Future Generali India Life Insurance Company Limited (FGILI) launches its latest offering, Future Generali Saral Pension. The product is a single premium non-linked non-participating individual immediate annuity plan with the following key features:
- Flexibility to choose between two plan options:
o Option 1: Single life annuity with Return of 100% of Purchase Price (ROP)
o Option 2: Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on the death of the last survivor.
- Flexibility to receive Guaranteed Income (annuity) on yearly, half-yearly, quarterly, or monthly frequency
- Option to secure income for a spouse by opting for joint life last survivor annuity under Option 2
Key Highlights of Future Generali Saral Pension
- Simple, immediate annuity product that is easy to understand and offers standard features to support an individual’s financial independence, especially during the golden years post retirement.
- Lifetime guarantee on the annuity receivable irrespective of interest rate changes in future
- Flexibility to receive Annuity on a yearly, half-yearly, quarterly, or monthly basis
- Loan facility available to the policyholder after six months of the purchase in case of a financial difficulty
- In an unfortunate event of contracting any of the specified critical illnesses by the Annuitant / Primary Annuitant /Secondary Annuitant, or spouse or any of the children of the Annuitant, the policy can be surrendered for cash. This facility is available after six months from the date of commencement of the policy.
While announcing the launch of Future Generali Saral Pension, Bikash Chaudhary, Appointed Actuary, and Chief Risk Officer, Future Generali India Life Insurance Company Limited, said, “Resonating to IRDAI’s vision to offer standard immediate annuity product with simple features and standard terms & conditions, we have launched Future Generali Saral Pension. This product will help customers achieve financial independence during their retirement years without any worry of change in interest rates in the future.
Such a simple product will make it easier for the customers to make an informed choice and enhance the trust with Future Generali India Life Insurance Company Limited and allow us to follow the Lifetime Partner behavior.”