Non Payment of Due Premium

1. Lapse:

If due premiums for the first one (1) policy years have not been paid in full within the grace period, the policy shall lapse and will have no value.

All risk cover ceases while the policy is in lapsed status.

The policyholder has the option to revive the policy within Five years from the due date of first unpaid premium.

In case the Policy is not revived during the revival period no benefit shall be payable at the end of revival period and the policy stands terminated.

2. Paid-Up Value:

If due premiums for the first one (1) or more policy years have been paid in full and any subsequent premium is not paid within the grace period, the policy will be converted into a paid-up policy.

Death Sum Assured and Maturity Sum Assured will be reduced in proportion to the number of premiums paid to the total number of premiums payable under the policy. The reduced benefit shall be payable in the same manner as for an in-force policy.

If a policy is converted into a paid-up policy, it will not accrue any future Guaranteed Additions under both options. The Guaranteed Additions already accrued, if any, remains attached to the policy. A paid-up policy will not accrue any future Guaranteed Additions after death of the Life Assured under option 2.

You can revive a Paid-Up Policy within a period of five years from the due date of first unpaid premium. A paid-up policy cannot be revived once the policy term is over.

1. Suicide Exclusion : 

In Case of death of Life Assured due to suicide within 12 months from the risk commencement date under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.

2. Grievance Redressal Processes:

• Calling the Customer helpline number 1800-102-2355 for assistance and guidance
• Emailing at care@generalicentral.in
• 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.in for priority assistance

• You may write to us at

Customer Services Department-

Generali Central Insurance Co. Ltd,

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 offers an extensive range of life insurance products, and a distribution network which ensures that we are close to you wherever you go.

At the heart of our ambition is the promise to be a life-time partner to our customers. And with the help of technology we are making the shift from not only offering protection to our customers but also providing personalized services to them.

It starts with our extensive agent base who is at the core of this transformation. Through our distribution network we ensure that there is always a caring touch while servicing the individual needs of our customers. With this philosophy, we aim to make simplicity, innovation, empathy and care synonymous with our brand - Generali Central Life Insurance Company Limited.

Disclaimer

Generali Central New Assured Wealth Plan (UIN: 133N085V03)

POS Life variant of ‘Generali Central New Assured Wealth Plan’ is also available where only Option-1 of this product can be applied without any medical examination up to limited Sum Assured, with waiting period for non-accidental death. Please click here to know more .

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 policy document and consult your advisor, or, visit our website (www.generalicentrallife.com) before concluding a sale.