Future Generali Assured Money Back Plan
The Future Generali Assured Money Back Plan provides a regular assured income for nine years after the premium payment term finishes. With the various benefits available under this policy, the policyholders are able to plan and manage their medium to long-term savings according to their financial requirements. This policy helps policyholders ensure that they provide financial security for their loved ones even in their absence.
With a reasonably affordable minimum premium and no limit on the maximum on the premium or maximum Sum Assured, the policyholder can opt for a high insurance cover for him or herself.
Policyholders have to pay the premium for a short selected period while they enjoy the dual benefit of savings and life insurance cover for ten more years.
The policy offers guaranteed payouts after the premium payment term. Policyholders receive 10% of the Sum Assured for nine years after the premium payment term.
Maturity Benefit is paid on maturity of the policy.
The policyholder ensures the financial security of his or her loved ones, even in the unfortunate event of their demise, as their nominees receive the Death Benefit.
Details About Premium
Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues, without interest. For premium payments through monthly mode, the Grace Period is 15 days. If premiums for the first two years are not paid within the Grace Period, the policy will lapse.
Policy Termination or Surrender Benefit: Surrender Value of the policy is acquired when the policyholder pays all due premiums for the first two policy years. After two full policy years the policyholder may surrender the policy and receive the Surrender Value, which is the higher of the Guaranteed Surrender Value and Special Surrender Value. Termination of the policy occurs on payment of the Surrender Value or the Death Benefit or Maturity Benefit.
Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. This timeframe is extended to thirty days if the policy was sold via distance marketing. If the policyholder does not wish to continue with the policy, then he or she has to return the policy stating their objections. The customer will receive the policy premium minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.
After paying at least two full years of premiums if the policyholder does not pay any more premiums even within the Grace Period, the policy will be converted to a Paid-up policy.
Additional Features or Riders
A loan may be taken once the policy acquires surrender value, on the condition that the loan amount does not exceed 85% of the Surrender Value.
The revival of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of two years from the date of the first unpaid premium.
The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover or reinstatement. The company will refund only 80% of the premiums paid and Surrender Value, as Death Benefit.