"Future Generali Term Insurance is one of the most popular types of term protection plans created by Future Generali India Life Insurance Company Limited. "
It offers you the flexibility to choose death benefit from multiple payout options
"The insurer is a joint venture between Future Group and Generali Group. As of 31st March 2020, the insurer has 117 branches with over 13. 8 lakhs policies sold and 95.15% claims settled for FY 2028-19. There are four types of term insurance plans offered by Future Generali India Life Insurance Company Limited are - Future Generali Flexi Online Term Plan, Future Generali Care Plus, Future Generali Jan Suraksha and Future Generali Express Term Insurance Plan."
Death Benefit – Basic Life Cover Option: Offers payment in lump sum as death benefit.
Death Benefit – Income Protection Option: Payment of monthly fixed income or increasing income are available as death benefit.
Maturity Benefit: There are no benefits payable on the maturity of the plan.
| Basic Life Cover | Income Protection | |
|---|---|---|
| Entry Age (In years) | 18-55 | 25-55 |
| Policy Term | Minimum -10 years | Minimum 10 years (subject to min maturity age of 45 yrs of the person insured) |
| Maturity Age | Maximum - 65 years (Smoker) Non Smoker - 75 years | Maximum - 65 years |
| Premium Payment Mode | Equal to policy term | Equal to policy term |
| Premium Payment Frequency | Annual and monthly | Annual and monthly |
| Min Basic Sum Assured | 50 Lakh for Basic Life Cover | 50 Lakh for Basic Life Cover |
Future Generali Flexi Online Term Plan offers two different plan options to fulfill the individual requirements of the life insured.
Option 1 – Basic Life Cover
This option has a lump sum payout. For Example - If Rs 1 crore term plan is selected then upon an eventuality (death of the life insured) whole lump sum death benefit of Rs.1 crore will be paid to the nominee.
Option 2 - Fixed Income Protection
This option has a fixed monthly income death benefit protection. In this the life insured can secure the financial income flow for his family in his absence. For example – If the life insured gets a fixed monthly income of Rs.50,000 (which can be his monthly salary). In case of an eventuality (death of the life insured) the nominee will get fixed Rs.50,000 monthly till the time the life insured would had attained the age of 60 years or for 120 months whichever is higher.
Option 3 – Increasing Income Protection
To fulfill the life stage financial requirements in accordance to the annual inflation, this plan offers increase in monthly income payout option. The income increases at an annual simple rate of 10% of the original monthly income amount chosen at inception. The benefit will be payable till the time the sum assured have attained the age of 60 years or 120 months whichever is higher.
For example – If the life insured aged 35 gets a plan of monthly income of Rs. 50,000 under increasing income protection and passes away at age 41. His family will start receiving Rs.80, 000 considering Rs.5000 inflation every year which amounts to Rs.30, 000 increase for being in the 6th year of policy term. In the subsequent years as per the policy the monthly income will keep increasing Rs.5000 every year. The payment will end when the life insured would complete 60 years. So in the final year the monthly payment will be 1, 70,000 considering Rs.5000 increase every year from age 35 to age 60.
Future Generali Accidental Benefit rider option is available in addition to the base plan to enhance the cover.
The Accidental benefit rider has two options:
Option 1: Accidental Death Protection
If the life assured has an accident caused by outward, violent and visible means and results in the death within a period of 180 days of the occurrence of the incident then this rider benefit shall be payable.
Option 2: Accidental Death and Accidental Total and Permanent Disability Protection
On top of the accidental benefit mentioned in the above rider this rider also has disability protection benefit. The benefit shall be payable if the Life Assured is regarded as Totally and Permanently disabled as a result of accidental bodily injury, resulting solely and directly from an accident caused by outward, violent and visible means. The disability must last without interruption, for at least 180 consecutive days and must be deemed permanent by a panel of medical practitioners.
Exclusions
Terms
Benefits
Surrender Value: This plan doesn't offer any surrender value. Grace Period
Grace period of 30 days from the premium due date to pay missed premium (15 days in monthly premium payment mode). During these days, the policy will be valid and any claims will be subject to deduction of due premiums.
Tax Benefit: The premiums paid are eligible for tax benefit as may be available under Section 80C, 80 CCC (1), 80D and 10(10D). The tax benefits are subject to change as under the prevailing income tax laws.
Free-Look Cancellation: The company offers a free look period of 30 days. You can return the policy to the company for cancellation and get refund of the policy premium. The company will deduct proportionate risk premium for the period of cover, stamp duty charges, cost of medical examination (if any).
Lapsed Policy Reinstatement: If the premium due remains unpaid by the end of the grace period, the policy gets lapsed and no life cover will be provided to you during lapse period. You can revive the policy within two years from the date of the last unpaid premium. The policy will be terminated for no value at the end of the revival period.
The following are the exclusions of Future Generali Flexi Online Term Plan. No benefit will be payable in respect of any conditions arising directly or indirectly.
Future Generali Flexi Online Term Plan is an online term plan. It is a very simple plan to understand with multiple payout options and an accidental and disability protection rider attachment option. Future Generali Life Insurance Company has a claim settlement ratio of 90% which is growing every year. With easy to understand features and benefits, Flexi Online Term Plan is a good buy.
