Future Generali Flexi Online Term Insurance Plan

Future Generali Flexi Online Term Insurance Plan is an affordable and flexible term plan that covers your family’s future financial requirements in your absence. The plan provides a comprehensive and long-term cover to secure your family's future. It offers three different death benefit options to suit any individual’s requirements.

Death benefit: On the death of the policyholder, the nominee will receive the highest of the following:

• Ten times annualised premium
• 105% of the total premiums paid as on date of the death of the policyholder.
• An absolute amount payable on death which is equal to the sum assured.

Where the sum assured is equal to

Option 1: Sum assured chosen at the time of policy commencement. Option 2: Discounted value of fixed income protection payments as on date of death of the policyholder at the rate of 6.5% per annum which is compounded on a yearly basis.

Option 3: Discounted value of increasing income protection payments as on date of death of the policyholder at the rate of 6.5% per annum compounded yearly.

Maturity benefit: Future Generali Flexi Online Term Insurance Plan does not provide any maturity or survival benefits.

Future Generali Flexi Online Term plan offers three different plan options to meet individual requirements for insurance coverage. Option 1 – Basic life cover: This option offers a lump sum payout. In case the policyholder dies at any time during the policy term, the nominee will receive the sum assured as a one-time lump sum payout. The policy will come to an end once the payment is made.

Option 2 – Fixed income protection: In case the policyholder dies during the policy term, the nominee starts receiving a fixed monthly income every month till the insured attains 60 years of age or 120 months from the date of death, whichever period is higher. Alternatively, the nominee has an option to take all instalments as a lump sum at the time of claim settlement. All monthly payout will be discounted at 6.5% per annum compounded.

Option 3 – Increasing income protection: In case the policyholder dies during the policy term, the nominee starts receiving a monthly income every month which will increase every subsequent year, at a simple rate of 10% of the monthly payout chosen at the time of policy commencement. The coverage increases every year which secures the future of your dependents with the rising inflation. The nominee will receive the benefits as per this option till the insured attains 60 years of age or 120 months from date of death whichever is higher. Alternatively, the nominee has an option to take all instalments as a lump sum at the time of claim settlement. All monthly payout will be discounted at 6.5% per annum compounded.

Income tax benefit: Premiums paid towards the policy are allowed as a deduction from the taxable income every year under Section 80C of the Income Tax Act, 1961. Additionally, the death benefits received under this plan are tax free under Section 10(10D) of the Income Tax Act, 1961.

The tax benefits are subject to change as per the prevailing tax laws.

Riders: You have an option to enhance your policy cover by opting for the following rider-

Future Generali Accidental Benefit Rider: If the policyholder has an accident caused by outward and visible means that results in the death within a period of 180 days of the occurrence of the incident then the benefits of this rider shall be payable.

Below are the circumstances that Future Generali Flexi Online Term Insurance Plan doesn’t cover.

Suicide: In case the life insured commits suicide within 12 months from the date of policy inception, the nominee or beneficiary shall be entitled to receive 80% of the premiums paid till date, provided the policy is in force.

In case the life insured commits suicide within 12 months from the policy revival, the nominee shall be entitled to receive 80% of the premiums paid till date, provided the policy is in force.

Apart from this, any self-inflicted injury, injury during a criminal act, death caused by the influence of drugs unless prescribed by the medical practitioner, are excluded from the plan.

Loan option: There is no provision to obtain a loan against the Future Generali Flexi Online Term Insurance Plan.