Future Generali Immediate Annuity Plan

What is the Plan all About?

Future Generali Immediate Annuity Plan is a traditional non-participating individual pension plan that provides you the benefit as regular income through your retired life. Under this plan, you have an option to start receiving annuity immediately after paying the premium depending upon the payout mode you choose. It ensures complete financial security and comfort, even after your retirement.

What are the Key Features?

Lifetime Income to the annuitant
Two annuity options
Flexible payout modes
Option of Annuity card
Benefit of higher Annuity payout
Single premium pay
Tax benefits

What are the Plan Benefits?

Annuity Options

There are two annuity options you can choose from:

Life Annuity: This option provides annuity payment as long as the annuitant is alive. The Annuity payment stops on death of the annuitant. No benefit is payable on the demise and the policy terminates.

Life Annuity with return of Purchase Price: This option provides annuity payout, provided the annuitant is alive. On the demise of the annuitant, the purchase price is paid to the nominee and the policy terminates.

Additional Annuity Benefit

For higher Purchase Price, the additional benefit is payable in terms of higher Annuity payout. Additional annuity amount is Rs 1600/Rs 2000/Rs 2200/Rs 2500 for purchase price of Rs 60,000-79,999/Rs 80,000-99,999/Rs 1,00,000-1,49,999/Rs 1,50,000 & above, respectively.

Death Benefit

If the policyholder has opted for ‘Life Annuity with Return of Purchase Price’ option, on death of the policyholder, the purchase price is paid to the nominee.

Bonus

No bonuses are payable, as it is a non-participating pension plan.

Loan Benefit

No loan is available under this policy.

Surrender Value

This policy does not acquire a surrender value.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	40 Years	80 Years
Policy Tenure	Till The Policyholder/Annuitant Is Alive	-
Premium Paying Term	Single Premium	-
Premium Paying Mode	Single Pay	-
Purchase Price	Rs 30,000	No Limit
Annuity Mode	Yearly Or Monthly	-
Option for receiving the Annuity amount	Direct Credit To Annuity Card Or Post Dated Cheques	-
Freelook Period	15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy	-
Grace Period	Nil	-
Plan Type	Offline	-

Is any Rider Available with this Plan?

No rider can be opted under this plan.

Is the Plan, eligible for Tax Benefit?

Premium paid under this policy is eligible for tax benefit as per the prevailing tax laws.

How the Plan Works?

Mr. Rajesh aged at 30 years buys Future Generali Immediate Annuity Plan with the purchase price of Rs 1,00,000 with ‘Life Annuity with return of Purchase Price’ option chosen.

Scenario I: Rajesh Survives the Policy Term: The annuity amount payable is Rs 8,092 (per annum) as long as he survives.

Scenario B: Rajesh dies during the Term of the Policy: In the event of the demise of Rajesh during the policy term, his nominee will receive the purchase price i.e., Rs 1,00,000 and the policy terminates.