Mumbai, July 07: Generali Central Life Insurance Co. Ltd (GCLICL), a private leading life insurer, has launched the Sunehra Pension Plan. It is a participating (PAR), on-linked, pension, savings-oriented life insurance plan aimed at helping policyholders build a retirement corpus for their future financial security. Beyond its core insurance benefits, the plan also offers complimentary wellness services, reinforcing Generali Central Life Insurance’s commitment to delivering holistic value to its policyholders.
Generali Central Life Insurance is a joint venture between global insurance leader Generali and Central Bank of India, combining international expertise with a local banking legacy.
By 2050, India’s elderly population is expected to nearly double from 10.5% in 2022 to around 20.8%(1). At the same time, pension assets remain low at just 17% of GDP compared to ~80% in developed markets (2), underscoring the urgent need for stronger retirement preparedness. Recognizing this emerging reality, Generali Central Life Insurance’s Sunehra Pension Plan is designed to help individuals plan more effectively for their retirement, enabling them to systematically build a corpus and secure long-term financial stability in their post-retirement years.
As a PAR plan, bonuses under the Sunehra Pension Plan begin accruing from the first policy year, providing policyholders with a longer runway to benefit from compounding. The plan offers flexibility to choose a policy term ranging from 5 to 40 years, making it suitable for individuals across life stages, along with assured benefits on death or vesting. It also provides liquidity through partial withdrawals in case of financial emergencies, multiple premium payment options including Single Pay, Limited Pay, or Regular Pay throughout the policy term and the ability to enhance protection through optional riders, enabling a comprehensive and adaptable retirement planning solution.
The plan provides guaranteed benefits under two scenarios. If the policyholder survives until the end of the policy term, they receive a vesting payout, which is the higher of the Sum Assured on Vesting (along with any accrued bonuses) or 105% of the total premiums paid, forming a strong base for retirement income. In the unfortunate event of the policyholder’s demise during the term, the nominee is entitled to receive the higher of the Assured Benefit on death (plus any accrued bonuses) or 105% of the total premiums paid.
At vesting, surrender, or in case of a death claim, the payout can be used in a few ways. The customer can purchase an annuity (immediate or deferred) from Generali Central Life Insurance or another insurer, take a part of the amount as a lump sum and use the rest to generate regular income, or, in the event of a death claim, withdraw the entire amount as a lump sum.
The Sunehra Pension Plan goes beyond long-term wealth creation by offering policyholders a range of complimentary wellness services such as discounted annual health checkups, reduced rates on diagnostic lab tests, second medical opinions via teleconsultation, and online physician consultations. These additions underline Generali Central Life Insurance’s commitment to keeping policyholders engaged and supported throughout the policy tenure and delivering value that extends well beyond financial coverage.
Highlighting the importance of the plan, Mr. Alok Rungta, MD & CEO of Generali Central Life Insurance, said, “In an evolving socio-economic landscape, life insurance plays a critical role not only in protection but also in enabling long-term financial security. Retirement planning requires a disciplined and structured approach, given the increasing longevity and the limited penetration of formal pension systems in India. At Generali Central Life Insurance, we believe it is imperative to empower individuals to prepare proactively for their post-retirement years. The Sunehra Pension Plan has been designed with this objective at its core combining the strength of a participating product with the stability of long-term savings, to help customers build a sustainable retirement corpus. Our focus remains on delivering solutions that reinforce financial resilience and provide customers with confidence and security across life stages.”
Customers can access the details of the product here: Generali Central Life Sunehra Pension Plan | Guaranteed Income