From the first year of the policy’s existence for up to 50 years, the non-linked, non-participating savings life insurance plan is intended to produce an assured and guaranteed income.
A new iteration of the Future Generali Long Term Insurance Plan has been introduced, according to Future Generali Life Insurance Company. It is a personal savings life insurance plan that is unlinked and non-participating.
According to a press statement from the insurer, the product is built to produce an assured and guaranteed income starting in the first year of the insurance and continuing for up to 50 years.
The product offers guaranteed benefits on death, survival, and maturity, the option to receive income as soon as next month, income loyalty additions from the 11th policy year until the end of the policy term, and life insurance for the duration of the policy term, or up to 50 years, according to the insurer.
Other advantages include the choice to guarantee the family’s income benefit continuity in the event of the life assured’s death, and life insurance coverage both throughout the time of premium payment and while receiving income and tax advantages under the 1961 Income-tax Act.
According to the insurer’s news release, there are two ways that policy customers can purchase the policy.
The entry age requirements for Option 1 are 0 days (at birth) and 60 years. They are 18 and 45 years old, respectively, in Option 2.
Option 1’s minimum and maximum entry ages are 30 and 100 years old, respectively, while Option 2’s corresponding ages are 48 and 85.
Option 1 requires a minimum premium payment of Rs 25,000 per year for a maximum of 50 years. The minimum premium for applicants between the ages of 51 and 60 is Rs 50,000 per year. Option 2 has an annual premium of Rs. 50,000. The premiums can also be paid semi-annually, quarterly, or monthly, however, these payment options will cost more than the annual option.
The maximum premium amount, however, is unbounded, according to the insurance.
The policy term is 30, 40, and 50 years, whereas the payment terms are eight and ten years. The minimum amount promised is Rs. 2 lakhs.
The plan offers immediate income and deferred income as your two alternatives for income, according to the insurer.
In the case of immediate income, the survival benefit begins right away and is paid yearly in arrears until the policy term is up.
In the case of deferred income, the survival benefit begins five years after the policy’s commencement date and is paid yearly in arrears until the policy’s term is up.
The frequency of receiving the survivor benefits can also be selected as annual, half-yearly, quarterly, or monthly.
The insurer states that the survivor benefit must equal the total of the guaranteed income plus the loyalty addition. The insurer further stated that subject to payment of all due premiums, the survival benefit is payable in arrears upon the survival of the life assured on payout due dates.
One can earn significantly more money throughout the period if one decides to start earning money after five years. Future Generali India Life Insurance Company Limited has introduced a new Future Generali Long Term Income Plan with improved assured benefits to further strengthen this offer, according to the insurer’s press statement.
Future Generali India Life Insurance Company Limited’s managing director and CEO, Bruce de Broize, states: “We see there is a steady rise in the cost of living, which makes assured increasing income an attractive proposition.
This is for people who want to make sure that their funds will grow. The most recent iteration of our Long Term Income Plan offering gives customers a larger guaranteed income and ultimately higher returns. By guaranteeing a second income that is guaranteed and is received regularly, this plan will assist one to protect themselves from any financial instability that may develop in the near future. The younger generation, who wishes to begin early financial preparation for their future, will also benefit from this approach. This generation can begin by making modest investments and receive benefits that are assured to last the full term.
