(UIN No: 133N013V01)

Other Features

• Surrender Value: The policyholder may terminate the policy before death or maturity by surrendering the policy for a surrender value. Surrender value is available on a policy provided premiums have been paid for at least 3 consecutive years from the commencement date. A policy may be surrendered during the policy term. On Surrender the higher of the Guaranteed Surrender Value and the Special Surrender Value will be paid. These will be calculated as follows:
  • Guaranteed Surrender Value: 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 less the cumulative benefits already paid.
    
    A discounted value of the guaranteed additions and bonuses allocated to the policy will also be added.
  • Special Surrender Value: The Company will pay a Special Surrender Value, which is either equal to or more than the Guaranteed Surrender Value. The benefit payable will reflect the discounted value of the reduced claim amount that would be payable on death and / or on survival to end of premium paying term. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.

The company will review the Special Surrender Value scales from time to time and may change the same, depending on the economic environment.




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



• Auto- Cover Facility:
  After the policy has been in force for 3 years, the death cover will not lapse if the premiums are not paid for an auto cover period of upto 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 the arrears of premiums. The arrear premiums with interest as charged by company from time to time are to be paid within 2 years from the due date of the first unpaid premium but before the end of premium paying term. If the arrears of premiums are not paid within 2 years from the due date of the first unpaid premium, then the policy will be converted into a reduced paid-up policy 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. In case of death of the life assured during auto cover period, the arrears of unpaid premiums will be recovered with interest from the death benefit payable.
  
  The additional accidental death benefit of twice the sum assured ceases on non-payment of due premiums. In case of death of life assured during the auto cover period only one basic sum assured will be payable and as mentioned above, the arrears of unpaid premiums will be recovered with interest from the death benefit payable.
• 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 additional accidental benefit is not available for a paid-up policy. The paid-up sum assured along with any bonuses and guaranteed additions will be paid on survival of the life assured to end of premium paying term or on earlier death.
  
  Further, a death benefit equal to 150% of paid up value will be provided in case of death after premium paying term till completion of age 80 years as on last birthday.
  A paid-up policy will not be entitled for any future guaranteed additions or any subsequent distribution of surplus as bonus.
• 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 85% of the Surrender Value.
• 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 – 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:
  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 auto cover benefit will be provided.
• 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 premium paying term, 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.

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Exclusions and other restrictions :

No benefit will be payable in respect of any condition arising directly or indirectly from, through or in consequence of the following exclusions and restrictions:

• Suicide Exclusion: If the life assured commits suicide within one year from the risk commencement date or revival date if revived, whether sane or insane at that time, the policy will be void and no claim will be payable. However, if the policy has acquired surrender value then such surrender value will be payable.


• For benefit under Accidental Death:
  No benefit will be payable in respect of any condition leading to accidental death arising directly or indirectly from, through or in consequence of the following exclusions:
  • Conditions arising out of self- inflicted injury, war/invasion, injury during criminal activity or under influence of drug, alcohol etc.
  • As a result of accident while the Life Assured is engaged in aviation or aeronautics in any capacity  other than that of a fare-paying, part-paying or non-paying passenger, in any aircraft which is authorized by the relevant regulations to carry such passengers and flying between established aerodromes.
  • Arising out of riots, civil commotion, rebellion, war (whether declared or not), invasion, hunting, mountaineering, steeple-chasing or racing of any kind, bungee jumping, river rafting, scuba diving, paragliding, or any such adventurous sports or hobbies.
  • As a result of the life assured committing any breach of law.
  • Arising from the employment of the life assured in the armed forces or military services of any country at war (whether war be declared or not) or from being engaged in duties of any para-military, security, naval or police organization.

Note: For further details on exclusions, please contact your agent or the Policy Document

PREMIUM TABLE
Premium rates per 1,000 Rs. Sum Assured for Future Saral Anand

Premium Table

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