Dubbed Assured Money Back Plan, the new plan will benefit customers having an irregular income such as business owners, sportspersons and artists and will serve the requirements of customers who are unable to pay premiums for the entire policy term, reported The Times of India.
Future Generali said, "This is a simple insurance plan which combines certainty along with returns at regular intervals."
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The plan will offer customers to option to select from four limited premium payment terms.
The terms start from five years and the customer will receive a longer duration of life cover with 200% of the sum assured as guaranteed money backs during the policy term.
Future Generali Life Insurance managing director and CEO Munish Sharda said, "The concept of paying premiums for a limited period while enjoying a longer life cover with guaranteed money backs is best suited for customers who do not have a regular income."
The plan is a structured solution for periodic payouts to the policyholder following completion of the premium payment term.
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