Designed to financially secure a child’s education, the plan, which is marketed as ‘simple’, provides a savings platform along with a premium waiver option in case of an unforeseen event.

Under the policy, customers can save systematically until his/her child turns 17 years of age. It also offers three options to receive guaranteed payouts depending on the milestones set by the parent.

In the event of the unfortunate death of the parent, all future premiums get waived and the plan continues to pay for the child’s school education and ensures that the family is financially secure.

A lump sum amount known as death sum assured is paid immediately to take care of the family’s immediate needs.

Further, a payout of 5% of the sum assured is paid every year until the child turns 17 to ensure that the school education is uninterrupted.

Future Generali Life Insurance managing director and CEO, Munish Sharda, said: "With the rising cost of education, it is important to save in a disciplined manner.

"With this objective in mind, we have launched the Future Generali Assured Education Plan, with a differentiated proposition in line with our simple to understand and customer-focused product strategy.

This is a comprehensive life insurance plan which provides protection to the family in terms of income benefit as well as waiver of future premiums in case of an unfortunate event."

FGILI is a joint venture (JV) between retailer Future Group and Assicurazioni Generali, and Industrial Investment Trust Limited (IITL) a non-banking financial company.