The south India times Mumbai: Future Generali India Life Insurance Company Limited (FGILI), announced the launch of its latest offering, Future Generali Long Term Income Plan. The product is a traditional, non-participating, long-term guaranteed savings insurance plan with the following key features: Pays a regular and guaranteed long-term income for up to 50 years. The income can start as early as the policy month from buying the policy. It also offers the flexibility to start the income benefits after 5 years to receive a higher income. Guaranteed increase in the survival benefits, by 50% of the initial benefit, every 5 years from the 11th year till the last payout. Life cover against death for the full policy term, even while receiving income payouts.
Option of continuing the income for a family in case of death of insured without liability to pay future premiums. Whilst the death sum assured gets paid immediately upon settlement of death claim, guaranteed sustained income for family continues, without any need to pay future premiums. The maturity amount is also paid to the family on the policy end date. Key Highlights of Future Generali Long Term Income Plan Guaranteed long-term income along with life cover for 30, 40, or 50 years (Policy Term) Premium payment liability limited to 8 or 10 years Guaranteed lump sum at maturity which is double of total premiums paid Flexibility to choose the income start date, it can be immediate, i.e. income from next month or next quarter or next year, etc. or it can be deferred i.e. income after 5 policy years for higher income benefits Increasing survival benefits through Income Loyalty Additions that enhance the income payable every 5 years starting 11th policy year. Option to secure the income benefits and maturity benefit for the family, even after the death of the insured without liability of paying future premiums.
Tax benefits available as per prevailing tax rules Announcing the launch of Future Generali Long Term Income Plan, Mr. Bikash Choudhary, Appointed Actuary and Chief Risk Officer, Future Generali India Life Insurance Company Limited, said, “There is an increasing trend around guaranteed income plans in the insurance market today. Considering the growing cost of living, it has become imperative to secure a long-term income plan that not just gives a regular income but is sustainable to take care of long-term expenses too.
