(UIN No: 133N018V01)

Other Features :

Surrender Value :

Policy acquires Surrender Value after the premiums have been paid for at least three consecutive years from the commencement date. The policyholder may terminate the policy before death during the Policy term by surrendering the policy for a surrender value. On surrender before or after the premium payment term, the higher of the Special Surrender Value and the Guaranteed Surrender Value will be paid. These will be calculated as follows:

• Guaranteed Surrender Value: As defined in Sec 113 of the Insurance Act 1938, the guaranteed surrender value will be set equal to 30% of premiums paid under the base policy (excluding any extra premium for occupation, non-standard age proof and non-standard lives) excluding the premium in the first policy year under regular premium policies less any amount already paid to the policyholder.
  
  A discounted value of the guaranteed additions and bonuses allocated to the policy will also be added. The guaranteed surrender value will become payable after three years of annual premiums have been paid .
• Special Surrender Value: This will be based on an assessment of the asset share progression at different durations of the policy. This assessment would be based on the Company’s past financial and demographic experience of the product / group of similar products and likely future experience and will be reviewed from time to time depending on changes in internal and external experience and likely future experience.

A policy terminates on surrender and no further benefits are payable under the policy.

Auto- Cover Facility

If the policy is in force for 3 years, the death cover will not lapse if the premiums are not paid for a maximum period of 2 years during the premium paying term. However, the policy will become non-participating during the auto cover period, and will become participating again only on receiving arrear premiums. The arrear premiums with interest as charged by company from time to time to be paid within 2 years from the date of first unpaid premium but before the end of premium paying term, in case of revival. If arrear premiums are not paid within 2 years from the due date of first unpaid premium then policy will be converted into a reduced paid-up retrospectively from the due date of first unpaid premium. The policy will become non-participating upon being converted into a reduced paid-up as mentioned below.

Paid-Up Value

If the policyholder does not pay the due premiums within the Auto Cover period, provided the policy has acquired a surrender value the policy will be converted into a reduced paid-up. The policy will become non-participating upon being converted to a reduced paid-up. The sum assured payable on death will be reduced in the same proportion as the ratio of the number of premiums paid to the total premiums payable under the policy. The paid-up sum assured along with any bonuses and guaranteed additions will be paid on completion of the premium paying term as survival benefit.

Further, a death benefit equal to 125% of paid up value will be provided after premium paying term till completion of age 99 years as on last birthday.

A paid-up policy will neither be entitled to any future guaranteed additions nor will it participate in any subsequent distribution of surplus as bonus.

The rider benefits however are not eligible for Surrender or Paid Up Value.

Policy Loan

Loan is available only during the premium paying term. If the policy has acquired Surrender Value, loan is available under the policy to the extent of 90% of the Surrender Value in an in-force policy and 85% in a paid-up policy.

Nomination & Assignment

Provided the policyholder is the life assured, he / she may, at any time during the policy term, nominate a person or persons as per Sec 39 of the Insurance Act 1938, to receive the policy benefits in the event of his / her death.

The Policyholder can also assign the Policy to a party by filing a written notice to us. The assignment should either be endorsed upon the Policy itself or documented by a separate instrument signed in either case by the Assignor stating specifically the fact of assignment. Only the entire policy can be assigned and not individual benefits or any part thereof.

Tax-Benefits under the plan

Tax Benefit are available u/s 80C and 10(10D) of the Income Tax Act

For further details consult your tax advisor. Tax benefits are subject to change from time to time.

Free-Look Period

You can review the terms and conditions of this policy and where you disagree to any of those terms or conditions, you have the option to return the policy within 15 days from the date of the receipt of the policy document stating the reasons for your objection.

Future Generali will refund the policy premium after deduction of the policy stamp charges, cost of medical examination, if any, and the cost for the insurance cover for the period up to the date of cancellation.

Grace Period

During the first 3 years of policy duration:

A grace period of 30 days from the premium due date will be allowed for payment of yearly, half yearly or quarterly premiums and 15 days for monthly premiums. The policy will remain in force during the grace period. If any premium remains unpaid at the end of the grace period, the policy shall lapse. The policy benefit thereafter would have no further value except as provided under the non- forfeiture provisions.

After the first 3 years of policy duration:

If the policy is in force for 3 years, the death cover will not lapse if the premiums are not paid for a maximum period of 2 years during the premium paying term. However, the policy will become non-participating during the auto cover period, and will become participating again only on receiving arrear premiums. The arrear premiums with interest as charged by company from time to time to be paid within 2 years from the date of first unpaid premium but before the end of premium paying term, in case of revival. If arrear premiums are not paid within 2 years from the due date of first unpaid premium, then policy will be converted into a reduced paid-up retrospectively from the due date of first unpaid premium. The policy will become non-participating upon being converted into a reduced paid-up.

Revivals

If premiums are not duly paid within the period of grace and the policy is not surrendered, the policy may be revived for full benefits during the currency of the premium paying period, within a period of three years from the due date of first unpaid premium. The revival will be considered on receipt of written application from the policyholder along with the proof of continued insurability of life assured and on payment of all overdue premiums with interest. The revival will be effected on company’s discretion and subject to such conditions as the company in its discretion may decide. The policy owner will be required to pay the arrears of premium with interest and provide evidence of insurability as specified by the Company from time to time. The late fee charged shall be charged as decided by the company from time to time.Any revival of riders will be considered along with the revival of the basic policy, and not in isolation.

Premium Table

Click to view the premium table

Click Here To Calculate Premium (Site 1)

Click Here To Calculate Premium (Site 2)

top