Future Generali Express Term life plan is a non-linked, non-participating term life insurance plan that offers comprehensive long-term protection at an affordable rate. The policy offers customised plans to suit individual requirements. The policyholder has the flexibility to choose the coverage and premium terms.
Free look period: In case you are not satisfied with the policy terms and conditions, you may choose to cancel the plan within 15 days from the policy receipt date. (30 days if the plan is sold through distance marketing) Upon such cancellation, you will be paid back the premium. However, the stamp duty, medical costs and other expenses will be deducted from the premium.
Grace period: The company provides a grace period of 30 days for yearly, half-yearly and quarterly premium frequency and 15 days for monthly payment mode to pay the premium from the due date. The grace period is the extra days provided to make the payment on completion of the actual due date. During this grace period, you will be covered and entitled to receive all the policy benefits.
Policy lapse: Your policy will lapse if you fail to make the premium payment within the grace period.
Policy revival: A lapsed policy can be revived within two years from the date of first unpaid premium. You need to pay overdue premiums with interest, and the revival will be as per approved underwriting policy.
Nomination and assignment: The company obtains the nominee details at the time of purchasing the policy. The policyholder is allowed to change the nominee by contacting the nearest branch of the company. Assignment and nomination are permitted under Section 38 and 39 of the Insurance Act 1938.
Death benefit: On the death of the policyholder, the nominee will receive the highest of the following:
Maturity benefit: Being a pure protection plan, Future Generali Express Term Life plan does not provide any maturity or survival benefits.
Policy termination or surrender benefit: The plan offers a surrender or policy termination value only in case of limited payment option. For limited pay where premium paying term is less than the policy term:
GSV (Guaranteed Surrender Value) payable = 56.25% of (total premiums paid till date) - (total premiums payable / policy term in years) x policy year of surrender.
The company will not pay surrender value if the policy is surrendered in the last policy year.
Accidental death benefit: The Accidental Death Benefit is payable only under Option 2 and 4 of the policy.
The customers need to meet the following criteria in order to purchase the Future Generali Express Term life 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) |
| Premium payment frequency | 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) |
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Option 1: Life cover – This option provides a lump sum benefit on death or terminal illness whichever happens earlier. In case of accidental total and permanent disability, all future premiums under the plan are waived off. Option 2: Extra life cover – In addition to the benefits offered under option 1, this option provides an additional lump sum benefit in case of death due to an accident. Option3: Life plus health cover – In addition to the benefits offered under option 1, this option provides critical illness benefit where the life insured is diagnosed with any of the listed 34 critical illness. Option 4: All in one cover – In addition to the benefits offered under option 1, this option provides,
Future Generali Express Term life plan at a glance.
| 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 | 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) |
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| Plan options | Option 1: Life cover Option 2: Extra life cover Option 3: Life plus health cover Option 4: All in one cover |
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Annual premium illustration for a healthy, non-smoker, 25-year old individual with Base Sum Assured of Rs. 1 crore, Accidental Death Sum Assured of Rs. 1 crore (if applicable), Critical Illness Sum Assured of Rs. 50 lakhs (if applicable) premium paying term of 25 years and policy term of 25 years.
| Age | Option 1: Life cover | Option 2: Extra life cover | Option 3: Life plus health cover | Option 4: All in one cover |
|---|---|---|---|---|
| 30 years | Rs. 7,032 | Rs. 11,032 | Rs. 18,396 | Rs. 22,396 |
| 35 years | Rs. 9,863 | Rs. 13,863 | Rs. 26,880 | Rs. 30,880 |
| 40 years | Rs. 14,611 | Rs. 18,611 | Rs. 39,769 | Rs. 43,769 |
| 45 years | Rs. 22,138 | Rs. 26,138 | Rs. 63,565 | Rs. 67,565 |
| 50 years | Rs. 33,327 | Rs. 37,327 | Rs. 90,327 | Rs. 94,327 |
| 55 years | Rs. 49,248 | Rs. 53,248 | Rs. 124,920 | Rs. 94,327 |
Income tax benefit: Premiums paid towards the policy are allowed as a deduction from the taxable income every year under Section 80C and 80D 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: No riders are available under this plan.
Following documents are required to process the Future Generali Express Term life plan.
Age proof: The age proof can be any of these – Driving license, School/college certificate, Passport, PAN card, Birth Certificate.
Identity proof: Voter ID, driving license, PAN card or Aadhar card can be used an identity proof.
Address proof: Electricity bill, Bank account statement can be presented as the proof of address. Apart from the list mentioned above, the policyholder has to fill up an application or proposal form and provide self-attested copies of KYC documents.
Below are the circumstances that Future Generali Express Term life 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 policyholder commits suicide within 12 months from the policy revival, the nominee shall be entitled to receive 80% of the premiums paid till date or the surrender value, whichever is the higher.
Loan option: There is no provision to obtain a loan against the Future Generali Express Term life plan.
There are many general insurance providers in India, each offering a wide range of insurance plans ranging from health insurance, life insurance, term insurance and many more. Future Generali is well-known for offering customised plans to its customers in addition to the flexibility in premium payments and higher returns.
Future Generali Express Term life plan is a non-linked, non-participating term life insurance plans that aims to provide utmost coverage to the policyholder with various plan options such as life cover, life cover with accidental death benefit, Life cover with accelerated critical illness benefit, and life cover with accidental death benefit and accelerated critical illness benefits.
The plan offers yearly, half-yearly, quarterly and monthly premium payment frequency. Moreover, it provides a grace period of 30 days in case of premium payment frequencies other than monthly payment. For a monthly payment, the grace period is 15 days within which you can make premium payment after the due date. The company offers a free-look period of 15 days within which the policy can be returned if you are not satisfied with the policy terms.
In case the policyholder commits suicide within 12 months from the policy commencement, the nominee is eligible to receive 80% of the total premiums paid till the date. The plan offers tax benefits under Section 80C, 80D and 10(10D) of the Income Tax Act 1961.
Who can buy the Future Generali Express Term life plan?
Any Indian national between 18 years and 65 years of age can buy this plan.
What maturity benefits are available under the Future Generali Express Term life plan?
Future Generali express term life plan is a pure term life insurance policy; no maturity or survival benefits are payable to the policyholder.
What riders are available under Future Generali Express Term life plan?
No riders are available under this plan.
Is it possible to surrender or discontinue this policy?
The policy can be surrendered after the second year in case of limited pay option. For limited pay where premium paying term is less than the policy term:
GSV (Guaranteed Surrender Value) payable = 56.25% of (total premiums paid till date) - (total premiums payable / policy term in years) x policy year of surrender.
The policyholder is not eligible to receive nay surrender value in case of a regular premium option.
Is it possible to revive my Future Generali Express Term life plan? How?
A lapsed policy can be revived within two years from the date of first unpaid premium. The policyholder needs to make the payment of all outstanding premiums with interest to restore the plan.
Can I get a loan against Future Generali Express Term life plan?
Loan facility is not available under Future Generali Express Term life plan.
What is the policy cancellation process?
In case you are not satisfied with the policy terms, and you wish to cancel the policy within 15 days from the policy issue date (30 days in case the policy is purchased through distance marketing), the company do not charge any cancellation fees. However, the stamp duty, medical examination cost and other expenses will be deducted from the premium
What are the steps to purchase Future Generali Express Term life Plan?
Follow these easy steps to keep yourself covered.
Step 1: Choose a protection option that suits your needs.
Step 2: Choose the sum assured.
Step 3: Choose the policy term (plan duration).
Step 4: Get your premium calculated, fill the application and get a customised quote.
Step 5: Start paying your premiums regularly.
How to make a claim?
To make a claim, please visit the official website of the company. Find the tab that says “Make a claim” and fill up the form with all required details such as policy number, details about policyholder and nominee including the description of the event. Moreover, you can make a claim over the phone, over email or can visit the nearest company branch.
How does the claim process work?
Once you have informed the company about the claim and have submitted the required documents, it will take about 10 – 30 working days to process your claim.
