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.
❯ Blog❯Tax Hacks❯How Partial Withdrawals Are A Powerful Feature In Generali Central Life Insurance Ulip PlansHow partial withdrawals are a powerful feature in ULIP of Generali Central Life Insurance Company.
2 mins
3.1KUnit Linked Insurance Plans (ULIPs) in Generali Central Life Insurance Company allow you to families to achieve the dual goals of long-term wealth creation and creating a financial safety net via insurance. A part of the your premium is used to build a safety cover for your loved ones, and the rest of the premium is invested in various debt and equity-linked instruments that can grow your wealth, depending on your plan and choice.
Savings stashed for future planning may suddenly be required for present emergencies. Therefore, some ULIPs offered by Generali Central Life Insurance come with the powerful feature of partial withdrawals. After a lock-in period of 5 years, you can withdraw a portion of your total fund value. Some rules govern these withdrawals:
- You may not withdraw from a ULIP with pension plans
- Insured minors, if any, can only make partial withdrawals after they turn 18
- At a minimum level, you must withdraw a sum of ₹5,000
ULIPs are EEE(Exempt Exempt Exempt) schemes - which means that they help you get tax exemptions three times over. Alongside the premiums paid and the final maturity corpus, the partial withdrawals are also exempted from tax liabilities. Therefore there is no need to worry about the additional tax burden coming from your ULIP withdrawals.
Now let’s look at the various goals that partial withdrawals can help you achieve, as well as the problems it can help you solve:
- Medical emergencies:Partial withdrawal in ULIP can help you stay prepared for medical emergencies. With the funds readily available to you, you can focus on accessing the best treatment instead of worrying about finances.
- House Renovation:Whether it be Diwali renovation or a sudden plumbing issue, ULIP partial withdrawals can help you renovate your house and make it a home you love to call yours.
- Luxury Purchases:A vacation to an exotic spot? Being the first in your town to own the new high-end car? ULIPs partial withdrawals make it possible for you to achieve these aspirations and others.
- Monthly Income Post Retirement:Some Generali Central Life Insurance ULIPs, like the Generali Central Big Dreams Plan, offer free unlimited partial withdrawals post 5 years of lock-in period. If you buy such a plan, you can systematically use the partial withdrawal feature to supplement your monthly income in your retirement.
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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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