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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 Pension Plan
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Plan Nature
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TRADITIONAL
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Plan Category
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Retirement Plan
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UIN No.
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133N009V01
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About Plan
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FUTURE PENSION PLAN is a plan that expands as your earnings do. Empowering you with additional single premium contribution as you prosper. It offers you an excellent way to create a regular stream of income after retirement. This plan make it possible for you by adding a bonus regularly to your pension fund account. It puts you in control by giving you the flexibility to change your choices at any time. You can choose life insurance cover under your regular premium policy by way of a term assurance rider.
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Minimum Entry Age
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18 Years
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Maximum Entry Age
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60 Years
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Maximum Maturity Age
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40 Years but not later than 70 Years
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Minimum Premium Contribution (Regular)
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Rs. 10,000 per annum
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Minimum Premium Contribution (Single)
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Rs. 25,000 Per annum
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Benefits
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| Particulars | Description |
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Death Benefits
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On death of the policyholder before vesting date, the beneficiary has the option to purchase annuity from thedeath benefit.
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Vesting Benefit
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The value of your policy is your own 'Policyholder PensionFund Account' (PPFA). PPFA is the premiums paid by youcredited to the PPFA along with the compound bonusesdeclared over the duration of the policy. The PPFA is payableon survival to vesting.
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Surrender Benefit
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You may surrender your policy any time after the firstpolicy anniversary provided one full year's premium has beenpaid under a regular premium policy. The Guaranteed Surrender Value will be 70% of the premiums paid excluding rider premiums, if any, in case of Regular Premium Policy and 80% of the Single Premium. To this will be added bonuses declared, if any, on the policy and the guaranteed addition on survival to the end of 15 years.
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Tax Benefits
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| Section | Description |
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SEC 80 CCC
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Section 80 CCC allows to individual, tax deduction for amount paid during the financial year out of income chareable to tax, towards specified pension plan. Maximum deduction allowed is Rs. 100,000.
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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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Term Assurance Rider [133B003V01]
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Retirement is arguably the most important aspect of oneÆs financial planning. It is said that æto fail to plan is to plan to failÆ. However, it is never too late to put a retirement plan to work.Investing in a pension plan is a vital part of saving for your future. And the sooner you start, more likely you are to enjoy the lifestyle you want after your retirement.- Future Pension Plan offers you an excellent way to create regular stream of income after retirement. We make it possible for you by adding bonus regularly to your pension fund account.- We also give a guaranteed addition of 5% to your accumulated pension fund after 15 years (even if the premiums are paid for only 5 years), thus helping you build a sizeable corpus at your retirement.- 100% of your contribution will be credited to Personal Pension Fund Account (PPFA).- The PPFA will be available on vesting of a policy.- Guaranteed Surrender Value- Compounded Bonus applying on your fundn
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Your policy will participate in the profits arising out of the CompanyÆs æwith profitsÆ life insurance business. Compound reversionary bonus will be credited to the policy and will apply when declared, on the PPFA. Once declared, it will form a part of the guaranteed benefits of the plan and will be available on death, maturity or surrender. Future bonuses are however not guaranteed and will vary based on the companyÆs experience with respect to investment returns, mortality, expenses and withdrawals.Bonus will apply on a policy on a pro-rata basis from the due date of premium payment (or date of payment of additional contribution) to the date of valuation or exit.
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- Surrender value will be paid (Note : On death of the policyholder before vesting date, the beneficiary has an option to purchase annuity from the death benefit.)- In case, Term Rider is also opted, Sum Assured along with the surrender value is payable to the beneficiary
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- The PPFA will be available to you on the date of vesting of the policy. This amount can be used to purchase an annuity from us or through an open market option whereby you can chose to buy an annuity from a company of your choice. However, up to 1/3rd of the PPFA can be commuted for cash and taken as a tax free retirement lump sum (as per the existing tax laws) and annuity purchased with the balance amount.
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Pension plans are about investing in your future, but it is also important to think about how you invest your money right now.Future Pension Plan puts you in control by giving you the flexibility to change your choices any time:- Choose how much to contribute û this depends on the amount of benefits you want on vesting.- Choose regular or one time contribution - you can make regular contributions (monthly, quarterly, half-yearly or yearly). You can also invest in lump sum in the form of a single premium contribution.- Choose to increase your contribution û you can choose to increase your contributions through additional single premium contributions over the policy term.- Choose to change the way you want to contribute** û you can choose to pay your regular contributions in any mode û monthly, quarterly, half-yearly or yearly. You may also choose to change the mode anytime before vesting of your policy.- You can choose life insurance cover under your regular premium policy by way of term assurance rider.
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You may surrender your policy any time after the first policy anniversary provided one full yearÆs premium has been paid under a regular premium policy. The Guaranteed Surrender Value will be 70% of the premiums paid excluding rider premiums, if any, in case of Regular Premium Policy and 80% of the Single Premium. To this will be added, bonuses declared, if any on the policy and the guaranteed addition on survival to end of 15 years. The actual amount available on surrender will be the PPFA after deduction of charges based on the number of yearsÆ premiums paid or completed years after payment of single premium and additional single premium contributions. The charge will be subject to change based on the market conditions and our experience, and will be quoted on request.
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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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