- Guaranteed Surrender Value
For a regular premium policy, if premiums have been paid for at least 3 full years
from the date of commencement of risk, the policy will acquire a Surrender Value.
The Guaranteed Surrender Value will be equal to 30% of the basic policy premiums
(excluding extra premiums, if any) paid after the first policy year less the cumulative
guaranteed fixed benefits paid.
For a single premium policy, the policy will acquire a Surrender Value after expiry
of 6 months from the date of commencement of risk. The Guaranteed Surrender Value
will be equal to 80% of the single premium (excluding extra premium, if any) less
the cumulative guaranteed fixed benefits paid.
A discounted value of the guaranteed additions and vested bonuses will also be added.
The current rate for discounting will be 9% per annum. This rate will be subject
to change from time to time.
- 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 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.
- Paid-Up Value
Under the regular premium policies, if the policyholder does not pay the due premiums
within the grace 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 or disability
will be reduced in the same proportion as the ratio of the number of premiums paid
to the total premiums payable. The paid-up sum assured along with any vested bonuses
and the guaranteed additions will constitute the paid-up value of the policy.
If the policy is not subsequently reinstated, this paid-up value will be used in
calculating the periodical guaranteed benefits payable at pre-determined intervals
under the policy. The paid-up policy will not participate in any subsequent distribution
of profits nor will it be entitled to any future guaranteed additions.
- Policy Loan
Available after the policy acquires Surrender Value.
- Nomination & Assignment
Future Child Benefit Plan has been designed specifically with the intention of the
policyholder/proposer nominating their dependant child/grand child as a nominee
to financially secure their future. However, provided the policyholder is the life
assured, he / she may, at any time before the policy matures for payment, nominate
a person or persons as per Section 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.
- 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
A grace period of 30 days from the premium due date is available for all premium
modes except for monthly mode where it is 15 days. A policy lapses if premiums are
not paid within the days of grace. A lapsed policy may be reinstated subject to
satisfactory proof of insurability.
- Reinstatements
If premiums are not paid within the period of grace and the policy is not surrendered,
the policy may be reinstated 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 reinstatement 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 reinstatement 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 premium
arrears with interest and provide evidence of insurability as specified by Future
Generali from time to time.