans of Future Generali Life Insurance Company shares a few of the common features. They have been mentioned below:
- Free-Look Period:
A free look period of 15 days is provided to the policy buyers. The policy buyer can cancel the policy within the free look period, in case of any type of dissatisfaction with respect to the terms and conditions of the policy.
- Grace Period:
At times it happens that one is not able to pay the premium on time due to other financial commitments. In such a scenario, the premium can be paid within the grace period provided under the policy. The policy brochure of the plans has a detailed explanation of the grace period.
- Loan facility:
The insured can avail loan facility on Future Generali savings and investments plans subjected to the condition that the surrender value has been met. For further details, refer to the plan brochure.
- Riders Facility:
Riders provide extra coverage with respect to base plans. In case the policyholders require extra cover, s/he can opt for an additional rider along with the base plan available under Future Generali Life Insurance. It may charge more premiums comparatively.
- Dual Benefit Feature:
The plans act as an investment-cum-protection plan. It provides the policyholder life cover and acts as an investment/saving which is useful in planning the future.
Benefits Of Future Generali Investment Plans
The benefits of the Future Generali Investment & Savings Plans attract policy buyers. The plans provide incomparable benefits to its insured. All the benefits have been mentioned here:
All the plans under the Future Generali Investment & Savings plan provide maturity benefit. The insured gets a lump-sum amount on the maturation of the policy after the completion of the policy term.
In the case of policyholder’s demise, the beneficiary gets all the death benefit decided at the time of inception of the policy.
At times, it happens that the insured outlives the policy term. So, in case of survival, the insured gets survival benefits.
Premium Payment Mode:
Different premium payment modes like annually, semi-annually, quarterly, and monthly payment modes are available under the plan.
The premiums paid under these investment & savings plans are exempted from tax under section 80C of the Income Tax Act, 1961. All the death benefit provided to the beneficiary in case of demise of the policyholder is also tax-free, according to 10D of Income Tax Act, 1961.
Discounts are provided to the policy buyers in case of a larger sum assured. It is as per the plans and the details can be found in the plan brochure.
Future Generali Investment Plans Riders
Riders provide add-on coverage and there are three riders available under the plan. All three are mentioned below:
- Future Generali Non-linked Accidental Death Rider.
- Future Generali Non-linked Accidental Total and Permanent Disability Rider.
- Future Generali Accidental Benefit Rider.
All the Future Generali savings & investment plans mentioned here have only one exclusion- suicide. There are special procedures mentioned in the plan brochures with respect to such cases. One must go through the terms and conditions mentioned in the brochure with respect to suicidal cases before buying a plan.