Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
What is a Money-Back Plan in Life Insurance?
4 mins
4.4KAs a logical investor, we often consider various factors before investing. Expecting regular payouts is one of them and a money-back plan in life insurance helps you achieve the same being a secure saving tool.
Saving money along with payouts at pre-defined intervals will help you handle accumulation and planned liquidity needs at various life stages.
How does a Money Back Plan work in Generali Central Life Insurance Company Ltd.?
Let us understand money back plan with the example of Ravi:
Ravi is a 30-year old health male who has purchased Generali Central Money Back Super Plan - Option 2.
He has opted for the Silver Category.
Ravi pays a yearly premium of Rs 50,000 (excluding applicable taxes).
His policy term and premium paying term is 20 years.
His sum assured is Rs 3,00,000
What Ravi gets from this money back plan?
- Maturity Benefit - On Ravi's survival till the end of the policy term, provided all the premiums are paid, Ravi will receive the sum assured of Rs 3,00,000 as maturity benefit.
- Survival Benefit - Starting from the end of 10th policy year till the end of 19th policy year - Ravi gets a survival benefit of Rs 90,000 every year.
- Guaranteed Additions - Starting from the end of 8th policy year till the end of 20th policy year - Ravi's policy accrues a guaranteed addition of Rs 12,054 every year. All the accrued guaranteed additions of Rs. 1,56,702 will be paid to Ravi at the end of the policy term i.e. on maturity, the total benefit Ravi will get is Rs. 4,56,702 including the Sum Assured.
- Tax Benefits - Ravi shall be eligible for tax benefits on the premium(s) he pays and benefit proceeds, according to the provisions of Income Tax laws as amended from time to time. These benefits are subject to change as per the current tax laws. Please consult your tax advisor for more details.
- Two Plan Options - Ravi got the option to choose from two plan options i.e. Option 1 & Option 2, based on his planned financial milestones. These options vary by Sum Assured and the amount of survival benefit payable.
- Death Benefit also known as Life Cover- Let's assume that RaviÂ’s death occurs at the end of 2nd policy year. The benefit payable under Option 1 to Ravi's nominee(s) will be:1. 10 times the Annualized Premium i.e. Rs 5,00,0002. 105% of the total premiums paid i.e. Rs 1,05,000
To know more about this plan, please refer to the product brochure .
What Makes Money-Back Plans Worth Buying?
Referring to RaviÂ’s example here are some key elements served by Money-back plan that every wise investor shall consider:
Key Elements of Money-Back Plans
- Corpus Accumulation: Investing for the long term helps to accumulate saving corpus. The creation of good wealth and secured investment can be done easily through money-back policies. Apart from giving regular paybacks to the policyholder, money-back policies help building a corpus through its maturity benefit.
- Regular Payouts work as Guaranteed Source of Income: We live in times where having a second source of income is becoming necessary day-by-day. A money-back plan assists the life insured with its feature of regular payouts. It also helps to overcome short-term financial needs.
- Secured Saving Avenue: The key to a sound portfolio is diversification to minimize risk. Hence, to balance a portfolio, it is essential to invest in less risky avenues, and guaranteed benefit money-back plans serve the purpose with ease.
- Life Insurance Cover:As a life insurance product, money back plans provide death benefit payout to the nominee in case of death of the life insured during the policy term. This helps to safeguard the familyÂ’s future in case of the life insuredÂ’s untimely death.
- Tax Benefit: The life insured shall be entitled for tax benefits on the premium(s) paid and benefit proceeds, according to the provisions of Income Tax laws as amended from time to time. These benefits are subject to change as per the current tax laws. Please consult the tax advisor for more details
Conclusion
What could be the best way to getguaranteed income + accrued guaranteed additions + guaranteed lump sum maturity benefit + life cover + tax benefits? Be smart and enhance your portfolio by adding a money-back plan that offers all these benefits.
money-back plans that fits in with your needs. To know more connect with our trusted financial advisors today!
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Get Expert Advice from Your Trusted Life Insurance Partner!
Have questions? Get help and reliable support from experts at Generali Central India Life Insurance.
Explore Knowledge Centre
From insurance basics to wealth-building strategies — everything you need, in one place.
Got Questions? We’ve Got Answers!
Here are answers to some of the questions you might have.
Life insurance is a financial safety net that supports your loved ones in your absence. If something happens to you, it provides them with funds to help cover everyday expenses, repay debts, and achieve future goals. It gives you peace of mind, knowing your family’s financial future is secure— no matter what.
The right plan depends on your needs.
Start by assessing your life stage, financial goals, and the needs of your family. Consider factors like your income, outstanding loans, future expenses and goals (like children’s education, foreign travel, study abroad), and desired coverage amount. We offer a wide range of plans that cover multiple goals and budgets. To get a better idea and make a confident choice consult with a financial advisor or call us on 1800 102 2355.
A good rule of thumb is to aim for coverage that's 10–15 times your annual income. Consider your family’s living expenses, outstanding loans, children’s education, and long-term goals. The right amount ensures your loved ones can maintain their lifestyle and meet future needs— even in your absence.
We would love to help you choose and buy the right policy for your needs. Call our toll-free number 1800 102 2355 or drop us an email at care@generalicentral.com.
Reach out to us in any way that you prefer, and our team of experts will soon get back to you!
Disclaimers
Understand your policy better with key details and insights into our Generali Central Life Insurance.
This Product is not available for online sale. Life Coverage is included in this Product. For detailed information on this plan including risk factors, exclusions, terms and conditions etc., please refer to the product brochure and consult your advisor, or, visit our website before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. If you have any request, grievance, complaint or feedback, you may reach out to us at care@generalicentral.com For further details please access the link: www.generalicentrallife.com/customer-service/grievance-redressal-procedure.
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