Future Generali Life Insurance Company launched the ‘‘Future Generali Single Premium Anchor Plan’’ on Monday, a non-linked and non-participatory policy allowing entry for up to 65 years and an income option until 90 years. According to its press release, the Anchor Plan will offer policyholders up to 7.03 per cent (Internal Rate of Return (IRR) over the policy term. IRR is used to project the expected return from investment and, in this case, the insurance policy.

This single premium plan offers two insurance options: a wealth option, which is a traditional endowment plan in which a lump sum amount is paid to the policyholder at the end of the policy term, and an income option, which provides income during the policy term after five or 10 years of premium payment. The policyholder can choose to start income immediately.

Wealth Option: The entry age is 8 to 65 years, with an option to choose 10, 15, 20, 25, and 30 years of policy terms. In this option, the minimum maturity age is 18, and the maximum is 95. The minimum premium amount is Rs 25,000, with no upper premium limit.

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Income Option: Anyone up to 65 years can avail of this plan. Under this option, the minimum age at maturity is 25 years, and the maximum is 90 years. A policyholder can select policy terms of 25, 30, 35, and 40 years. The minimum premium amount is Rs 1 lakh with no upper limit.

In this option, the income, also called a survival benefit, can be withdrawn annually, half-yearly, quarterly, and monthly, with the option to change the frequency anytime during the policy term.

In the release, Alok Rungta, Deputy CEO and Chief Financial Officer of Future Generali India Life Insurance Company Limited, commented on the product: “Individuals seek not just security but also the assurance of a robust financial future. The Single Premium Anchor Plan is a valuable addition, offering secure and comprehensive financial solutions.”

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Points To Note: 

If the insured person dies during the policy term, the nominee gets a lump sum in both options. After choosing any of these options, the customers cannot change them during the policy term. So, select the option carefully according to one’s own requirements.