Future Generali Term Insurance

Future Generali Flexi Online Term Plan: With this plan, you can take care of your family even in your absence, and not let them make any compromises in their lifestyle. You can get the basic sum assured, income protection, and have the choice to create a plan best suited for you and your family. Filling out an application form is all it takes, and you can do this in the comfort of your home.

Future Generali Care Plus: This is basic term plan, that will provide your nominee, in the event of your unfortunate death the sum assured. Since it’s a there is no survival or maturity benefit. The plan can be purchased from agents, brokers, banks, etc.

1. This is a plan which can be bought online.
2. The policy provides you, and your family with basic life cover, income protection wherein a monthly income will be paid to your nominee, for a maximum period of 10 years.
3. With this policy, you have the option to choose and create your own customized plan, under the My Protection Plan option. You can choose between, the Fixed Income Protection + or Increasing Income Protection + Basic Life Cover
4. Premium payments for this policy, will be will need to be made, throughout the term of the policy.
5. The policy provides life cover up to the age of 75 years.
6. Under this policy, policyholders will be given discounts for higher sum assured.
7. Women will also enjoy lower premium rates when they apply for this plan.
8. You have the option to cancel the policy within 30 days’ time, if you disagree with any of the terms and conditions.
9. Enjoy the benefit of a 30 day grace period, when it comes to your premium payments for this policy.
10. All premiums paid, will get a tax benefit under Section 80C of the Income Tax Act 1961.

1. Under the Care Plus plan, you can choose from two types of plans, Classic and Premier. These types will be based on the level of sum assured chosen by you. The Classic option sum assured is to a maximum of Rs.24, 99, 999, while the Premier option can be Rs.25 lakhs and above.
2. All premium payment for this policy, need to be paid for the entire duration of the policy.
3. If you choose a sum assured of Rs.15 lakhs and above, you will enjoy discounted rates of premium.
4. Any premiums payment towards this plan, will get tax benefits under Section 80C of the Income Tax Act 1961.
5. You can also enhance your protection plan, by adding riders to it. The rider available for you to add, to this plan will be the Future Generali Non-Linked Accidental Death Rider.
6. If during the tenure of the policy, the insured dies, the death benefit will be paid to his nominee. The sum payable will be the higher of either, 10 times the annual premium or the sum assured chosen, or 105% of all premiums paid until his/her unfortunate death.

We’ll use the same example, Richard a healthy, non-smoker, aged 35, and buys the Flexi Online Term Plan for a period of 30 years. He has chosen the option of Fixed Income Protection Cover. Wherein, he has chosen a payout option for his nominee. Due to this option, the nominee will receive an amount of Rs.50,000 on a monthly basis, after his death, for a maximum of 120 months from the date of death. The nominee will also have the option, to take all instalments at one go. All the monthly payments will be discounted at a rate 6.5% per annum. If the monthly payments have already started with payouts, then the nominee will not be able to take all instalments as a lump sum.

Say hi to Richard again, a non-smoker, aged 35, healthy male, who buys the Online Term Plan for a 30 year period. Choosing the option of Increasing Income Protection Cover. He has chosen an amount of Rs.50,000 to be paid to his nominee on a monthly basis, after his death. Say that Richard dies in the 7th year of the policy, after paying the 7th premium. His nominee will receive an amount of Rs.80,000. The monthly payout will increase by 10% on a simple interest basis, since Richard has chosen the Increasing Income Protection Cover. These payments will be made for a maximum of 120 months from the date of death of the insured or till Richard turned 60 years of age. The nominee has option to take all instalments as a lump sum payment as well. Monthly payments will be discounted at 6.5% per annum. But, if the payment of monthly payments has begun, then the nominee can’t take all instalments as a lump sum.

Let’s take Richard again, 35 years, a non-smoking, healthy male, who takes up the Online Term Plan for a 30 years. Choosing the option My Protection Plan. Richard dies during the 7th year of the policy, after he has paid the 7th premium. Now, his nominee will receive the basic sum assured of Rs.1 crore after his death and will receive an amount Rs.80,000 per month. Which will increase at a simple rate of 10% per annum. The monthly payments will be made, for a period of 120 months from the date of death or till Richard turned 60 years of age. The nominee will also have the option to take a lump sum payment of all instalments. These payments will get discounted at a compounded rate of 6.5% per annum. If the nominee has started to receive monthly payments, then he/she will not be able to take a lump sum payment.

This is the simplest form of life insurance. You will get protection under this at very affordable premiums. All you need to do is, choose the sum assured, and option associated with it, either Classic or Premier (this will be based on the sum assured chosen by you). After this, you need to choose the policy term and the mode with which you will make the premium payments. Once you have provided these details, you will receive a standard quote for premiums payable. Choose one that suit your requirements and finances, fill in the application and make the premium payment.