Srinagar: Leading private sector life insurance company Future Generali Life Insurance has launched an immediate annuity product ‘Future Generali Saral Pension plan’. The pension plan launched by the company is a single premium non-linked, non-participating individual immediate annuity plan with two annuity options. First option is single life annuity with return of 100 per cent of purchase price and the second option offer joint life last survivor annuity with return of 100 per cent of purchase price on the death of the last survivor.
The person who plans to buy Future Generali Saral Pension plan can choose to receive guaranteed annuity on yearly, half-yearly, quarterly, or monthly basis.
“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 behaviour,” Bikash Chaudhary, appointed actuary, and chief risk officer, Future Generali India Life Insurance Company said in a statement.
Here are the key highlights of Future Generali Saral Pension:
- Simple, immediate annuity product that are easy to understand and offer standard features to support an individual’s financial independence, especially during the golden years of 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.