Future Generali India Term Insurance

The Future Generali India Term plan is an essential life coverage plan offered by Future Generali India India Life Insurance Company. The plan provides financial assistance to the family of the life insured or beneficiary in case of death of the life insured. The budget-friendly premium rates of this term plan make them accessible to a large percentage of people.

Future Generali India Term Insurance Plan offers the policyholder a means to safeguard the financial aspect of the family in an unfortunate event of the death of the policyholder. 

The easily explained products under Future Generali India Term plans are a highlight of the reasonably priced term plans.

Benefits of Future Generali India Term Insurance

Future Generali India Term insurance plans cater to the financial needs of the people in case of tough situations. Some benefits of buying a Future Generali India Term Plan include:

• Smooth Process for Filing Claims

  The claim process of Future Generali India Life Insurance Company is quick, smooth, and hassle-free, which ensures a speedy and assured claim settlement to the beneficiary. The claim settlement ratio of the company in the year 2018-2019 was 95.15%.

• Diverse Plan to Select From

  The company has a wide variety of plans for their customers from whom they can select the plan type that matches their needs and future financial requirements.

• Flexible Terms

  The plans and premium payment mode offer great flexibility to customers, which prove helpful while selecting the plan.

• Tax Benefit

  The premium paid for the Term plan policy is eligible for tax benefit under section 80C of the Income Tax Act 1961. The Term Insurance policy benefit paid to the beneficiary (in case of death of the life insured) is eligible for tax benefit under section 10(10D) of the Income Tax Act 1961.

• Entry & Maturity Age

  The minimum entry age of 18 years and maximum maturity age of 75 years makes it quite convenient and suitable for people to purchase the Future Generali India Term policy.

• Customer Service Available 24*7

  The company provides a 24*7 service to its customers through its various offices, customer support service, and website.

• Monthly Income Payment

  Future Generali India Term Insurance plan offers the benefit of paying a lump-sum benefit to the beneficiary in the form of monthly payouts.

• Riders Available

  Future Generali India Term policy offers its policyholders the option to select riders along with the policy for some added protection and coverage in case of death or disability from an accident.

Types of Future Generali India Term Insurance Plans

Term Insurance Plans offered by Future Generali India Life Insurance company are:

• Future Generali India Flexi Online Term Plan

• Future Generali India Care Plus

• Future Generali India Jan Suraksha

• Future Generali India Express Term Insurance Plan

Features and Benefits

Here is a rundown to salient features and core benefits of plans offered by Future Generali India Term Insurance:

• Future Generali India Flexi Online Term Plan
  

  Key Features and Benefits of Future Generali India Flexi Online Term Plan:
  

  The main features and benefits of this Term plan are as follows:

  • Life cover in any of three flexible options
  • The insurer pays a lump-sum amount to the beneficiary of the life insured in case of death known as Basic Life cover
  • The amount of life cover is paid to the beneficiary as a monthly income. This is the Fixed Income Protection
  • A monthly income is paid to the beneficiary or family of the deceased life insured which is increased at the rate of 10% each year. This is the Increasing Income Protection
  • The plan offers longer protection. Up to 75 years of age
  • The Premium rate for women policyholders are lower
  • The premium rate is discounted if the sum assured chosen large
  • The premiums paid under this plan are eligible for tax benefit under section 80C or 10(10D)
  • The plan does not offer any Maturity Benefit or Surrender value
  • The Future Generali India Accidental Benefit Rider is available with this plan at an additional cost for protection against accidental death or disability
  • The free look period under this policy is 15 days, which allows the policyholder to return the policy within 15 days if the terms of the policy do not seem satisfactory. This period is 30 days if the policy is purchased through any distant marketing mode

  Eligibility for Future Generali India Flexi Online Term Plan

  Parameter	Criterion
  	Basic Life Cover		Income Protection
  Entry Age (as calculated on last birthday)	18 years  - 55 years		25 years - 55 years
  Maturity Age	Minimum:	28 years	Minimum:	45 years
  	Maximum:	Smoker: 65 years                        Non – Smoker: 75 years	Maximum:	65 years
  Policy Term	Minimum period	10 years	Minimum period	10 years  (subject to the condition that minimum maturity age is 45 years)
  	Maximum:	Smoker: 65 years minus Entry Age Non-smoker: Subtract Entry age from 75 years	Maximum:	Subtract Entry age from 65 years
  Sum Assured	Plan Option	Minimum	Maximum
  	Basic Life Cover	Rs. 50,00,000	No Limit  subject to underwriting as per Board approved Underwriting Policy
  		Age at Entry	Minimum Amount Monthly	Maximum Amount Monthly
  	Fixed Income Protection	25-43	Rs.25,000	No Limit  subject to underwriting as per Board approved Underwriting Policy
  		44-48	Rs.35,000
  		49-55	Rs.42,000
  	Increasing Income Protection	25-48	Rs.25,000
  		49-55	Rs.30,000
  Premium Payment Term	Premium payment terms and Policy Term are the same for all the options.
  Premium Payment Frequency	Annual and Monthly

• Future Generali India Care Plus

  Salient Features and Benefits of Future Generali India Care Plus:

  The main features and benefits of this Term plan are as follows:

  • The premium paid under this plan is eligible for tax benefit under section 80C and 10(10D) of the Income Tax Act, 1961
  • The plan offers life cover at easy and budget-friendly premium rates
  • The plan provides financial security for the family of the deceased (insured)
  • The plan is a pure life cover plan and does not offer any surrender or maturity benefit
  • The Future Generali India Non-Linked Accidental Death Rider and Future Generali India Accidental Benefit Rider are available for providing extra protection against accidental death or disability

  Eligibility for Future Generali India Care Plus (Classic Option)
  

  Minimum and Maximum Age at Entry 18 to 65 years	Minimum and Maximum Policy Term 5 years up to the Age 85 years Max allowed Policy Term = (85 - min. age at entry) = 67 yrs.	Maximum Coverage Age 85 years	Minimum Premium 887/- per annum
  Minimum Sum Assured 1,50,000/-	Maximum Sum Assured 24,99,999/-	Premium Modes Yearly/ Half-Yearly/ Monthly (ECS only) 1654832

  
  

  Eligibility for Future Generali India Care Plus (Classic Option)

  Minimum and Maximum Age at Entry 18 to 65 Years	Minimum and Maximum Policy Term From 5 years up to the Age 85 years Maximum allowed Policy Term = (85 - min. age at entry) = 67 yrs.	Maximum Coverage Age 85 years	Minimum Premium 5,000/- per annum
  Minimum Sum Assured 25,00,000/-	Maximum Sum Assured No Limit	Premium Modes Yearly/ Half Yearly/ Monthly(ECS only

• Future Generali India Jan Suraksha
  

  Features and Benefits of Future Generali India Jab Suraksha:

  The main features and benefits of this term plan are as follows:
  

  • The plan has a smooth and hassle-free process to buy the policy
  • Life cover is available by paying a single, one-time token premium
  • The plan offers protection to the family from loans in the event of the death of the insured
  • The entry age for the policy is from 18-50 years of age
  • A premium option for the plan is- Rs 500/ Rs 750 if the entry age is 18-45 years and Rs 750 if the entry age is between 46-50 years
  • The policy term under this term plan is 8 years
  • The premium paid under Future Generali India Jan Suraksha Term plan is eligible for tax benefit
  • The plan does not offer any Maturity Benefit to the life insured
  • There is no facility to avail loan through this plan
  • The premium paid towards this policy is eligible for tax benefit under section 80C and 10(10D) of the Income Tax Act 1961
  • There are no additional riders available with this plan
  • The free look period under this policy is 15 days, which allows the policyholder to return the policy within 15 days if the terms of the policy do not seem satisfactory. This period is 30 days if the policy is purchased through any distant marketing mode
  • The death benefit payable in case of unfortunate death of the life insured is represented in the table below
  • The plan does not pay any surrender benefit if the policy is surrendered in the last year of the policy term

  The Surrender Benefit payable under this plan is represented in the below table

  Policy Year of Surrender	Single-Premium 500 (exclusive of taxes)	Single-Premium 750 (exclusive of taxes)
  1	300.00	450.00
  2	275.00	412.50
  3	250.00	375.00
  4	200.00	300.00
  5	175.00	262.50
  6	150.00	225.00
  7	100.00	150.00
  8	0.00	0.00

  
  

  Age Band	Single-Premium 500 (exclusive of taxes)	Single-Premium 750 (exclusive of taxes)
  18-25	14,000	21,000
  26-30	12,000	18,000
  31-35	10,000	15,000
  36-40	7,500	11,500
  41-45	5,000	7,500
  46-50	N/A	5,000

• Future Generali India Express Term Insurance Plan

  Features and Benefits of Future Generali India Express Term Insurance Plan:

  The main features and benefits of this Term plan are as follows:
  
  The free look period under this policy is 15 days, which allows the policyholder to return the policy within 15 days if the terms of the policy do not seem satisfactory. This period is 30 days if the policy is purchased through any distant marketing mode. The policyholder receives the premium amount after deducting the costs incurred in medical costs or stamp duty.

  • The grace period for payment of policy premium is 30 days in case of premium payment mode being yearly, half-yearly, or quarterly and 15 days in the case of payment premium frequency being monthly
  • If the policyholder is unable to pay the premium or if it is not made in the grace period, the policy gets lapsed
  • The policy can be revived once it has lapsed, up to 2 years from the first unpaid premium date. The policyholder needs to pay the pending premium amount with interest due, and the policy gets revived as per the underwriting policy
  • The policyholder is allowed to change the nominee details during the policy tenure. This can be done by visiting the nearest branch office
  • The policy does not offer any maturity or survival benefits to the policyholder
  • A policy termination benefit or policy termination value is paid in the event of a limited payment option i.e., when the policy term is longer than the premium payment term
  • The premium paid under this policy is eligible for tax benefit under section 80C and 80D of the Income Tax Act 1961. The death benefit paid to the beneficiary is also eligible for tax benefit under section 10(10D) of the income tax act, 1961.
  • The four options offered under this plan are
  • Option1-Life Cover: Under this option, the insurer provides a lump-sum benefit to the beneficiary in case of a terminal illness or death of the policyholder (whichever happens earlier). In the event of permanent and total disability from an accident, all further premiums are waived
  • Option 2-Extra Life Cover:  Along with the benefits offered under option 1 (Life Cover), this option provides a lump-sum benefit in case of accidental death
  • Option 3-Life Plus Health Cover: This option provides a critical illness benefit for 34 illnesses covered by the insurer in addition to the benefits of option 1
  • Option 4-All in One Cover: This option is a combination of all the three options providing life cover, Extra Life Cover, and Life Plus Health Cover
  • The policy does not offer any riders for additional benefits to the policyholder
  • In case of the death of the life insured, the highest value of the following three options is paid.
  • Ten times of the annualized premium value (excluding the rider premiums, taxes, loading for premium, and extra premium)
  • An amount that is at par with the sum assured
  • 105% of the total premium paid as on the date of death of the policyholder (excluding taxes, rider premium, or extra premium)

  Eligibility and Plan Details for Future Generali India Express Term Insurance Plan
  

  PARAMETER	MINIMUM	MAXIMUM
  Entry Age (as on last birthday)	18 years	65 years
  Maturity age	For option 1 & 2: 23 years For option 3 & 4: 23 years	For option 1 & 2: 85 years For option 3 & 4: 80 years
  Sum assured	25 lakhs	No limit (subject to underwriting policy)
  Accidental death sum assured	5 lakhs	Sum assured (subject to underwriting policy)
  Critical illness sum assured	5 lakhs	50% of Sum Assured or Rs. 1 Crore, whichever is lower.
  Premium payment frequency	It can be either out of Yearly, Half Yearly, Quarterly, and Monthly
  Premium amount	Minimum premium: Monthly mode: Rs. 500 Quarterly mode: Rs. 1000 Half-yearly: Rs. 1000 Yearly: Rs. 2000 Maximum limit: No limit (depends on sum assured)

Documents Required to Purchase a Future Generali India Term Insurance Plan

The documents required to purchase a Future Generali India Term Insurance Plan are categorized under three broad categories-Income proof, ID proof, and Address proof.

• Income proof Documents

  • Salary statement of the last three months
  • Employer certificate or IT returns
  • Form 16 of the latest FY
  • Bank statement of the last 6months

• Address Proof

  • Aadhaar Card
  • Passport
  • Voter ID-Card
  • Electricity/ Telephone Bill
  • Driving Licence

• ID proof

  • Aadhaar Card

Exclusions in Future Generali India Term Policy

There are some instances of death that are no covered under a Future Generali India Term policy. These exclusions are listed below:

• Death from self-harm or injury

• Suicide

• Death from a pre-existing ailment or illness

• Death from HIV/AIDS (sexually transmitted diseases)

• Death from participation in illegal activities

• Accidental death as a result of drunk and drive

• Death from participation in activities like car racing, bike racing

• Death from childbirth/ pregnancy

• Death from participation in activities such as trekking, bungee jumping, trekking, water sports, etc.

Policy Renewal of the Future Generali India Term Plan

The policy renewal for a Future Generali India them Insurance is an easy and convenient process:

• The policyholder needs to visit the website of Future Generali India and select the ‘Pay Premium’ option

• On this screen, the policyholder needs to enter the date of birth and policy number of the policyholder and click 'submit.'

• The next screen would show the premium amount to be paid for policy renewal

• Here select the appropriate payment method and make the renewal premium payment

Process for Filing a Claim

The process of filing a policy claim involves three major steps:

• Intimation of the Claim

• Processing the claim

• Decision Regarding the Claim

• Intimation of the Claim

  The first step involves intimating the insurer about the death of the insured. This is done by filling the claim form and submitting it at their branch office with the other relevant documents. These documents include:

  • Policy Document in original
  • Death certificate
  • FIR copy and Post Mortem Report
  • Proof of age
  • Bank Account details
  • Death certificate issued by the Hospital that last attended mentioning the cause of death

• Processing the claim

  Once the claim is received at the branch office, it is analysed and scrutinized, and if any further information is required, the nominee is contacted again.

• Decision Regarding the Claim

  Within 10 days of receiving the claim, the insurer decides for the claim settlement and communicates the decision to the claimant.

How to Buy Future Generali India Term Insurance?

Once the plan comparisons have been made, and the plan to be purchased is decided, the insurance plan can be bought by visiting the branch office if the insurer or online through their website.

FAQs