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Future Generali Assured Education Plan
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Future Generali Assured Education Plan is a non-linked, non-participating, and guaranteed savings plan especially designed to provide you funds for getting your child admitted into one of the finest colleges of the world. The plan helps you systematically plan for your child’s graduation or post-graduation fees, until he/she turns 17 years of age. Under the plan, you can choose to receive up to 4 guaranteed annual payouts, starting from the end of the policy term.
In case of an untimely demise of the life assured, the plan waives off all the outstanding premiums and provides the child with the maturity benefit to help him/her fulfil his dreams as planned by you. Moreover, the plan provides 3 different rider options to further enhance the coverage of the plan.
Best Features of Future Generali Assured Education Plan
Following are the best features of the Future Generali Assured Education Plan -
- Guaranteed Payouts - The plan provides the option to receive the guaranteed maturity benefits either as a lump sum or by way of up to 4 annual instalments, starting from plan maturity.
- High Sum Assured Discount- For policies featuring a sum assured of INR 4 Lakh and above, the plan provides a discount of up to INR 5 per INR 1,000 Sum Assured.
- In-built Premium Waiver Benefit- The plan waives off all future premiums in case of an unfortunate death of the life assured and lets the plan continue with the scheduled benefits.
- Rider Options- The plan comes with 3 rider options namely Accidental Death Rider, Accidental Total and Permanent Disability Rider, and Accidental Benefit Rider.
- Policy Loans- You can avail policy loans of up to 85% of the surrender value to meet financial exigencies.
- Reduced Paid-Up Benefit- If you fail to pay the premium after the payment of the first 2 years’ premiums, then the policy will get converted into a paid-up policy with reduced benefits.
- Surrender Benefit- In case of surrender of the policy, the surrender benefit is payable as higher amount of guaranteed surrender value or special surrender value.
- Policy Revival- A lapsed or paid-up policy can be revived within 5 years from the date of the first due premium payment.
Benefits of Future Generali Assured Education Plan
The key benefits offered by Future Generali Assured Education Plan are as follows -
1. Maturity Benefit
In case of the survival of the life assured till the policy term, a maturity benefit payable equivalent to 100% of the sum assured shall be paid. You can choose to receive the maturity benefit in any of the 3 following ways -
|Child’s Age||Payout Period||Option A||Option B||Option C|
|17 years||End of policy term||40% of sum assured||10% of sum assured||100% of sum assured|
|18 years||Policy term + 1 year||30% of sum assured||10% of sum assured||Nil|
|19 years||Policy term + 2 year||20% of sum assured||10% of sum assured||Nil|
|20 years||Policy term + 3 year||10% of sum assured||70% of sum assured||Nil|
2. Death Benefit
In case of an unfortunate death of the life assured, the highest of the following shall be paid to the nominee as the death benefit -
- 10 times of the annualised premium
- 105% of all the total premiums paid till the date of death
- Maturity sum assured
- Absolute amount payable on death (sum assured)
In addition to the above benefit, Future Generali Life Insurance will waive all the future premiums payable under the plan and provide the child with maturity benefit on the plan maturity.
The insurance company will also pay 5% of the sum assured immediately on death and on every death anniversary of the life assured until the child turns 17 years of age to help him/her fund school fees.
Future Generali Assured Education Plan Eligibility
Future Generali Assured Education Plan comes with following eligibility conditions -
Eligibility Criteria For Future Generali Assured Education Plan
|Minimum Age at Entry|
Age of the child: 0 years
Age of the parent: 21 years
|Maximum Age at Entry|
Age of the child: 10 years
Age of the parent: 50 years
|Minimum Age at Maturity||35 years|
|Maximum Age at Maturity||67 years|
|Policy Term||17 years minus age of the child at the time of plan purchase|
|Premium Payment Term (PPT)||Same as policy term|
|Premium Payment Frequency||Yearly or Monthly|
|Minimum Annual Premium Amount|
Annually- INR 20,000
Monthly- INR 2,000
Future Generali Assured Education Plan Review
Future Generali Assured Education Plan is a guaranteed child savings plan which is crafted to provide for your child’s education milestones in both your presence and absence. In addition to its guaranteed maturity benefit and death benefit, the plan waives off all the future premiums in case of an unfortunate demise of the life assured. This plan helps you systematically plan for your child’s higher education needs with its 3 maturity benefit payout options.
Moreover, this plan helps you meet unplanned and emergent financial commitments by way of its policy loan feature. It is a suitable plan for individuals looking for a flexible and customisable investment solution for their child’s future.
Future Generali Assured Education Plan FAQs
1. Does the plan come with a free-look period?
Yes, the policy provides a free-look period of 15 days (30 days if policy is bought online) from the date of its receipt, during which you can return the plan if you are not happy with its terms and conditions. The premium paid by you is refunded after deduction of stamp duty charges and medical expenses.
2. How much discount is available under the policy?
The plan provides for a high sum assured discount in the following manner -
Sum Assured / Premium Payment Term
Discount on Premium Per INR 1,000 Sum Assured
7 to 10 years 11 to 12 years 13 to 15 years 16 to 17 years
Less than INR 4 Lakh
INR 4 Lakh to less than INR 8 Lakh
INR 8 Lakh to less than INR 12 Lakh
INR 12 Lakh and above
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