Future Generali Immediate Annuity Plan

Key Features

• The policyholder has to make only one payment on purchase of the policy.
• The policy provides a regular income for the policyholder after retirement.
• Policyholders may choose to receive their payouts via monthly or yearly modes.
• The policy offers an annuity card, which increases the convenience of receiving the payout amount.
• Policyholders have a choice of two payout options as per their wish.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Benefits

• Policyholders can choose between two annuity options, which are as follows:

• Life Annuity in which the payout is received as long as the annuitant is alive. On the unfortunate demise of the annuitant, the payouts stop and no more benefits are paid, resulting in the termination of the policy.
• Life Annuity with return of Purchase Price in which payouts are received as long as the annuitant is alive. On the unfortunate death of the annuitant, the nominee receives the purchase price of the policy and then the policy terminates.
• Tax benefits are available as per prevailing income tax rules.

Product Specification:

 Read Also: What is Annuity | Types of Annuity

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Details About Premium

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Policy Details

Grace Period: There is no Grace Period as it is a single premium policy.

Policy Termination or Surrender Benefit: The policy cannot be surrendered. Termination of the policy occurs on the death of the annuitant. In case the policyholder chose the option with the return of Purchase Price, then the policy terminates when the purchase price that was paid by the policyholder is refunded to his or her nominee.

Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. This timeframe is extended to thirty days if the policy was sold via distance marketing. If the policyholder does not wish to continue with the policy, then he or she has to return the policy stating their objections. The customer will receive the policy purchase price minus the cost of the stamp duty charges.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Inclusions

• Policyholders can choose to receive their payouts as per their convenience via two options :

• Direct credit to an annuity card
• Post dated cheques.

Documents Required

The policyholder has to fill up an ‘Application form’ with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof and a medical examination.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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