Future Generali Assured Education Plan

What is a Future Generali Assured Education Plan?

Future Generali Assured Education Plan is an individual, non-linked, non-participating child education insurance plan offered by Future Generali India Life Insurance. It is designed to help you save money systematically for your child's education milestones, such as graduation or post-graduation college fees.

Features of Future Generali Assured Education Plan

• Systematic Savings for Education: This plan allows you to save regularly until your child reaches the age of 17, providing financial security for their graduation or post-graduation college fees.

• Flexible Payout Options: Choose from three different payout options based on your child's education milestones. This ensures that you receive the funds when you need them most.

• Education Security in Case of Adversity: Even in the unfortunate event of your death, the plan ensures your child's education is covered, giving you peace of mind.

• Additional Protection with Riders: Enhance your plan by adding optional riders. These cover you against accidental death or accidental total and permanent disability, providing extra security for your family.

• Tax Benefits: Tax advantages on premium paid and maturity amount under Section 80C and Section 10(10D) of the Income Tax Act, 1961. This offers you an added incentive to invest in your child's future.

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Eligibility Criteria of Future Generali Assured Education Plan

*SA: Sum Assured

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

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*Standard T & C Apply

Benefits of Future Generali Assured Education Plan

• Guaranteed Payouts: Secure your child's higher education with assured payouts specifically designed for admission and tuition fees.

• Flexible Maturity Payout Options: Choose from three payout plans (A, B, C) that align with your child's education milestones.

• Education Protection: If you pass away, your child's education is still covered with these guaranteed benefits:

  • All future premiums are waived.

  • An immediate lump-sum payment to cover immediate family needs.

  • 5% of the Sum Assured, paid annually on the anniversary of your passing until your child turns 17, to cover school fees.

  • The full Maturity Benefit was paid as planned when the policy was purchased.

• Payment Mode Changes: You can change your payment method for valid reasons, subject to company policy.

• Loan Availability: Take out a loan once the policy has a Surrender Value up to 85% of the Surrender Value.

• Potential Tax Relief: Premiums might qualify for tax benefits under Sections 80C, 80CCC(1), 80D, and 10.10D. 

• Discount for Large Policies: Receive a discount if you choose a higher Sum Assured for your policy.

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Rider Options in Future Generali Assured Education Plan

To ensure financial protection for you and your family in case of accidental disability or death, Future Generali Assured Education Plan offers additional insurance options called Riders. 

There are three Rider choices to boost your insurance coverage:

• Accidental Death Rider: This rider pays an additional sum assured to your family in case of your accidental death.

• Accidental Total and Permanent Disability Rider: This rider provides a financial payout in case you are diagnosed with accidental total and permanent disability.

• Accidental Benefit Rider: Details about this specific rider are not available online. It is advisable to consult the product brochure or contact Future Generali directly for more information on its benefits.

NOTE:

• The cost of health-related or critical illness Riders cannot be more than 100% of the basic policy's premium.

• Premiums for all other types of life insurance Riders combined must not exceed 30% of the basic policy's premium.

• The maximum payout from each rider should not be more than the sum assured in the basic policy.

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Policy Details of Future Generali Assured Education Plan

• Free-Look Period: Return the policy within 15 days (30 days for distance marketing) if you are not satisfied. Refunds will be given minus certain costs.

• Grace Period: You have 30 days (annual) or 15 days (monthly) to pay a missed premium, during which coverage continues.

• Lapsed Policy (First 2 Years): If you miss a premium and do not pay within the grace period, the policy lapses, and coverage ends. You can revive the policy within 2 years by paying the missed premiums with interest.

• Paid-Up Policy (After 2 Years): If you miss premiums after the first 2 years, the policy becomes "paid-up" with reduced benefits.

  • Death Benefit includes a reduced sum assured for the nominee, plus 5% of the paid-up sum on each death anniversary.

  • You can revive the policy or surrender it for a cash value.

• Surrender Value: After paying premiums for at least the first 2 years, you can surrender the policy for a cash value.

• Nomination and Assignment: You can name a nominee or assign the policy to someone else, following the Insurance Act 1938.

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How Does the Future Generali Assured Education Plan Work?

Step 1: Start by estimating the amount of money you will need for your child's college education, whether for graduation or post-graduation.

Step 2: Select any additional insurance coverage (riders) that you think will be beneficial.

Step 3: Meet with the Policybazaar advisors to calculate the premium you will need to pay based on your selections.

Step 4: Once enrolled, you can rest assured that you will have guaranteed payouts to cover your child's education costs.

Suicide Exclusion Criteria in Future Generali Assured Education Plan

The Future Generali Assured Education Plan has a suicide exclusion clause that applies to the first twelve months from the policy's start date or revival. This means that if the life assured (the person insured) dies by suicide within this period, the nominee (beneficiary) will receive a limited payout instead of the full death benefit.

Following is the breakdown of the payout under the suicide exclusion:

• 80% of the total premiums paid till the date of death or

• The surrender value is available on the date of death, whichever is higher.

In simpler terms, the beneficiary will get either a portion of the paid premiums or the policy's cash value at the time of death, whichever is greater. They will not receive the full death benefit amount as they would in case of death from natural causes or accident.

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