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Insurance Company
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Future Generali India Life Insurance Company Ltd
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Plan Name
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Future Flexible Money Back Plan
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Plan Nature
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TRADITIONAL
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Plan Category
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Child Plan
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UIN No.
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133N013V01
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About Plan
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Future Child Benefit Plan helps you make sure that your children will be adequately supported and that their financial needs will be taken care of even after your lifetime.
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Minimum Entry Age
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20Yrs
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Maximum Entry Age
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55Yrs
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Benefits
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| Particulars | Description |
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Death Benefits
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On the policyholder's demise or a total and permanent disability arising out of an accident before maturity, the sum assured is payable as a lump sum immediately. However, the policy will continue to remain in force and will continue to accrue guaranteed additions and future bonuses, as the case may be. No further premiums will be payable.
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Tax Benefits
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| Section | Description |
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SEC 80 C
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Under Section 80 C premiums up to Rs. 100,000 are allowed as deduction from taxable income.
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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- Flexibility in terms of planning for your childÆs future with wide range of solutions offered under the plan as,Option1: Future Child Benefit Plan Option @ 21 orOption 2: Future Child Benefit Plan Option @ 23- Depending upon the option selected, regular payouts to provide money to meet educational expenses at different stages- Sum Assured as a lump sum on the earlier of your unfortunate demise or total and permanent disability arising out of accident prior to maturity, whichever is earlier. The policy remains in-force for the remaining term and will continue to accrue guaranteed additions and future bonuses. Premiums are waived for the remaining term- Guaranteed Additions @3.5% of Sum Assured per annum at a compounding rate at the end of each of the first five policy years.- Compounded Reversionary bonuses thereafter- Large Sum Assured Discount- Tax benefits on premiums paid- Benefits received are non-taxable
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The compounding annual guaranteed additions under the policy are 3.5% per annum of the sum assured for the first five years of an in-force policy. This amount will become payable only at maturity of the policy.
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From sixth year onwards, the policy shall participate in the profits arising out of the CompanyÆs æwith profitsÆ life insurance business. It gets a share of the profits emerging from this business in the form of bonuses. Compounded reversionary bonuses would be declared as a percentage rate, which apply to the sum assured and guaranteed additions in respect of the basic policy benefit and all attached bonuses. Reversionary bonus will be declared based on our long term view of investment returns, expenses, mortality and other experience. Once declared, the reversionary bonuses form part of the guaranteed benefits of the plan. Future bonuses are, however, not guaranteed and will depend on future profits.
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For a regular premium policy, if premiums have been paid for at least 3 full years from the date of commencement of risk, the policy will acquire a Surrender Value. The Guaranteed Surrender Value will be equal to 30% of the basic policy premiums (excluding extra premiums, if any) paid after the first policy year less the cumulative guaranteed fixed benefits paid.For a single premium policy, the policy will acquire a Surrender Value after expiry of 6 months from the date of commencement of risk. The Guaranteed Surrender Value will be equal to 80% of the single premium (excluding extra premium, if any) less the cumulative guaranteed fixed benefits paid.A discounted value of the guaranteed additions and vested bonuses will also be added. The current rate for discounting will be 9% per annum. This rate will be subject to change from time to time.
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This will be based on an assessment of the asset share progression at different durations of the policy. This assessment would be based on past financial and demographic experience of the product / group of similar products and likely future experience and will be reviewed from time to time depending on changes in internal and external experience and likely future experience.
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Under the regular premium policies, if the policyholder does not pay the due premiums within the grace period, provided the policy has acquired a surrender value the policy will be converted into a reduced paid-up. The policy will become non-participating upon being converted to a reduced paid-up. The sum assured payable on death or disability will be reduced in the same proportion as the ratio of the number of premiums paid to the total premiums payable. The paid-up sum assured along with any vested bonuses and the guaranteed additions will constitute the paid-up value of the policy.If the policy is not subsequently reinstated, this paid-up value will be used in calculating the periodical guaranteed benefits payable at pre-determined intervals under the policy. The paid-up policy will not participate in any subsequent distribution of profits nor will it be entitled to any future guaranteed additions.
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16-Jul-09
10:23
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Future Generali launched Silver, Gold and Platinum plan for motor vehicles
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23-Jun-09
11:01
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Future Generali plans to launch women- related insurance products
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20-Jun-09
14:10
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Selling covers through Future Group's malls : Future Generali Life
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19-Jun-09
11:21
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Future Generali plans to launch 10-12 new products
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17-Jun-09
19:31
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Future Generali Life launched Future Anand
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28-Apr-09
13:40
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General Motors ties up with Future Generali
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23-Apr-09
20:14
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Future Generali launches 'Child benefit plan'
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18-Apr-09
11:31
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Future Generali will launch domestic and student travel insurance
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17-Mar-09
15:30
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Price list of spare parts of 'Nano' concerns : Future Generali
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04-Feb-09
12:41
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Future Generali tied with Manappuram General Finance for Gold Loan Customers
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29-Jan-09
16:51
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Insurers to inform consumer on bouncing of cheque
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14-Jan-09
12:35
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Future Group looking at premium of Rs 1,000 cr
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30-Dec-08
11:20
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Future Generali plans thrust on total insurance solutions
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29-Dec-08
13:10
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300 crore infusion is planned: Future Generali
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12-Dec-08
12:00
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Future Generali to invest Rs 370 cr this fiscal
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08-Oct-08
08:35
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Future Generali unveils 2 pension products
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