Future Generali India Life Insurance launched Assured Education Plan
Future Generali India
Life Insurance launches the
Assured Education Plan
by Shrutee K/DNS
Future Generali India
Life Insurance Company Limited (FGILI), a joint venture between Future Group -
the leading retailer of India, Assicurazioni Generali - a global insurance group and one of the world’s 50
largest companies* and IITL - a leading NBFC, announced the launch of the
Assured Education Plan which is a non-linked and non-participating, guaranteed plan.
This is a simple insurance plan designed to financially secure the child’s
education milestones by providing a savings platform along with a premium
waiver option in case of an unforeseen event.
Plan at a glance
Parameter
|
Criteria
|
Entry Age
(Age
mentioned refers to age as on last birthday)
|
Age of the Child: 0 - 10
years
Age of the Parent: 21 - 50
years
(Parent will be the Life
Assured under the plan)
|
Maturity age of the Parent
(Age mentioned refers to age as on last birthday)
|
Minimum:
35 years
Maximum:
67 years
|
Policy Term
|
17
years minus age of the child at the time of purchase. i.e Minimum of 7 years
if the child’s age is 10 years. to maximium of 17 years in case of a new born
child.
|
Premium Paying Term
|
Will be
same as policy term
|
Key features of the plan
The plan enables the customer to save systematically
until his/her
child turns 17 years of age.
The plan offers three options to receive guaranteed payouts
depending
on the milestones set by the parent.
In case of death of the parent, the plan continues to pay for
the
child’s school education and ensures that the family is
financially secure.
All future premiums
get waived
A lump sum amount
called as death sum assured is paid
immediately to take care of the family’s
immediate needs.
Additionally a payout
of 5% of the sum assured is paid every
year until the child turns 17 to ensure
that the school
education is uninterrupted.
The payouts as per
the set milestones are also paid
when due to secure the higher education of the
child.
On the occassion of the launch, Mr. Munish Sharda, Managing Director & CEO, Future Generali Life
Insurance said, “I truly believe that saving for your children’s
education is one of the top priorities for all of us and it has come out time
and again in many market studies and surveys. With the rising cost of
education, it is important to save in a disciplined manner. With this objective
in mind, we have launched the Future Generali Assured Education Plan, with a
differentiated proposition in line with our simple to understand and customer-focused
product strategy. This is a comprehensive life insurance plan which provides
protection to the family in terms of income benefit as well as waiver of future
premiums in case of an unfortunate event. These simple and versatile products
are in line with our philosophy of delivering value and offering best-in-class
services to our customers.”
ABOUT GENERALI
The
Generali Group is one of the largest global insurance providers with 2013 total
premium income of €66 billion. With 77,000 employees worldwide serving 65
million clients in more than 60 countries, the Group occupies a leadership
position on West European markets and an increasingly important place on
markets in Central Eastern Europe and Asia.
About Future Group
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’.
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