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Future Generali India Assured Education Life Insurance Plan and Policy

Future Generali India Assured Education Life Insurance Plan and Policy - With inflation and increasing cost of education, people find it hard to financially secure their children’s future. The Future Generali Assured Education Plan offers financial protection to you and your child/ children and provides cover for their education needs. Under this policy, the parent would be the principal life insured.

Key Features - Future Generali India Assured Education Life Insurance Plan and Policy

Policy Term
Policy Term is calculated by deducting the age of the child from a period of 17 years. In this case, for a 7 year old child the minimum policy term would be 10 years and for a newborn the maximum policy term will be 17 years.
Life Assured
The parent will be the life assured under this policy. Parents should fall within the age group of 21 years – 50 years at the time of entry and the child/ children should fall within the age group of 0-10 years.
Payout Options
There are three payout options – Option A, Option B and Option C.
  • Under Option A, 40% of the Sum Assured is paid out at the end of the policy term for a child who is 17 years old. If the child is 18 years old, 30% of the Sum Assured is paid out at the end of the policy term + 1 year. The percentage of sum assured decreases by 10% in each additional year, up to when the child attains 20 years of age.
  • Under Option B, 10% of the Sum Assured is paid out to the child at the end of the policy term, when he/ she is 17 years old. But when he/she attains 20 years of age, 70% of the sum assured will be paid out to him/her.
  • Under Option C, 100% of the Sum Assured is paid out at the end of the policy period, when the child attains 17 years of age.
Maturity Benefit
The maturity benefit available under this policy is 100% of the Sum Assured. The amount will be paid as per the instructions of the policyholder at the time of inception of the policy.
Death Benefit
This policy also offers a Death Sum Assured. If the parent, who is the life assured, passes away then a death benefit is provided to his/her nominee. Along with the Death Sum Assured, the insurance provider will pay 5% of the Sum Assured upon death of the life insured and on every death anniversary as well. The maturity benefit is also paid out at the end of the policy period.
Premium Payment Term
The premium payment term is equal to the policy term. It can be paid on a monthly basis or on an annual basis.

Eligibility - Future Generali India Assured Education Life Insurance Plan and Policy

Minimum age for entry

Parent: 21 years

Child: 0 years

Maximum age for entry

Parent: 50 years

Child: 10 years

Minimum age at maturity 35 years
Maximum age at maturity 67 years
Minimum premium payable Rs. 20, 000 per annum/ Rs. 2,000 per month
Maximum premium payable Maximum limit has not been set
Minimum policy term 7 years
Maximum policy term 17 years for a newborn

Benefits - Future Generali India Assured Education Life Insurance Plan and Policy

  • This policy helps parents to save funds for the purpose of their children’s education. Money can be saved until the child turns 17 years old and then it can be used to fund their college fees.
  • This plan offers the flexibility to choose from three payout frequencies. These assured payouts can be claimed according to the education requirements of the child.
  • The Future Generali Assured Education Plan also offers various riders which can extend the cover offered by the base policy.
  • Tax Benefits as specified under the Income Tax Act is applicable on this life insurance policy.

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