The plan provides fixed policy terms of 16 years and 18 years for which the customer would pay the premiums for 10 years and 12 years respectively.
After the premium payment term, at the end of every year till maturity, 10pc of the sum assured is paid to the customer as money back.
At maturity, 70pc of the sum assured is paid as maturity benefit.
In case of survival of life assured during the policy term, Guaranteed Cash Backs as percentage of sum assured are paid after premium payment term till maturity, provided all due premiums have been paid.
Available for customers in the age group of 7 to 55 years, premiums for Future Generali Pearls Guarantee can be paid on a monthly (by ECS), quarterly, half yearly or yearly basis, with a minimum premium of Rs. 10,000.
The premium paid in Future Generali Pearls Guarantee are eligible for tax benefit as may be available under the provisions of Section(s) 80C, 80 CCC(1), 80D, 10(10D) as applicable.
Gorakhnath Agarwal, CEO and Whole Time Director, Future Generali India Life Insurance Company, said, "Future Generali Pearls Guarantee is a long term plan providing the benefit of limited premium payment term with 120pc of the sum assured as money back."
--IBNS (Posted on 10-10-2013)