Future Generali Pension Plans – Review, Types, Features, Criteria & moreLast Updated Date: Sep 01, 2023
Steady income basically diminishes when retirement age would hit us on our door step. This wouldn’t stop the range of expenses we incur, no matter how much we try to cut up on them. The Future Generali Pension Plan would however, help in coping up with such expenses.
Expense can arrive out of anywhere, but making smart investments and at the right time would do the job, where one can sit back and relax. Life would become serene, as retirement is supposed to be, with the choice of Future Generali Retirement Plans.
Before you dive straight away into the decision of investing with this company and it’s Future Generali Pension Plan, let us get a detailed analysis on it. Here is everything you need to know of the plans and the company stuffed in this article.
About Future Generali Pension Plans
This company has an aim of making life insurance simple and easily accessible. Future Generali Life Insurance Company Limited is a collective effort of Future Group and the Generali Group. Its emergence is dated back to the year 2007, and they have embraced growth and advancement ever since.
The excellence in terms of both the company has contributed to the high quality and finely structured products and structures Future Generali presents.
Future group is one of the leading Indian retailers, whereas the Generali Group is listed in the list of top 50 global insurance companies of the world.
Taking a peak into the Future Generali Pension Plan will speak of the excellence they attained. Make sure you have a hold of the Future Generali National Pension Scheme and benefits they provide.
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Types of Future Generali Pension Plans
Let us get all decked up, to study the Future Generali National Pension Scheme which are provided by this company. We spare you wastage of time, as we have done the part of gathering the information. It is time we study it up, so investment can be done in the right way.
Here are the two different Future Generali Pension Plans, as offered by the company.
- Immediate Annuity Plan
- Pension Guarantee
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Future Generali Immediate Annuity Plan – By Future Generali Pension Plans
As the name of the plan suggests, the payouts will be on an immediate basis. While you have this benefit constant, here is what else the company offers.
- Holder of this Future Generali NPS will have 2 options to choose from. The first option is of annuity payment for life, whereas the second one is of annuity for life, along with the return on price of purchase.
- Holders, who wish to get higher annuity rates, should take up higher purchase price level.
- All the premiums paid, are tax exempted as per the Section 80CCC.
Eligibility Criteria for Future Generali Immediate Annuity Plan
- Age criteria: 40 to 80 years
- Price of purchase: Rs.30,000 with no maximum limit
- Intervals of premium payments allowed: monthly or even annually.
Future Generali Pension Guarantee – By Future Generali Pension Plans
This Future Generali NPS Scheme is structured the traditional way, and so the maturity will pay the holder a lump sum amount. Check out the other features which are provided with this Future Generali Retirement Plan.
- This is offer provided on account of participating one, and so the plan would earn the holder certain benefits.
- Premiums can be paid in three forms, regular pay, limited pay and also single pay.
- The maturity benefit is of assured amount plus the reversionary bonus, or 101% of the entire premium amounts paid.
- The entire sum entitlement on maturity can be availed for in multiple ways. One can choose to withdraw 1/3rd amount and the remaining for annuity. Also deferred annuity plan can be chosen for the single premium pay option.
- Upon death of the holder, the highest amount from aggregate premiums and aggregate premium plus bonuses is paid.
- The nominee can avail for the death benefit, either by withdrawing the entire amount, or as annuity payment.
- Holders, who opt for higher sum assured amounts, will be entitled to a level of discount on premiums.
- Customization options are as well provided in the Future Generali National Pension Funds plan.
- Tax benefits are entitled to the premiums paid, death benefit and also the 1/3rd of withdrawn amount. The sections applicable in this Future Generali NPS are Section 80CCC, 10(10D) and 10(10A).
Eligibility Criteria for Future Generali Pension Guarantee
- Age criteria: 20 to 70 years
- Vesting age: 40 to 80 years.
- Period: Regular Pay -10 years, Limited 10 Pay – 11 years, Limited 15 Pay – 16 years, Single Pay – 10
- Term of premium: Similar to the plan term, single pay, limited pay, 10 or finally 15 years.
- Return guaranteed: Regular & Limited Pay – Rs.11, 000, Single Pay – Rs.90, 000
- Intervals of premium payments allowed: half yearly, monthly or even annually.
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Future Generali Pension Plans / Retirement Plans – Conclusion
Future Generali Pension Plan is one of the fine plans you can opt to have a secured life after work. It lets you stand up to all the financial obligations there exist. You can encounter any issues, and the plans will shield you in the time where income doesn’t keep flowing in.
You can easily choose to avail for tone of the Future Generali National Pension Funds. The company provides the same from both the Future Generali Retirement Plans. Use the online mode of availing or the offline mode through intermediaries and you will open door to betterment.
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