Future Pension Advantage Plus Plan

Future Pension Advantage Plus Plan helps generate a corpus at the end of the policy term based on your fund value and a life cover in case of your death during the policy term. Check out the key features available under this Future Generali Life Insurance Plan –

• Death Benefit
• Vesting Benefit
• Term Assurance Rider
• Four Fund Options

Continue reading this page to know more about these and other features of the Future Pension Advantage Plus Plan.

Future Pension Advantage Plus Plan Base Cover

You’ll get the following benefits if you purchase the Future Pension Advantage Plus Plan –

Death Benefit – Payable in case of your death before the date of vesting. The beneficiary can utilize the proceeds to purchase an annuity. The death benefit is equal to the Fund Value as on the date of death.

Maturity Benefit – Future Pension Advantage Plus Plan vests upon your survival till the date of vesting. Upon vesting, you can use the fund value to purchase an annuity from the insurance company.

Note – Up to 1/3rd of the fund value is computed as a lump sum.

Term Assurance Rider Benefit Under Future Pension Advantage Plus Plan

Your nominee will get the rider sum assured in case of your death during the policy term. The cover under this rider is subject to the premium paying term of the base policy or up to 65 years of age, whichever is earlier. The non-forfeiture provisions do not apply to the rider benefit. Term Assurance Rider benefit shall not be payable if you commit suicide within one year from the date of commencement of risk or revival.

Funds Available Under Future Pension Advantage Plus Plan

Your premium amount shall be allocated to any of the following funds of your choice –

• Future Pension Secure
• Future Pension Balance
• Future Pension Growth
• Future Pension Active

In case you choose Regular Premium Payment Term, funds shall be allocated as follows during the first year –

After that, in the 2nd policy year, the allocation rate is 95% and 100% from the third year onwards. However, in a Single Premium Policy, a 95.5% allocation rate shall apply. Whereas, for a top-up Single Premium, the allocation rate is 98.5%.

Future Pension Advantage Plus Plan Non-forfeiture Benefits

If you don’t pay the premium for the Future Pension Advantage Plus Plan, either of the following shall happen –

Less than a 3-year premium is paid: Your term assurance rider, if opted, shall cease immediately on the expiry of the grace period. However, the policy will continue to participate in the performance of the fund till the end of the revival period. Upon your death, the fund value shall be payable to the nominee.

You can receive the policy within three years from the due date of the first unpaid premium or up to the vesting date, whichever is earlier. If you don’t receive the policy during this period, it terminates and the surrender value shall be payable to you.

At Least a 3-year premium is paid: The policy will continue to participate in the performance of the fund till the end of the revival period. You can revive the policy within 3 years from the date of due payment or up to the vesting date, whichever is earlier. Term Assurance Rider, if opted, shall continue with a deduction of mortality charges & applicable service tax, if any, through the cancellation of units. The cancellation of units shall apply for 6 months from the due date of the first unpaid premium. Thereafter, the rider cover shall cease if the policy is not revived and the surrender value shall be paid to you.

However, you can continue the base policy beyond the revival period but before the vesting date without paying any further premiums by submitting a written request to the insurer.

Note – If your fund value reaches an amount equivalent to a year premium, the policy shall terminate and you’ll receive the fund value.

How to Claim Under Future Pension Advantage Plus Plan?

Claiming death and maturity benefits will require completing the steps described for each of them below. Take a look.

Death Benefit

Your nominee will need to do the following when claiming benefits upon your death during the policy term.

• Send a written notice of claim to the insurer
• Submit the following documents – Original Policy Document, Original Death Certificate, Post Mortem Report / First Investigation Report (FIR) of the police, if applicable, Duly Filled Claim Forms, Certificate from physician showing the cause of death, legal evidence of title of the claimant if there is no valid nomination or assignment under the policy.

Maturity Benefit

Upon survival till the date of vesting, you need to submit the following –

• Discharge Form
• Original Policy Document
• Proof of age, if the age is not admitted earlier

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. And if you are not satisfied with the same, cancel the policy by sending a letter stating the reasons for the same. Upon cancellation, the insurance company shall refund the premium with a deduction for the period on cover, stamp duty and medical examination, if any. If the premiums have been allocated to units, the fund value as on the date of cancellation will be payable to you.