Mumbai,By Moumita Mondal : Future Generali India Life Insurance Company Limited (FGILI) today announced the launch of yet another product in its portfolio of simple to understand and easy to buy products – Future Generali Big Income Multiplier Plan. It is a simple, non-linked, non-participating plan with guaranteed returns which increase over the payout period.
In this product, one can start investing with a minimum premium of Rs 18,000 annually or Rs. 1,500 per month for a fixed period of 12 years. Customers would enjoy an insurance cover till the 14th year after which the payout period commences. Payouts of 1.5x, 2x and 2.5x over 3 evenly distributed blocks of 4 years each are made to customers over a total period of 12 years. The total benfit paid to customers is two times the total premiums paid under the policy.
(as on last birthday)
|Minimum: 4 years
Maximum: 50 years
|Maturity Age||Minimum: 18 years
Maximum: 64 years
|Premium payable||Minimum: Rs.18,000
Maximum: No limit
Maximum: No limit
|Policy Term||14 years|
|Premium Payment Term||12 years|
|Sum Assured* (for age band 31-35 years)||130% of Annual Premium|
|Maturity Benefit||4 annual payouts of 1.5 times the annual premium shall be payable each year for four years starting from the end of 1st year after the end of policy term.
4 annual payouts of 2 times the annual premium shall be payable each year for four years starting from the end of 5th year after the end of policy term.
4 annual payouts of 2.5 times the annual premium shall be payable each year for four years starting from the end of 9th year after the end of policy term.
|48 monthly payouts of 1.5 times the monthly premium shall be payable each year for 48 months starting from the end of 13th month after the end of policy term.
48 monthly payouts of 2 times the monthly premium shall be payable each year for 48 months starting from the end of 61st month after the end of policy term.
48 monthly payouts of 2.5 times the monthly premium shall be payable each year for 48 months starting from the end of 109th month after the end of policy term.
|Total Benefit Payable||2 times of Total Premium paid under the policy|
*Sum Assured is dependent on the age of the insured person and ranges between 280% (for age band 4-10 years) to 100% (for age band 41-50 years).
On the occasion of the launch, Mr. Munish Sharda, Managing Director & CEO, Future Generali Life Insurance said, “We are extremely delighted to bring to our customers a new over-the-counter product with a simplified value proposition. As the name suggests, it guarantees income with a multiplier effect during the payout period. This product is designed keeping in mind the needs of the small savings customers who need to save regularly for specific needs in future. This product is in line with our philosophy of offering simple to understand products which deliver value to both, our customers as well as distributors.
The Generali Group is an Italian Group, independent since 1831, with a strong international presence. It is among the world’s leading insurers, with total premium income exceeding €74 billion in 2015. With above 76,000 workers in the world, present in over 60 Countries, the Group has a leading position in Western European Countries and an ever more significant presence in the markets of Central and Eastern Europe and in Asia. In 2015, Generali was the sole insurance company included among the 50 smartest companies of the world by the MIT Technology Review.
Future Group operates some of India’s most popular retail chains including Central, Big Bazaar, Food Bazaar, Home Town and eZone. Apart from its allied businesses in Life and General insurance, the Group is also present in the domain of logistics infrastructure and supply chain and brand development. The group operates over 17 million square feet of retail space in over 90 cities and towns and 60 rural locations across India. The group’s retail formats connect over 300 million customers to over 30,000 small, medium and large enterprises that supply products and services to its retail chains. Future Group believes in developing strong insights on Indian consumers and building businesses based on Indian ideas, as espoused in the group’s core value of ‘Indianness.’ The group’s corporate credo is, ‘Rewrite rules, Retain values’.
IITL was incorporated in the year 1933 as an investment trust Company. It has made bonus issues thrice and has been consistently paying dividend to shareholders over the years.