Future Generali Immediate Annuity Plan

Future Generali Immediate Annuity Plan is a traditional non-participating pension policy that provides regular income throughout your life. You’ll start receiving the annuity payout right after paying the purchase price. The key features of the Future Generali Immediate Annuity Plan are as follows –

• Lifetime income
• Flexible payout option
• Annuity card
• Two annuity options
• Additional annuity

Continue reading this page below and know more about these and other features of the Future Generali Immediate Annuity Plan.

Future Generali Immediate Annuity Plan Annuity Options

You can choose your annuity from the following options –

Life Annuity: Under this option, the annuity payment shall continue as long as you’re alive. In case of your death, the annuity will stop.

Life Annuity with Return of Purchase Price: You’ll get the annuity payout until you’re alive. And on your death, the insurer will pay the purchase price to the nominee.

Future Generali Immediate Annuity Plan Additional Annuity Benefits

Future Generali Life Insurance shall provide you higher annuity payout if you pay a higher purchase price. Check out the table below and know about the additional annuity benefits –

Future Generali Immediate Annuity Plan Purchase Price & Annuity Payout

The purchase price is the single premium amount you need to pay to receive the lifetime annuity benefit. The minimum purchase price is INR 30,000 and the maximum has no limit. You can receive the annuity amount through any of the following options –

• Direct credit to Annuity card
• Post-dated cheques

The annuity is payable yearly or monthly as per your chosen option. Below is the annuity payable for individuals aged 60 years.

For Life Annuity Option

For Life Annuity with Return of Purchase Price Option

Claim Procedure

You need to submit the ‘Existence Certificate’ on the day on which the said annuity falls due. No part of the annuity shall be payable after the death of the annuitant. If you choose the ‘Life Annuity with Return of Purchase Price’ option, your nominee can file a claim for Purchase Price by

• Notifying the insurer about the death in writing
• Submitting the duly filled claim form and other required documents to the insurer within 90 days from the date of death

Your nominee need to submit the following documents –

• Original Policy Document
• Original Death Certificate of the Annuitant
• Duly filled claim form
• Legal evidence of title of the claimant if no valid nomination exists or if there is a title dispute
• Proof of age, if it is not mentioned earlier

Note – The insurer may call for additional documents, if necessary.

Eligibility Criteria for Future Generali Immediate Annuity Plan

You can purchase the plan if you meet the following age criteria –

• Minimum Entry Age (as on last birthday) – 40 years (for new customers) and 0 years (for existing customers of deferred pension plans who have purchased the policy from Future Generali Insurance).
• Maximum Entry Age (as on last birthday) – 80 years

Free Look Period

You’ll get a free look period of 15 days from the date of receipt of the policy to review the terms and conditions. If you don’t agree with the same, return the policy stating the reason for the objection. On such cancellation, you’ll receive a refund of the purchase price after a deduction of stamp duty charges. If you purchase the plan from the proceeds of a pension policy of any insurer or any other pension scheme, the refund shall be payable to the insurance company.
In case the policy is purchased through distance marketing modes, such as –

• Telephone calling
• Short Messaging Service (SMS)
• Email, internet & Interactive Television (DTH), Direct Mail, Newspaper & magazine inserts
• Any other means of communication other than in person

then the free look period is 30 days.