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Future Generali Assured Income Plan Review

Future Generali Assured Income Plan

Future Generali Assured Income Plan provides guaranteed returns on your investments with added benefit of protection. You have 2 Premium payment Options(11 pay and 15 pay). You get an guaranteed Benefit From this plan for a term equal to the premium payment Term. Unlike other traditional plans in the market, this plan is different in providing maturity benefit. The returns in this plan is guaranteed. Death Benefit under this plan is not given as Lumpsum benefit. Death Benefit is paid as installments for the next 11 years and 15 years. 

PRODUCT SPECIFICATION 
Type Of Plan  Traditional Endowment Plan
Return Type Fully Guaranteed
Tenure  Long Term
Minimum Term     11 years
Maximum Term      15 years
Premium Flexibility Annual only
Minimum Premium    For 11-year term :  35,000 for age 7 to 50 years

For 15-year term :  35,000 for age 5 to 44 years 

                                        75,000 for age 45 to 50 years

Maximum Premium  Rs 10000000
Minimum Age at Entry 7 to 50 years for a 11-year term

5 to 50 years for a 15-year term

Age means your age as on your last birthday

Maximum Age at Entry  65
Riders Available No Riders
CHARGE STRUCTURE 
Policy Allocation Charge NA
Policy Administration ChargeNA 
Fund Management ChargeNA 
Surrender Charge Reduces With increase of Premium Payment Term
Mortality Charge NA 
BENEFITS 
Life Coverage( Sum assured)  For 11-year term :  17.5 to 21 TimesFor 15-year term :  31 to 34.5 Times

Depending on the Life insured Age

IRR    For 11-year term :  5.34%For 15-year term :  5.36%

Life coverage or Death Benefit is not taken into consideration

Life Covered Till(Maximum) 65
Maturity Benefit  For 11-year term :  1.86 times of Total Premiums paidFor 15-year term : 2.26 times of Total Premiums paid
Death Benefit    For 11-year term :  17.5 to 21 TimesFor 15-year term :  31 to 34.5 Times

Depending on the Life insured Age

Waiver of premium   No
Survival Benefit   Multiple payouts from Maturity Date. 
Lapse Benefit  30% of Premium Paid Refunded
INVESTMENT 
Loyalty Additions    NA
Fund options available NA 
Systematic Transfer Plan NA 
Automatic Asset Allocation NA 
Top -ups  in between NO
TAX BENEFITS 
Section 80C(On premium paid) YES 
Section 10(10d) on Maturity  YES
LIQUIDITY OPTIONS 
Systematic Partial withdrawal NO
Partial Withdrawal   NO
Loans YES 
Surrender Before Maturity YES
Money Back In-between YES 
ASSURED INCOME PLANPREMIUM CALCULATOR

Future Generali Assured Income Plan Review

This plan gives you a guaranteed income after maturity. All the returns provided in this plan is guaranteed. You have to pay for the full Premium payment term (11 or 15) to enjoy the maximum benefit. The Maturity Benefit is given as installments over a period of years equal to the premium payment term chosen. In case of Death of the Life insured, the death benefit is same as the maturity Benefit(installments) which is paid immediately after claim settlement. 


What You Pay and What You get in Future Generali Assured Income Plan

Example Illustration:

Mr Arun aged 30 is taking Future Generali Assured Income plan for annual premium of Rs 100000. Premium payment term is 15 years and Policy term is 15 years. Lets understand what benefits he will get if all the premiums are paid.

TOTAL PREMIUMS PAID                                               : Rs.15000000

TOTAL BENEFITS RECEIVABLE ON MATURITY : Rs.3400000(Rs 200000 paid from 16th to 29th year and Rs 600000 paid in 30th year)

DEATH SUM ASSURED                                                    : Rs 3400000(Paid in installments)

The Maximum returns can be obtained in this plan if you choose 15 years term.

The Above returns are calculated basis the premium quote generated through the companies website.


Bonus History/ Fund Performance History of Future Generali Assured Income Plan

Since this plan is a fully guaranteed and doesn’t participate in bonus, there is no bonus History.


What happens if you discontinue your premiums in Future Generali Assured Income Plan?

You have to pay premium for minimum 3 years in have the policy live. Below are the benefits of the plan if minimum 3 years paid and not paid.

IF 3 YEARS PREMIUM NOT PAID: Policy will lapse and only 30% or premium paid will be refunded and the policy will terminate.

IF 3 YEARS PREMIUM IS PAID: Policy will Become paid up.

Paid up Benefit =(Number of Premiums Paid/Total number of Premiums Payable)* Maturity Sum Assured.

Incase of death or Maturity in a paid up policy, the policy provides reduces benefits according to the number of premiums paid.


Liquidity

This policy provides Loan  up-to 85% of the surrender value.


If You want to surrender the Future Generali Assured Income Plan policy 

You can surrender this plan only if minimum 3 years premium is paid. For surrender value, please refer the product ASSURED INCOME PLAN.


**Disclaimer:

This post on Future Generali Assured Income Plan is just a review of what the plan offers to the customers. We aim at educating ins and outs of this plan. We are trying to simplify the product and make it easy to understand. The Returns provided in this post are for Illustrative purpose only.  The waytoinsurance score is given by our own metrics of calculation and are no way related to the performance of this plan. All these details are derived from the below links. We are aiming at providing financial literacy for the common man.

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