Future Generali Life Insurance Company has announced the launch of a revised version of the Future Generali Long Term Insurance Plan. It is an individual, non-linked, non-participating, savings life insurance plan.
The insurer announced in a press release that the product has been designed to generate an assured and guaranteed income from the very first year of the policy for as long as 50 years.
According to the insurer, the product offers guaranteed benefits on death, survival and maturity; option to get income from as early as next month; income loyalty additions from the 11th policy year till the end of the policy term, and life cover for the entire policy term i.e., up to 50 years.
Other benefits include option to ensure continuity of income benefit for the family in the event of death of the life assured; life cover during the premium paying term as well as while receiving income, and tax benefits under the Income-tax Act, 1961.
Policy buyers can buy the policy under two options, the insurer said in the press release.
In option 1, the minimum and maximum entry age are 0 days (at birth) and 60 years. In option 2, they are 18 years and 45 years, respectively.
The minimum and maximum entry age in option 1 are 30 years and 100 years, respectively, while for option 2, they are 48 years and 85 years, respectively.
The premium amount for option 1 is minimum Rs 25,000 annually for up to 50 years. For entry age 51 years to 60 years, the minimum premium is Rs 50,000 annually. The premium amount for option 2 is Rs 50,000 annually. The premiums can also be paid in half-yearly, quarterly and monthly mode, but will cost more than in the annual mode.
There is no limit on the maximum premium amount though, the insurer said.
The premium paying term is eight and 10 years and the policy term is 30, 40 and 50 years. The sum assured is minimum Rs 2 lakh
According to the insurer, the plan offers two income options to choose from, namely immediate income and deferred income. Under immediate income, the survival benefit starts immediately and is paid annually in arrears till the end of the policy term.
In deferred income, the survival benefit starts five years from the inception of the policy and is paid annually in arrears until the end of the policy term.
One can also choose to receive the survival benefits in yearly, half-yearly, quarterly or monthly frequency.
According to the insurer, the survival benefit shall be equal to the sum of guaranteed income plus loyalty addition. The survival benefit is payable in arrears upon the survival of the life assured on payout due dates, subject to payment of all due premiums, the insurer further said.
“If one chooses to start their income after five years, one can get a much higher income through the term. To enhance this proposition further, Future Generali India Life Insurance Company Limited has launched a revised version of the Future Generali Long Term Income Plan with increased guaranteed benefits,” the insurer says in the press release.
Says Bruce de Broize, managing director and CEO, Future Generali India Life Insurance Company Limited: “We observe there is a constant rise in the cost of living, which makes guaranteed increasing income an attractive offering. This is for those who seek assured returns on their savings. The latest version of our Long Term Income Plan product offers a higher guaranteed income and eventually higher returns to the customer. This plan will help one secure from any financial instabilities that may arise in the near future by ensuring a guaranteed second income at regular intervals. This plan will also help the younger generation who wants to start early financial planning for their future. This generation can start by investing small amounts and getting guaranteed benefits throughout the term.”