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.
Guaranteed Income*
Get a fixed pension for your entire life
One-Time Payment
Pay once, and start receiving pension right away
Choose Your Plan
Pick single or joint life annuity option
* Guaranteed annuity will be payable in arrears. The frequency of annuity payments can be monthly, half-yearly, quarterly or annually as chosen by the annuitant at the time of purchasing the annuity. The annuity amount chosen at policy inception is guaranteed for life. T&C apply | UIN: 133N089V01
Why Choose Generali Central Saral Pension Plan?
A Single Premium, Non-Linked, Non-Participating, Individual, Immediate Annuity Plan.
Enjoy a relaxed retirement with lifelong financial confidence.
Generali Central’s Saral Pension Plan helps you step into retirement worry-free. It provides a steady income for life, helping cover your daily needs, monthly bills, healthcare expenses, and your family’s future.
This plan gives you a simple, trusted way to bring clarity and comfort to your retirement, offering financial simplicity, lifetime security, and lasting peace of mind.
Secure your retirement and give your family the assurance that you have planned with care.
Return of Amount
Purchase price goes to your nominee after your lifetime
Loan Option
Access a loan against your policy after six months for added financial flexibility
Support When Needed
Get 95% of your policy value in case of a critical illness emergency
Flexible Payouts
Receive your pension in monthly, quarterly, or yearly installments
Tax Benefits
Save on taxes as per applicable tax laws
Dual Plan Options
Stay protected on your own or secure coverage together with your partner
How Can You Buy the Generali Central Saral Pension Plan?
Getting started with your life insurance plan is easy— just follow these simple steps:
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Step
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Set Purchase Value
Choose the purchase price (Single Premium) that you wish to pay to buy annuity or choose the annuity amount you wish to receive
Note - Amount of Annuity depends upon option chosen, Annuitant(s) age at entry, amount of purchase price and mode of annuity payment. - The option has to be chosen at inception and cannot be changed during the term of the policy.
A Roadmap to a Secure Future
Get Expert Advice from Your Trusted Life Insurance Partner!
Have questions? Get help and reliable support from experts at Generali Central Life Insurance.
Tailored Plan Options to Secure Your Future
Choose the policy option that fits your life goals.
Option 1: Single Life Annuity with Return of Purchase Price
Enjoy financial freedom during retirement, while also ensuring your loved ones receive 100% of the amount you invested returned to them after your lifetime.
40 years to 80 years.
Sample Annuity Amount (for yearly Annuity mode)
Single Premium or Purchase Price (excluding applicable taxes)
₹ 10,00,000
Annuity rates are subject to review from time to time & may be revised. However, once the policy is purchased, Annuity rates are guaranteed throughout the life of Annuitant(s).
Option 2: Joint Life^ Last Survivor Annuity with Return of Purchase Price
With this option, you and your partner continue receiving income for life. After both of you, 100% of your investment is returned to your nominee, with care and assurance.
40 years to 80 years. (Age limits apply to both the lives)
Sample Annuity Amount (for yearly Annuity mode)
Single Premium or Purchase Price (excluding applicable taxes)
₹ 10,00,000
^Assuming both the annuitants are of same age for Joint Life.
Annuity rates are subject to review from time to time & may be revised. However, once the policy is purchased, Annuity rates are guaranteed throughout the life of Annuitant(s).
Offered Across All Plans
Single Pay
Whole Life (as long as Annuitant(s) survive)
Depends on Annuity amount
Monthly, Quarterly, Half-Yearly and Yearly. (Annuity Payments shall be made in arrears)
Minimum
₹4,415
Maximum:
No Limit
1.Purchase Price mentioned above are excluding applicable taxes.
2.Minimum Annuity amount may change as per the regulations, circulars and clarifications thereof, as prescribed by the IRDAI from time to time.
Benefits of Generali Central Saral Pension Plan
Here’s how this plan helps you secure your goals and safeguard your loved ones:
A payment made to your nominee in case of your unfortunate demise during the policy term, ensuring your family’s financial protection.
Benefits payable on Survival or on Death:
The benefits payable are as under:
Ankit’s Example
To clearly understand how the annuity options works, let us take a look at Amit’s story.
Scenario 1:
Amit is a 60 years old male and has purchased the Generali Central Saral Pension – Option 1: Life annuity with Return of 100% of Purchase price (ROP). He has opted for a Purchase Price of ₹ 10 Lakh (excluding applicable taxes) and yearly mode for annuity payment. Amit will start receiving yearly annuity amount of ₹ 50,175 every year starting from end of 1st policy anniversary. What Amit Pays = ₹ 10 lakh (excluding applicable taxes)
Scenario 2: In case of death of Amit, the Purchase Price (excluding taxes) of ₹ 10 Lakh will be returned to his Nominee.
Amit is a 60 years old male and he chooses Generali Central Saral Pension – Option2: Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor, with his wife aged 60 years as the secondary annuitant. They opt for a Purchase Price of ₹ 10 Lakh (excluding applicable taxes) and yearly mode for annuity payment.
Amit will start receiving yearly annuity amount of ₹ 50,309 every year starting from end of 1st policy anniversary. In case of Amit’s death before his wife, his wife will continue to receive the same amount as long as she survives.
Upon death of both the annuitants, the Purchase Price (excluding applicable taxes) ₹ 10 Lakh will be returned to his Nominee.
Definitions of Terms Used:
- "Annuitant” being person on whose life the plan has been taken and who is entitled to receive the Annuity benefits as opted at policy inception.
- “Joint Life Annuity” refers to an Annuity Policy taken jointly on the lives of Primary Annuitant and Secondary Annuitant, where spousal relationship exists.
- “Primary Annuitant” (applicable under Joint Life Annuity Option) is the person on whose life this Policy has been taken and who is entitled to receive the Annuity Benefits as opted at policy inception.
- “Secondary Annuitant” (applicable under joint life Annuity Option) is the person entitled to receive the Annuity payment, in the event of death of the Primary Annuitant
- “Purchase Price” shall be the single premium amount payable to receive Annuity Payments for life.
A lump sum amount payable at the end of the policy term, provided all due premiums have been paid.
There is no Maturity Benefit under this Policy.
Our Promise is Reflected in the Lives We've Touched
We bring experience, stability, and a proven approach to supporting your family and financial goals.
6019Our and Partners Branches
897,635Lives Protected
Since Inception
₹87.84 Bnof Assets Under Management
98.08%Individual Claim Settlement Ratio
FY 24-25
99.78%Group Claim Settlement Ratio
FY 24-25Data as on 31st March, 2025
Downloads
Everything you need to understand your policy, plan your future, and make informed decisions at your convenience.
Important Information & Resources
Understand your policy better with key details and insights into the Generali Central Saral Pension Plan.
Free Look Period
If you disagree with the terms and condition of the Policy, you can return the Policy within 30 days of receipt of the Policy Document (whether received electronically or otherwise). To cancel the Policy, you can send us a request for cancellation, along with the reason for cancellation. We will cancel this Policy if you have not made any claims and refund the Premium received after deducting stamp duty charges and Annuity paid, if any.
If the Policy is opted through Insurance Repository (IR), the computation of the said Free Look Period will be as stated below:-
- For existing e-Insurance Account: Computation of the said Free Look Period will commence from the date of delivery of the e mail confirming the credit of the Insurance Policy by the IR.
- For New e-Insurance Account: If an application for e-Insurance Account accompanies the proposal for insurance, the date of receipt of the welcome kit from the IR with the credentials to log on to the eInsurance Account(e IA) or the delivery date of the email confirming the grant of access to the eIA or the delivery date of the email confirming the credit of the Insurance Policy by the IR to the eIA, whichever is later shall be reckoned for the purpose of computation of the Free Look Period.
The treatment of the Policy shall be as follows:
- For standalone immediate Annuity policies: the proceeds from cancellation shall be returned to the Policyholder.
- If this Policy is purchased out of proceeds of a deferred pension plan of Generali Central Life Insurance Company or any other insurance company, the proceeds from cancellation will be transferred back to the Company or the other insurance company.
Surrender Value
We encourage you to continue your policy as planned and receive annuity payments for life. However, you have the option to surrender the policy for immediate cash requirement, in case of an emergency as defined below:
The Policy can be surrendered any time after six months from the Date of Commencement, if the Annuitant / Primary Annuitant /Secondary Annuitant, or spouse or any of the children of the Annuitant is diagnosed as suffering from any of the critical illnesses as defined in Annexure 1 , based on the documents produced to the satisfaction of the medical examiner of the Company. On approval of the surrender, 95% of the Purchase Price shall be paid to the Annuitant, subject to deduction of any outstanding loan amount and loan interest, if any. On payment of the Surrender Value, the Policy stands terminated. For the purpose of Surrender Value calculation, the Purchase Price excludes taxes, if any. Any change in the Surrender Value calculation method shall be applicable only after prior approval of IRDAI.
1. CANCER OF SPECIFIED SEVERITY
A. A malignant tumor characterized by the uncontrolled growth and spread of malignant cells with invasion and destruction of normal tissues. This diagnosis must be supported by histological evidence of malignancy. The term cancer includes leukemia, lymphoma and sarcoma.
B. The following are excluded –
i. All tumors which are histologically described as carcinoma in situ, benign, pre-malignant, borderline malignant, low malignant potential, neoplasm of unknown behavior, or non-invasive, including but not limited to: Carcinoma in situ of breasts, Cervical dysplasia CIN-1, CIN -2 and CIN-3.
ii. Any non-melanoma skin carcinoma unless there is evidence of metastases to lymph nodes or beyond;
iii. Malignant melanoma that has not caused invasion beyond the epidermis;
iv. All tumors of the prostate unless histologically classified as having a Gleason score greater than 6 or having progressed to at least clinical TNM classification T2N0M0
v. All Thyroid cancers histologically classified as T1N0M0 (TNM Classification) or below;
vi. Chronic lymphocytic leukaemia less than RAI stage 3
vii. Non-invasive papillary cancer of the bladder histologically described as TaN0M0 or of a lesser classification,
viii. All Gastro-Intestinal Stromal Tumors histologically classified as T1N0M0 (TNM Classification) or below and with mitotic count of less than or equal to 5/50 HPFs;
Grievance Redressal Processes
In case you have any grievances on the solicitation process or on the Product sold or any of the Policy servicing matters, you may approach the Company in one of the following ways:
- Calling the Customer helpline number 1800-102-2355 for assistance and guidance
- Emailing at care@generalicentral.com
- You may also visit us at the nearest Branch Office. Branch locator - https://www.generalicentrallife.com/branch-locator
- Senior citizens may write to us at the following ID: senior.citizens@generalicentral.com for priority assistance
- Write to us at: Customer Services Department- Generali Central Life Insurance Company Limited, Unit 801 and 802, 8th floor, Tower C, Embassy 247 Park, L.B.S Marg, Vikhroli (W), Mumbai – 400083
Generali Central Life Insurance Company Limited (Formerly known as Future Generali India Life Insurance Company Limited) offers a wide range of life insurance solutions designed to protect and empower individuals at every stage of life. Whether it’s protecting your loved ones, planning for retirement, or securing long-term financial well-being, our offerings are designed to evolve with your needs. Backed by a robust distribution network and advanced digital tools, we are dedicated to delivering simplicity, innovation, empathy, and care in every experience — all anchored by our unwavering commitment to being your Lifetime Partner.
This commitment is backed by the strength of our joint venture between Generali, a global insurance leader with over 190 years of expertise, and Central Bank of India, a trusted name with a rich legacy in Indian banking.
Generali Central Saral Pension Plan (UIN : 133N089V01)
This Product is not available for online sale.
For detailed information on this product including risk factors, terms and conditions etc., please refer to the policy document and consult your advisor or visit our website www.generalicentrallife.com before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made there to from time to time. You are advised to consult your tax consultant. Generali Group's and Central Bank of India's liability is restricted to the extent of their shareholding in Generali Central Life Insurance Company Limited (formerly known as 'Future Generali India Life Insurance Company Limited').
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: https://www.generalicentrallife.com/customer-service/grievance-redressal-procedure
Generali Central Life Insurance Company Limited (IRDAI Regn. No. 133)
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Got Questions? We’ve Got Answers!
Here are answers to some of the questions you might have.
A single premium immediate annuity plan offering guaranteed lifetime income. Pay once, receive monthly/quarterly/half-yearly/yearly payments for life.
Limited surrender option available only for critical illness emergencies (95% of purchase price returned).
Yes, surviving spouse receives the same annuity amount until their death.
Yes, after 6 months. Maximum loan: 50% of annual annuity as interest payment.
No, payment mode is fixed at purchase and cannot be changed.