Future Generali India Life Insurance Company Limited (FGILI) today announced the launch of yet another product in its portfolio of simple to understand and easy to buy products – Future Generali Big Income Multiplier Plan. It is a simple, non-linked, non-participating plan with guaranteed returns which increase over the payout period.
In this product, one can start investing with a minimum premium of Rs 18,000 annually or Rs. 1,500 per month for a fixed period of 12 years. Customers would enjoy an insurance cover till the 14th year after which the payout period commences. Payouts of 1.5x, 2x and 2.5x over 3 evenly distributed blocks of 4 years each are made to customers over a total period of 12 years. The total benefit paid to customers is two times the total premiums paid under the policy.
|
Premium Frequency |
Annual |
Monthly |
|
Entry Age (as on last birthday) |
Minimum: 4 years Maximum: 50 years |
|
|
Maturity Age |
Minimum: 18 years Maximum: 64 years |
|
|
Premium payable |
Minimum: Rs.18,000 Maximum: No limit |
Minimum: Rs.1,500 Maximum: No limit |
|
Policy Term |
14 years |
|
|
Premium Payment Term |
12 years |
|
|
Sum Assured* (for age band 31-35 years) |
130% of Annual Premium |
|
|
Maturity Benefit |
4 annual payouts of 1.5 times the annual premium shall be payable each year for four years starting from the end of 1st year after the end of policy term. Â 4 annual payouts of 2 times the annual premium shall be payable each year for four years starting from the end of 5th year after the end of policy term. Â 4 annual payouts of 2.5 times the annual premium shall be payable each year for four years starting from the end of 9th year after the end of policy term. |
48 monthly payouts of 1.5 times the monthly premium shall be payable each year for 48 months starting from the end of 13th month after the end of policy term. Â 48 monthly payouts of 2 times the monthly premium shall be payable each year for 48 months starting from the end of 61st month after the end of policy term. Â 48 monthly payouts of 2.5 times the monthly premium shall be payable each year for 48 months starting from the end of 109th month after the end of policy term. |
|
Total Benefit Payable |
2 times of Total Premium paid under the policy |
|
 *Sum Assured is dependent on the age of the insured person and ranges between 280% (for age band 4-10 years) to 100% (for age band 41-50 years).
On the occasion of the launch, Mr. Munish Sharda, Managing Director & CEO, Future Generali Life Insurance said, “We are extremely delighted to bring to our customers a new over-the-counter product with a simplified value proposition. As the name suggests, it guarantees income with a multiplier effect during the payout period. This product is designed keeping in mind the needs of the small savings customers who need to save regularly for specific needs in future. This product is in line with our philosophy of offering simple to understand products which deliver value to both, our customers as well as distributors.
