Future Generali Linked Term Rider

TERMS AND CONDITIONS

Exclusions

Suicide Exclusion:

In case death of life insured due to suicide within one year from the date of commencement of risk under the policy, at least 80% of the total premiums paid till the date of death shall be payable. In case of suicide within one year from the date of revival, where revival is done within 6 months from the date of first unpaid premium, Suicide Exclusion shall not be applicable and the death benefit under the rider shall be payable. However, in case of suicide within one year from the date of revival, where revival is done after 6 months from the date of first unpaid premium, the benefit payable shall be higher of 80% of total Premiums Paid till the date of death of Surrender Value (if any) at the date of death provided the rider cover is still in force.

Lapse:

• For Regular / Limited Pay:
  (a)If all due Rider premiums for the first Policy year has not been paid in full within the Grace Period, the Rider shall lapse and will have no value.
  (b)All risk cover ceases while the Rider is in lapsed status.
  (c)The Policyholder has the option to revive a lapsed Rider within three (3) years (along with Base Policy) from the due date of first unpaid premium.
  (d) For without ROP Regular Pay Option, in case the rider is not revived during the revival period, no benefit shall be payable at the end of revival period and the rider will terminate thereafter.
  (e) For without ROP Limited Option, in case the rider is not revived during the revival period, Policy Cancellation Value shall be payable at the end of the revival period or Maturity Date, whichever is earlier, and the policy will terminate thereafter.
  (f) For ROP Option, in case the rider is not revived during the revival period, Surrender Benefit shall be payable at the end of the revival period or Maturity Date, whichever is earlier, and the policy will terminate thereafter.
• For Single Pay:
  Not Applicable

Revival:

• Regular / Limited Pay:
  (a) Revival Period means the period of three (3) consecutive years from the due date of first unpaid Rider premium during which period the Policyholder is entitled to revive the Rider which was discontinued due to the non-payment of premium.
  (b) Revival of a Rider cannot be done once the Rider Term is over.
  (c) The Revival will be considered on receipt of application from the Policyholder along with the proof of continued insurability of Life Assured and on payment of all overdue Rider premiums with interest, if any. The Company, however, reserves the right to accept at original terms, accept with modified terms or decline the Revival of a discontinued Rider. The Revival of the discontinued Rider shall take effect only after the same is approved by the Company and is specifically communicated to the Policyholder.
  (d) The interest rate applicable on Revival should be the same as that applicable in the Base Policy.
  (e) The Rider cannot be revived independently and can only be revived along with the Revival of the Base Policy
• Single Pay:
  Not Applicable

Surrender:

You may Surrender this Rider at any time within the Rider Term. Upon Surrender, you will be eligible for Surrender Value, if any, as per the provisions given under this clause.

There would be no Surrender Benefit for without ROP option.

For ROP option, the rider acquires a Surrender Value after completion of first policy year provided one full year premium has been received. Once this Rider has acquired a Surrender Value, the Rider or the reduced paid-up Rider may be Surrendered during the Rider Term and We will pay You the Surrender Value.

The Surrender Value on this Rider shall be the Special Surrender Value or the Guaranteed Surrender Value, whichever is higher, as defined below.

• Guaranteed Surrender Value (GSV):

     With ROP option:
     The company guarantees a minimum non-negative surrender value which is equal to
     GSV factor x Total Premiums Paid (excluding loading for modal premiums and discount)
     up to the date of surrender.

  GSV factors for regular premium and limited premium:

  Policy Year	GSV rates
  1	0%
  2	30%
  3	35%
  4 to 7	50%
  8 to (Rider Term - 2)	Interpolation between (Rider Term 7) to (Rider Term - 1)
  (Rider Term - 1)	90%
  Rider Term	90%

  GSV factors for single premium:

  Policy Year	GSV rates
  1	75%
  2	75%
  3	75%
  4 to (Rider Term - 2)	Interpolation between (Rider Term 3) to (Rider Term - 1)
  (Rider Term - 1)	90%
  Rider Term	90%

• Special Surrender Value (SSV):

  The Rider acquires a Special Surrender Value immediately after the Rider is issued in case of single pay and after completion of first Policy year provided one full year premium has been received in case of limited & regular pay.

  With ROP option:
     SSV Factor for Maturity* Paid up Rider Sum Assured on Maturity + SSV Factor
     for Death * Paid up Rider Sum Assured on Death

  Special Surrender Value (SSV) shall be based on the Company’s expectation of future financial and demographic conditions and may be reviewed annually by the Company in accordance with the applicable IRDAI regulations in this behalf.

Riders may be surrendered / discontinued separately or it gets surrendered / discontinued if the base product is surrendered / discontinued or made paid-up . No surrender benefit is payable if the total claim value paid exceeds the total premiums paid by the Policyholder

Policy Cancellation Value

Policy cancellation value gets acquired immediately upon payment of premium in case of Single Pay and upon payment of premiums for at least 1 full year and after completion of first policy year in case of Limited Pay.

For Without Return of Premium:

Premium Payment Option	Policy Cancellation Value
Single Pay	75% * (Total Premiums paid) * (1 – rider premium paying term / rider term) * (Balance rider term / rider term).
Regular Pay	Not Available
Limited Pay	75% * (Total Premiums paid) * (1 – rider premium paying term / rider term) * (Balance rider term / rider term).

Policy Cancellation value will not be payable if the policy is cancelled in the last policy year.

Paid-Up Benefit:

• ROP option:
  (a)If the due premiums for the first (1) or more policy years have been paid in full and any subsequent due premium is not paid within the grace period, the rider will be converted into a Paid-Up Rider.
  (b)Paid up Rider Sum Assured on Maturity = (Number of Rider premiums paid / Total number of Rider premiums payable) * Rider Sum Assured on Maturity
  (c)Paid up Rider Sum Assured on Death = (Number of Rider premiums paid / Total number of Rider premiums payable) * Rider Sum Assured on Death
• Without ROP option:
  Not Applicable

Nomination and Assignment

Same as base policy

Tax Benefit

You may be eligible for tax benefits on the premium(s) you pay and benefit proceeds, according to the provisions of Income Tax laws as amended from time to time.