Life inspires us to look ahead, for a better future, for better investments. Change is the rule of life. Times change and with each passing phase, needs keep getting bigger, the list of desires keeps getting longer.
We understand the demands of changing times. So we ensure that you get most out of your hard-earned money. Unpredictable market conditions should not decide the returns from your investments. That’s why we strive hard so that you have the assurance of accelerated guaranteed returns while you enjoy the moments of life.
We offer you “Future Generali Guarantee Advantage Plan” which offers a host of flexibilities to change your insurance plan with your ever-changing needs.
Key features
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This is a non linked, non-participating plan.
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Provides Assured Loyalty Additions ranging from 60% to 325% of the first year annual premium payable on maturity or at earlier death if occurs after 8 years from policy commencement, provided all due premiums are paid.
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On death other than accidental, the sum assured + Policy Account Value + Assured Loyalty Additions (if eligible) is payable to the nominee.
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On death due to accident provided life assured is above age 18, 3 times sum assured + Policy Account Value + Assured Loyalty Additions (if eligible) is payable to the nominee.
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On maturity, Policy Account Value + Assured Loyalty Additions (if eligible) is payable to the life assured.
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Separate account namely Policy Account will be maintained at the policyholder level.
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Investment Return will be declared in advance by the company every quarter.
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Partial withdrawal can be made after the 3rd policy year. No partial withdrawals will be allowed in the last 5 years of the policy.
How does it Work?
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Step 1: Decide your premium amount
You have to first decide the amount you want to invest as premiums under the policy. The minimum amount of the annual premium is Rs 6,000.
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Step 2: Decide your Sum Assured
Your Sum Assured depends on the amount of premium that you decide to pay. The minimum Sum Assured is 5 * annualized premium.
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Step 3: Decide your policy term
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You have to decide the policy term of 10 yrs, 15 yrs, 20 yrs, 25 yrs or 30 yrs for which you would like to avail of the benefits of the policy.
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You have to pay the premium throughout the policy term. Depending on your financial planning, you can decide the policy term.
Benefits
Maturity Benefit:
On the maturity of the policy, the Policy Account Value as on the date of Maturity plus the Assured Loyalty Additions are payable to the life assured
Death Benefit
Before Risk Commencement
In an unfortunate demise of the life assured either natural or due to accident, before the commencement of risk under the policy, we will pay the Policy Account Value plus Assured Loyalty Additions (if eligible) to the nominee.
After Risk Commencement
Death other than accidental
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In an unfortunate demise of the life assured after the commencement of risk,
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the Sum Assured plus the Policy Account Value plus Assured Loyalty Additions (if eligible) are payable to the nominee
Death due to accident
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In an unfortunate demise of the life assured due to an accident after attaining age 18 years,
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3 times Sum Assured plus the Policy Account Value plus Assured Loyalty Additions (if eligible) are payable to the nominee.
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Within the first three policy years, after the risk commencement, if the premiums are discontinued and the life assured dies during the revival period, we will pay the fund value as on date of death
Note:
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No additional accidental death benefit is payable under the policy if the life assured is a minor at the time of death
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If the proposer predeceases the life assured during the minority of the life assured, no benefit will be payable. A new Proposer may be appointed.
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The Date of Commencement of Risk would be the date of the issue of a first premium receipt. If the life assured is below age 10 at the time of policy issuance, the risk under the policy will commence from the later of
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The policy anniversary falling afterlife assured attains 10 years of age1
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2 policy years after commencement of the policy
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Assured Loyalty Additions
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On maturity of the policy, the life assured receives the Assured Loyalty Additions as a percentage of the first year premium depending upon the policy term. Assured Loyalty Addition is available at maturity if the policy is in force. After the 8th policy anniversary, if death occurs anytime before the maturity date and the policy is in force at the time of death, assured loyalty addition is available. The Assured Loyalty Additions are as under
Policy Term Assured Loyalty Additions(as % of the First-year Premium)
10 years 60%
15 years 110%
20 years 165%
25 years 265%
30 years 325%
Eligibility Condition; The Assured Loyalty Additions are payable on in-force policy at maturity or earlier death after 8 years from policy commencement
Investment return
The interest rate will be declared for each quarter in advance for the next 3 months i.e. January to March, April to June, July to September and October to December. The interest in applying the declared rate will be accrued to the Policy Account every month.
The interest rate is guaranteed for the quarter for which it is declared, for existing Policy Account Value. However, for new premiums, (Whether from existing policies or new policies), it is not guaranteed and can change in case of extreme fluctuations in interest rate. In that case, the company will declare a new rate applicable to the new premiums for the rest of the quarter.
Policy account value(PAV)
From the premium paid, the allocation fee gets deducted and the balance Premium is invested in Policy Account Value. All applicable fees will be deducted from the PAV at every monthly anniversary of the policy.
For the quarter ended December 2010, the Interest rate is 7%.p.a.
Flexibility
a. Surrender: Surrender can be made any time during the policy term. If a policy is surrendered before the end of 3 policy years, the surrender value equal to Policy Account Value less applicable surrender penalty and Market Value Reduction (MVR) if applicable will be kept frozen on the date of surrender & no subsequent fees will be deducted & that surrender value will be paid at completion of 3 years. Assured Loyalty Additions are not payable on surrender.
b. Partial Withdrawal: The policyholder can make partial withdrawals only after completion of 3 full policy years. One partial withdrawal is allowed per policy year. The minimum amount that can be withdrawn is Rs.2,000/- (in multiple of ‘000). The maximum amount that can be withdrawn per year is 10% of the Policy Account Value. Partial withdrawals are not allowed in the last 5 years of the policy.
Partial withdrawal can be made if the attained age of the life assured at the time of withdrawal is 18 years or above, or by the proposer during his/her lifetime if the life assured is a minor. The PAV after a partial withdrawal should be at least equal to one year’s annualized premium.
Partial withdrawal is subject to surrender penalty & Market Value Reduction (MVR), if applicable.
c. The decrease in Sum Assured: A decrease in sum assured is allowed subject to minimum conditions under the plan. However, the premium will not be reduced and remain the same.
