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Future Generali, the joint venture investment results for collaboration between Generali Group, one of the top 50 insurance providers worldwide, Future Group and Industrial Investment Trust Limited (IITL). Future Generali provides an immense variety of products when it comes to investments, including Child Plans to Savings and numerous Investment plans. The Future Generali Pension Guarantee Plan is one of the best products offered by this investment giant for investors in India.
The pension plans from Future Generali are designed to provide investors with a regular source of income, apart from other benefits, in the years after their retirement. The Future Generali pension plans are classified into two types. The first requires regular payment for a set period of time and the beneficiary gets the benefits at the time of maturity of their plan. On the other hand, the other Future Generali pension plans require making a one-time premium payment and begin ranking in the benefits almost immediately.
Future Generali has two different types of pension plans to offer to its thousands of customers all across the country. Although the two Future Generali pension plans differ from each other, the advantages and benefits received through investing in these are feasible, in terms of making a smart and safe investment for a comfortable life after retiring.
Check out the major aspects and importance of the two types of Future Generali pension plans on offer by the investment company:
This Future Generali pension plan is designed to provide benefits immediately. Under the Future Generali Immediate Annuity Plan, the investor chooses to make a one-time lumpsum investment. Thus, the annuity payments begin almost immediately after the single premium payment has been completely paid.
The Future Generali Immediate Annuity Plan has two benefit options one can choose from –
Features and Benefits
Both types of Future Generali Immediate Annuity Plans are aimed at providing a constant source of income after retirement, to help investors live a comfortable and secure life. This plan provides retirees with a regular source of income, which can be received on a monthly, or annual, basis.
Life Annuity: A fixed annuity for the rest of your life. If you unfortunately die, the policy terminates. Life Annuity With Return of Purchase Price: A fixed annuity for the rest of your life. In case of your death, the purchase price is paid to the nominee and the policy terminates.
There are only a few simple eligibility criteria for any investor who is seeking to make a smart investment decision and get the Future Generali Immediate Annuity Plan. These are the requirements from being eligible for this type of pension plan from Future Generali:
Age – Between 40 – 80 years
Purchase price – Min INR 30,000 to unlimited
Annuity Payment – Monthly or Annual
Future Generali has made it extremely easier to buy the Future Generali Immediate Annuity Plan as the investor needs to be between the ages of 40 and 80 years and agree to a purchase price over INR 30,000 and choose an annual or monthly payout.
The Future Generali Pension Guarantee Plan is aimed to provide a lumpsum amount as benefit to investors on retirement. This is an extremely effective way to ensure a regular source of income even after you are retired and are no longer having regular payment for employment.
Features and Benefits
There are also several unique features which are associated with the Future Generali Pension Guarantee Plan that makes it one of the best pension plans, especially for investors looking to maintain a comfortable lifestyle, even after their retirement from employment. This is a conventional type of deferred annuity plan, and provides the following benefits to its users, such as bonuses, flexible premium payment options (e.g. Single-Pay, Limited Pay and Regular Pay), freedom to choose annuity payment mode (1/3rd tax-free withdrawal and 2/3rd invested towards annuity payments), on death of investor, the sum of all premiums excluding taxes paid plus accrued bonuses will be returned to the nominee. It also gets noticeable tax-cuts on premium and annuity payments.
There are comparatively more eligibility criteria for buying the Future Generali Pension Guarantee Plan, as compared to the Future Generali Immediate Annuity Plan, such as:
Age (of entry) – Between 20 – 70 years
Age (of vesting) – Atleast 40 years
Term of plan – Regular Pay (between 10-20 year), Limited 10 Pay (11 to 20 years), Limited 15 Pay (16 to 20 years) & Single Pay (10/15/20 years)
Term of Premium Payment – Same as specific plan’s term/Single Pay/Limited 10-15 years
Amount for Annual Premium – Regular/Limited Pay (INR 11,000 – No limit) or Single Pay (INR 90,000)
Frequency of Premium Payment – Monthly/Half-Yearly/Annual
Certain documents are required to be submitted and verified by the company to buy a Future Generali Immediate Annuity Plan or to buy a Future Generali Pension Guarantee Plan, when choosing to buy them.
These are the commonly-required documents to be submitted with the application for the above Future Generali pension plans:
Application form – Filled correctly, signed and ready to be submitted.
Photographs – At least 2 recently-taken passport-sized photographs are also required to be attached with the application form.
ID proof – The applicant will require to submit a valid identity proof, such as – PAN card, Aadhaar Card, Voter ID, current passport or present driving license.
Address proof – To verify your address, you can choose to submit a copy of the recent utility (electricity) bill, Aadhaar card or even your passport of driving license.
Date of Birth proof – Your Aadhaar card or passport as well as a college/school birth certificate is also required to be submitted with the application form.
Cheque – A post-dated cheque for the premium amount decided should also be kept handy when submitting an application to buy any Future Generali Pension Plans.
These are the key features which makes buying Future Generali Pension Plans more feasible, viable and lucrative, as compared to traditional investment or pension plans from other investment firms:
Flexibility of payment – When it comes to allowing choices, for making premium payments and receiving pension payments, the Future Generali Pension Plans offer impressive flexibility. Not only is the investor free to make a one-time lumpsum premium payment, but can also choose paying premiums for a limited period of time and even as regular payments for certain amount of time.
Maturity benefits – At the vesting of your investment policy, you are automatically eligible for at least 101% of the complete premium amount, as maturity benefit.
Death Benefit cover – Not only are the Future Generali Pension Plans designed to offer extensive pension benefits, in case of death of the policyholder during the policy term, the nominee also receives the sum of all premiums, excluding applicable taxes and extra premiums (if any) paid till date of death plus accrued bonuses till date of death.
Financial goals – The Future Generali Pension Plans are smart investment options, which also make them excellent tools to achieve your retirement goals.
The Future Generali Pension Plan works towards providing fund for retirement to investors, when the regular income from employment stops. This is an excellent way to not only continue living a comfortable lifestyle after retirement, but also take care of your increasing expenses effectively.
The investor can choose to withdraw around 1/3rd of the corpus, while the remaining 2/3rd of the investment amount is set for making regular pension payments. As the buyer has the liberty to decide the frequency and amount of premium payments and pension/annuity returns, the Future Generali Pension Plans works to help investors increase their corpus remarkably, with only small, regular premium payments in their employment years. This ensures the investor can live a peaceful and content retired life.
These are the riders available for integration with Future Generali Pension Guarantee Plan: Future Generali Non Linked Accidental Death Rider - An additional insurance cover against death resulting from an accident. Future Generali Non Linked Accidental Total & Permanent Disability Rider - An additional insurance cover against total and permanent disability resulting from an accident.
Policy revival – In case an investment policy lapses, due to non-payment of premiums, the investor can simply send in a written application for reinstating their policy, before the end of 2 years’ time since the date of last premium paid.
Paid up policy – In case you miss making payments even within the grace period (between 15 – 30 days), the policy may acquire Surrender Value which makes it eligible for it to convert into a Paid-Up policy as well.
What should I do if I want to change my premium paying?
You can simply send in a written request to the company for adding/reducing from your premium amount’s rate. If there is a provision of such a change in the plan, the team will take action on your request.
Why you should opt for Future Generali Pension Guarantee?
The Future Generali Pension Guarantee Plan is excellent to ensure a peaceful and comfortable lifestyle after retirement, through making smart investment in your employed years.
How to pay a premium? What are the modes of payment for premium?
There are 4 ways available to make payments for premium with Future Generali:
Standing instruction to automatically debit premium amount from bank account
Payment by phone using credit/debit cards
Cheque or cash payment at any Future Generali branch closest to you
Online payment/Online banking
How can I check policy status for Future Generali Pension Plans?
You only need to log-in to the Future Generali official website and check the specific policy details easily.
What is the company’s process to settle claim for Future Generali Pension Plans?
Once you, the investor/policyholder has sent an email request, along with relevant documents, your claim is settled within 7 business days.
What is the policy cancellation process for Future Generali Pension Plans?
You only need to submit your policy documents, along with correctly-filled surrender form and the company usually takes around 5 working days to cancel your pension plans.
How do Future Generali Pension Plans work?
The Future Generali Pension Plans work to create a significant corpus for retirement by long-term investment methods and the returns on investment are remarkable indeed.
What are the Future Generali Pension Plans in India?
There are mainly two types of pension plans offered by Future Generali in India, namely:
Future Generali Immediate Annuity Plan and
Future Generali Pension Guarantee Plan