New Delhi, January 10, 2018: Future Generali India Life Insurance Company Limited (FGILI) today launched the Future Generali Term with Return of Premium Plan. It is a simple, non-linked, non-participating plan which allows customers to choose between two payout options for receiving a guaranteed return of premium at the end of the policy term.
Key features of the product:
· Two Return of Premium Payout Options at the time of maturity
· Option A: Lump Sum Protection
· Option B: Income Protection
· Flexibility to choose Policy Term and Premium Payment Term
· 100% of premiums paid under Option A or 115% of premiums paid under Option B are returned on survival excluding taxes, rider premium, modal loading and extra underwriting premium, if any
· Women can avail the benefit of lower premium rates
ELIGIBILTY
|
Parameter
|
Criterion
|
|
Entry Age
(as on last Birthday)
|
18 years – 55 years
|
|
Maturity Age
|
28 years - 75 years
|
|
Policy Term
|
10 year - 35 years
|
|
Premium Payment Term
|
10 years - 15 years
|
|
Payout Period
(Applicable only for Option B)
|
10 / 15 / 20 years
|
|
Sum Assured
|
Minimum – Option A: Rs. 2,00,000
Option B: Rs. 9,02,119
(For a minimum Monthly Income of
Rs. 10,000)
Maximum – No limit (subject to underwriting)
|
|
Monthly Income
(Applicable only for Option B)
|
Minimum – Rs. 10,000
Maximum – No limit (subject to underwriting)
|
|
Premium Payment Frequency
|
Yearly, Half Yearly, Quarterly & Monthly
|
|
Premium amount
|
Minimum Premium:
Rs. 3,000 annually for Option A and
Rs. 3,696 annually for Option B
Rs. 2,000 half-yearly for Option A and B
Rs. 1,000 quarterly for Option A and B
Rs. 500 monthly for Option A and B
Maximum Premium - No Limit (as per Sum Assured)
|
|
Premium rates for female lives
|
An age setback of two years shall be applied to female lives for calculation of the premium rates.
For females lives aged 18 & 19 years, premium rates of 18 years male shall apply
|
Commenting on the launch of TROP, Mr. Munish Sharda, Managing Director & CEO, Future Generali India Life Insurance Company Limited, said, "With the increase in popularity of term plans, there is a large segment of customers who want to secure themselves but have the expectation to receive their premiums back upon survival at the end of the policy tenure. With this specific insight in mind, we have launched our Future Generali Term with Return of Premium Plan (TROP). As with all our products, this is a simple to understand and easy to purchase product with two flexible benefit payout options – Lumpsum or Monthly Income. We believe this product addresses an important need and will help us bridge the protection gap further.”
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