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.
Here's how Generali Central Assured Education helps you save tax
2 mins
1.9KThe Generali Central Assured Education is a life insurance plan that is specifically designed to meet the educational needs of your child. The cost of education is skyrocketing, and premier educational institutes in India and abroad can seem out of one’s reach. This life insurance plan combines life cover with assured payouts at specific educational milestones to shield your child’s dreams and career from any financial constraints.
The plan enables you to save systematically to organise funds for your child’s higher education, that is undergraduate and postgraduate college. You can opt to receive the entire funds upfront or in instalments once your child turns 17. In the unfortunate and unforeseen event of your demise during policy term too, your child will not have to compromise with his/her career and education, thanks to this education plan. In such situations, all the future premiums are waived, and the family receives the death benefit payout.
Additionally, there’s also an option to boost the cover under this education plan through riders like the ones against accidental death and accidental total and permanent disability
Tax benefits
Generali Central Assured Education Plan comes with tax benefits too. The benefits are as follows:
- The premium amounts you pay towards the plan each year can be claimed for a deduction as per Section 80C of the Income Tax Act, 1961.
- The amount that your family receives is also exempted as per Section 10(10D) of the same Act. It is the higher of the following amounts:
- The death benefit, equal to the sum assured
- Maturity benefit, equal to the sum assured
- 10 times annualised premiums (this excludes rider premium, underwriting premium etc)
- 105% of total premiums paid
Key points
- While the premium you pay towards the life insurance is eligible for a deduction, the lower of the following two amounts will be taken into consideration:The amount of premium up to ₹1,50,000The amount of premium up to 10% of the sum assured
- Section 80C provides this tax deduction in a combined manner for a bouquet of financial avenues like a contribution to provident fund, deferred annuity etc. All of these avenues put together are allowed a total deduction of up to ₹1,50,000, so you should keep that in mind
The Generali Central Assured Education Plan is an effective and useful way of providing a financial cover to your child’s dreams and ambitions by combining life cover with guaranteed payouts and tax benefits.
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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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