Future Generali Life Insurance Company Limited is a joint venture between Future Group, a leading Indian Retailer with retail outlets like Pantaloons, Big Bazar etc., and Generali Group which is a global insurance group boasting of being counted among the top 50 companies of the world and Industrial Investment Trust Limited (IITL) which is an investment company. The company was incorporated in September 2007 and as of September 2015 the company has total assets under management of the value of Rs.2600 crores.
Future Generali offers a variety of products, including as term protection plans, child plans, personal savings plans that can be obtained in conventional or ULIP form, and pension plans. With a comprehensive selection of items, the company aims to satisfy all of a person’s insurance-related needs from a single source.
How do Retirement Pension Plans Work?
Because they offer benefits similar to pensions after retirement, when there is no other source of income, pension plans get their name. These plans come in two variations: one where you must pay premiums for a set period of time before annuity payments begin, and the other where you pay a single premium before the payments begin. Except for Deferred Annuity plans, there is no benefit payable upon death, and if necessary, only a third of the accumulated funds may be removed from the plan as a commuted benefit. Additionally, no taxes will be applied on this sum. The remainder must be utilized to purchase an annuity or retirement from the business.
Plan of Immediate Annuity from Future Generali
Annuity payments will begin immediately under the arrangement. Other qualities include:
- There are two different annuity choices available. Both the life annuity and the life annuity with return of Purchase Price fall under this category.
- Higher Purchase Price Levels Are Associated With Higher Annuity Rates
- According to Section 80CCC, the premium amount is not taxed.
Guaranteed Future Generali Pension
a conventional deferred annuity plan in which a lump sum fund is provided for use in retirement. Other qualities include
- The plan is presented as a participating one with additional potential.
- The corpus can be handled in various ways depending on its maturity. Another Deferred Annuity plan with Single Premium Option can be purchased, the age of vesting can be postponed if the actual age is lower than 55 years old, and 1/3 can be redeemed tax-free and utilised for an annuity.
- If the insured passes away, the higher of the total premiums paid up until death or the entire premiums paid, including accrued bonuses, will be paid.
- Either the entire death benefit or annuity payments may be received.
- Higher Maturity Sum Assured levels come with premium reductions.
- For paying the necessary premiums, there are three options: Regular Pay, Limited Pay, and Single Pay.
- Sum Assured plus the possessory bonus are paid when the plan matures, provided that they do not fall below 101 percent of the entire amount of premiums paid.
- The two available riders, Future Generali Non-Linked Accidental Death Rider and Future Generali Non-Linked Accidental Total and Permanent Disability Rider, can be added to this plan to make it more unique.
- Benefits from income tax accrue on premium payments (Section 80CCC), death benefits (Section 10(10D)), and commuted pensions (Section 10(10A)).
Making a request to the Company for a Pension Plan
The business only makes some plans available online. The customer merely needs to sign up for an account on the business’ website, select the necessary plan and coverage, and enter their information. The filled-out information will be used to calculate the premium. After the customer makes the required online premium payment using a credit card, debit card, or net banking services, the policy will be issued.
Plans that cannot be purchased online can be obtained from agents, brokers, banks, etc., where the middlemen assist with the application procedure.
Why is the necessity for Pension Plans?
You need a Pension Plan because it will help you pay for retirement when your income stops coming in but your expenses do not stop or perhaps go up as a result of an increased need for medical care Pension plan are specific arrangements made with only retirement needs in mind. These plans forbid customers from withdrawing more money from the accrued corpus than the designated 1/3rd. It is required to take the remaining corpus, which makes up the majority of the corpus, in the form of pension payments. This prevents the capital from being used for anything other than pensions.Most pension plans restore the Purchase Price, or the one-time payment you must pay for immediate annuity plans, upon the death of the policyholder. With the use of this provision, the policyholder can obtain the dual benefit of receiving pension installments as well as a lump sum amount to the nominee, which can be applied anyway the policyholder sees suitable.
Your income ends when you reach retirement. Even self-employed persons must retire at some time in their lives and become reliant if their children or other partners take over the business, even though salaried workers experience the greatest hardship. In these situations, it’s necessary to have a corpus that will always generate a steady income.
Such a salary would cover your expenses as you age and give you financial independence. A combined life annuity is another component of pension plans, particularly for instant annuity plans. This can guarantee that the person and his spouse can both get annuity payments. Even if one of the couple’s members were not present, this would cover their expenses. You can easily create a retirement corpus for your golden years of retirement by setting aside smaller sums each year while you are working.
What paperwork is needed to purchase a pension plan?
Similar to other types of insurance, a pension plan requires specific documents at the time of purchase. The necessary documents are listed below:
- The application form, which needs to be filled out accurately and signed
- Recent coloured passport-sized photos of the applicant
- The identity evidence of the applicant, which may be any of the following: a valid passport, a valid driver’s license, an Aadhar card, a voter identification card, a PAN card, etc.
- The applicant’s address proof, which may be a passport, a driver’s license, an Aadhar card, or other documents like utility bills, etc.
- Birth Proof
- The premium payment check.
Future Generali Life Pension Plans – FAQs
Q1. How do I pay the premium? What methods of payment are offered?
Ans – Future Generali India Insurance provides three options for customers to pay their premiums: Auto Debit; Cash or Check Deposit at Branch; and Online Payment, Phone Payment
Q2. How do I find out if my Future Generali life pension plan is still active?
Ans – By using a legitimate login and password on the corporate website, you can view the specifics of the policy.
Q3. How do Future Generali life pension plans renew their policies?
Ans – The policy can be renewed by logging into the e-Portal with the policy information. Decide whether to pay with a debit/credit card or through net banking. Lastly, print or preserve the electronic receipt.
Q4. How does the corporation handle claims for Pension Plans through Future Generali life?
Ans – If the paperwork and the claims form are accurate, the company settles claims within 7 days. You must email the company to submit your claim request.