term insurance
Future Generali Term Insurance

Future Generali Term Insurance

In the unpredictable world of today, it has become more important than ever to secure the future of oneself and one’s family. Future Generali Term Insurance plans have been designed considering the uncertainties of life and promise unprecedented support and protection for you and your family. If you are the only prime earning member of your family, a Future Generali Term Insurance plan could just be the right choice for you.

About Future Generali Life Insurance

CharacteristicsSpecification
Company NameFuture Generali India Insurance Company Limited
HeadquartersMumbai
Year of Establishment2000
Company TypePrivate
Parent CompanyFuture Group, Generali Group
CEOAnup Rau
Number of Branches125+
Claim Settlement Ratio (2019-2020)95.80%

Benefits of Term Life Plans by Future Generali

Future Generali Term Insurance plans have been designed keeping in mind the diverse needs of customers and come with a wide range of benefits. Some of the prime benefits are listed below.

  • Affordable premium: A key benefit of Future Generali Term plans is that they do not burn a hole in your pocket. These plans have been designed to safeguard you and your family without making premium payment a taxing job.
  • Financial protection and security: Future Generali term plans assure complete financial security and protection to your family in case of an unfortunate incident.
  • High insurance cover at a low premium: The Sum Assured on our term plans is much higher than the total investment made in the form of premiums by the policyholder.
  • Flexible premium payment options: As a policyholder, you get an option to choose a premium payment frequency that suits you the best. There are options to pay premiums monthly, quarterly, or even annually.
  • Option to add riders: When you select a term plan, you get an option to customize your policy and add riders at a nominal cost for added protection. Some of the common riders include accidental death benefits, critical illness, partial and permanent disability, etc.
  • Survival benefits: Term with Return of Premium (TROP) plans provide for maturity benefits in case the policyholder survives the policy term.
  • Tax benefits: Upon investing in a term plan, you may be eligible to claim tax benefits under Section 80C and 10(10D) of the Income Tax Act.

Future Generali Term Insurance Plans

The term plans provided by Future Generali India Life Insurance are designed to match the variable needs of policyholders and provide for maximum cover at reasonable premium prices. The various term plans available are as follows:

  1. Future Generali Flexi Online Term Plan
  2. Future Generali Jan Suraksha
  3. Future Generali Saral Jeevan Bima
  4. Future Generali Care Plus
  5. Future Generali Express Term Life Plan

1. Future Generali Flexi Online Term Plan

EligibilityIncome Protection PlanBasic Life Cover Plan
Entry Age25 to 55 years18 to 55 years
Minimum Maturity Age45 years28 years
Minimum Sum AssuredMonthly Amount: ₹25,000₹50,00,000
Maximum
Sum Assured
Monthly Amount: No LimitNo Limit


Flexible Cover Options:

The Flexi Online Term plan comes with two coverage options which the policyholder can choose according to his/her convenience.

  • Basic Life Cover: Lumpsum payment of Sum Assured to the nominee upon the death of the policyholder.
  • Income Protection Plan: Under the Income Protection plan, in case of the death of the policyholder, the nominee receives a monthly payout till the policyholder would have turned 60 or for 10 years, whichever is higher.

The plan is further categorized into:

  • Fixed Income Protection: The nominee is paid a fixed payout every month
  • Increasing Income Protection: The payout paid to the nominee increases every month from the 7th year of the commencement of the policy

Plan Benefits:

  • Longer Protection: Life cover for up to 75 years of age
  • Higher Sum Assured Discount: Discount on the rate of premium paid upon opting for a higher sum assured
  • Preferential premium rates for non-smokers: Non-smokers are entitled to receive special premium rates.

2. Future Generali Jan Suraksha

Eligibility Type Values
Entry Age 18 to 50 years
Premium Options Entry Age – 18 to 45 years: ₹500 to ₹750 Entry Age – 46 to 50 years: ₹750
Policy Term 8 years
Premium payment term Single premium

Plan Highlights:
  • Life insurance coverage with a nominal one-time premium
  • Premium amounts as low as ₹500 and ₹750
  • Riders not available
Plan Benefits:
  • Death Benefit: Lumpsum payment of Sum Assured to the nominee upon the death of the policyholder. The Sum Assured is subject to the age of the policyholder at the time of death
  • Surrender Benefit: If the policyholder decides to exit the policy before its term, surrender benefit shall be offered based on the premium option selected and the year of surrender after the purchase of the policy.
  • Maturity Benefit: Not applicable

3. Future Generali Saral Jeevan Bima

Term PlanEligibility
Future Generali Saral Jeevan Bima

Entry Age: 18 to 65 years

Maturity Age: 23 to 70 years

Policy Term: 5 to 40 years

(The premium payment term depends on the policy term selected)

Sum Assured:

Minimum: ₹5,00,000

Maximum: ₹25,00,000


Plan Highlights:

  • During the waiting period of 45 days from the Date of Commencement of Risk, death of the policyholder due to accident only shall be covered
  • In case of the policyholder’s death by any other means during the waiting period, an amount equal to 100% of all the premiums paid shall be paid to the nominee. In this case, the Sum Assured shall not be paid.

Plan Benefits:

  • Flexible Policy Term and Premium Payment: The policyholder can choose a policy term and premium payment option based on his/her convenience. The available premium payment options are monthly, half-yearly and annually.
  • Lumpsum Death Benefits: In case of the death of the policyholder, the nominee will receive a lumpsum payout of the Sum Assured
  • Maturity Benefit: Not applicable
  • Lower premium rates for women

4. Future Generali Care Plus

Term PlanEligibility
Future Generali Care Plus

Entry Age: 18 to 65 years

Maturity Age: 23 to 85 years

Policy Term: 25 years

Premium Payment Type: Regular Pay

Sum Assured:

Life Cover: ₹1 Crore

Extra Life Cover: Base Sum Assured – ₹1 Crore + Accidental Death Sum Assured – ₹1 Crore

Plan Highlights:

  • Flexible Coverage Options: Future Generali Care Plus policy provides for two coverage options:
  • Life Cover – Basic life insurance plan
  • Extra Life Cover – Life cover with Accidental Death Benefit
  • Claim Service Guarantee of 2 working days

Plan Benefits:

  • Flexible Policy Term and Premium Payment: The policyholder can choose a policy term and premium payment option based on his/her convenience.
  • Flexible Death Benefits: In case of the death of the policyholder, the nominee shall receive a lumpsum payout, fixed monthly payout or a combination of both, based on the option selected by the policyholder
  • Maturity Benefit: Not applicable
  • Lower premium rates for women

5. Future Generali Express Term Life Plan

Term PlanEligibility
Future Generali Express Term Life Plan

Entry Age: 18- 65 years

Maturity Age: 23 to 85 years

Premium payment modes: Monthly, Quarterly, Half-yearly and Annually

Sum Assured:

Life Cover Option:

Minimum: ₹25,00,000

Maximum: No Limit

Extra Life Cover Option:

Minimum: ₹5,00,000

Maximum: Sum Assured at the commencement of the policy

Life plus Health Cover Option:

Minimum: ₹5,00,000

Maximum: 50% of Sum Assured or ₹1 Crore, whichever is lower

Plan Highlights:

The Future Generali Express Term Life Plan comes with 4 options to choose from:

  • Life Cover Option: Lumpsum benefit on the policyholder’s death or terminal illness. In the case of Accidental Total and Permanent Disability (ATPD), all future premiums to be waived off
  • Extra Life Cover Option: In addition to the benefits under Life Cover Option, additional lumpsum benefit in case of death of policyholder due to accident
  • Life plus Health Cover Option: In addition to the benefits under Life Cover Option, critical illness benefits to be awarded
  • All in One Cover Option: In addition to the benefits under Life Cover Option, a lumpsum benefit on death due to accident and critical illness benefits is applicable

Plan Benefits:

  • Flexible Policy Term and Premium Payment: The policyholder can choose a policy term and premium payment option based on his/her convenience.
  • Death Benefit: In case of death of the policyholder, the nominee is to receive a lumpsum payout, based on the plan selected by the policyholder
  • Maturity Benefit: Not applicable

Exclusions That Come With The Future Generali Term Policies

The Future Generali Term plans exclude the following scenarios.

Death by Suicide

If the Life Insured dies due to suicide within 12 months from the date of commencement of risk or the revival of the policy, the nominee shall receive 80% of the premiums paid by the policyholder. In this case, the sum assured shall not be payable.

Exclusions under the accidental death benefit

Accidental death benefits shall not be applicable in the following situations.

  • Suicide or self-inflicted injury regardless of the policyholder’s mental state
  • War, terrorism, rebellion, hostilities, martial law, revolution, military or usurper power, riot or civil commotion
  • Participation in any military, naval, or air force operation
  • Pre-existing disease, condition, ailment, or injury
  • Criminal assault, offense, or illegal activity
  • Alcohol or drug abuse
  • Service in armed forces or any police organization
  • A flying activity that is not in a licensed passenger aircraft
  • Participation in adventure sports and races
  • Nuclear contamination

Exclusions under critical illness benefit

Critical illness benefits shall not be applicable in the following situations.

  • Pre-existing disease, condition, ailment, or injury
  • Conditions that are a direct or indirect result of any pre-existing conditions
  • Irrational failure to follow medical advice or treatment
  • Self-inflicted injuries

Riders Offered with Future Generali Term Insurance

  • Accidental Death Protection: This rider offers the benefit of additional income over the Sum Assured in case of death of the policyholder due to accident.
  • Accidental Death and Accidental Total and Permanent Disability Protection: This rider offers the benefit of additional income over the Sum Assured in case of death of the policyholder due to an accident or a permanent disability resulting due to an accident.

Steps to Buy Future Generali Term Insurance Plans

For Online Policies 

Step 1: Open the Future Generali website.

Step 2: Select the policy with the required option and choose any riders (wherever applicable) that you wish to purchase.

Step 3: Generate a quotation and fill the online form with the required details.

Step 4: Pay the premium online and upload all the required documents.

Step 5: Undergo a medical examination to complete the application process. The costs for the entire medical examination will be borne by Future Generali.

For Offline Policies

Step 1: Visit the nearest branch of Future Generali Life Insurance or call the toll-free number 1800-102-2355 or send an email to care@futuregenerali.in

Step 2: Get guided by an advisor and fill up the proposal form with the required details. Ensure you have read all the terms and conditions properly to get maximum benefits out of the policy.

Step 3: Undergo a medical examination. The costs for the entire medical examination will be borne by Future Generali.

Step 4: Inform the company of any health changes or issues that may have occurred during the application process.

Documents Required To Buy Term Life Insurance

  1. Identity proof: Aadhar card
  2. Address proof: Any of the below-mentioned documents can be submitted as address proof.
    • Aadhar Card
    • Bank statement or passbook with latest entries for the last 6 months
    • Passport
    • Voter’s ID
    • Driving License
    • Electricity / Telephone bill
    • Ration Card
  3. Income documents: Any of the below-mentioned documents can be submitted as income proof.
    • Salary slips for the last 3 months
    • Income tax returns
    • Bank statement for the last 6 months
    • Latest Form 16 provided by your employer.

Renewal Process For Future Generali Life Term Policies

To renew your Future Generali term plan, follow the below steps.

  1. Open the Future Generali website and log in.
  2. Select the plan you would like to renew. You can also enter the policy details manually to search for the required plan.
  3. Select or modify the riders that you would like to add or remove.
  4. Pay the renewal premium online.
  5. Check your mailbox for the renewed policy document.

Claims Process of Future Generali Term Plans

To file a claim for your term policy, follow the below steps.

  1. Intimate Future Generali online or call Customer Care at 1800-102-2355 or send an email at care@futuregenerali.in. Alternatively, you can also visit the nearest branch to initiate a claim. After receiving the claim intimation, a representative will get in touch with you. 
  2. Fill up the claim form and submit the required documents to facilitate the claim process.
  3. Once the required documents have been received, the Future Generali team shall assess them and make a decision. To ensure a speedy payout, Future Generali transfers the claim proceeds through direct credit to the claimant’s account.

Claimants can monitor the status of their claims by dropping an email to claims.support@ futuregenerali.in.

Documents Required To File A Claim

The following documents are required to file a claim for your term plan.

Death Claims:

  1. Death Certificate / Medical certificate of death issued by the hospital
  2. Original policy document
  3. Original canceled cheque with printed name on it / photocopy of passbook or bank statement along with the colored image of the same
  4. Life Assured’s photo ID and date of birth proof
  5. Nominee’s photo ID and date of birth proof
  6. Relationship proof of the nominee
  7. Nominee’s PAN Card
  8. Claim Forms

Additional documents in case of death in hospital:

  1. Indoor case papers
  2. Discharge / Death summary

Additional documents in case of Accidental Death/Suicide/Murder:

  1. Post Mortem Report
  2. Chemical Viscera Report
  3. First Information Report (FIR) by police
  4. Panchnama
  5. Newspaper cutting (if any)
  6. Driving License

Frequently Asked Questions

1. What are the riders available with the Future Generali Flexi Online Term Plan?

The Future Generali Flexi Online Term Plan comes with one rider option- Future Generali Accidental Benefit Rider. Under this rider, the claimant/nominee shall receive additional benefit over the Sum Assured in case the Life Insured dies due to an accident.

2. I have bought the Future Generali Jan Suraksha plan and already paid the single premium. Can I change my nominee now?

Yes. All Future Generali term policies provide the option to change the nominee at any time during the policy tenure.

3. I already own the Future Generali Express Term Life Plan plan. Can I buy another term insurance policy from Future Generali?

Yes. There is no limit on the number of term insurance plans you can buy with Future Generali.

4. I recently missed paying my premium for the Future Generali Express Term Life Plan. What happens to my policy now?

If you miss your premium payment under the annual payment plan, Future Generali Term Insurance offers a 30-day grace period. During these 30 days, you will continue to be insured as per your policy and remain entitled to receive death benefits. If premium payment is not made beyond the grace period, the policy shall lapse and no benefits shall be applicable thereafter. The grace period for the monthly payment plan is 15 days.

5. What should I do if my Future Generali Express Term Life Plan has lapsed?

You can revive your lapsed Future Generali term policy within 2 years from the date of the last unpaid premium. Post the revival period, the policy shall stand terminated for no value.

6. How do I revive my lapsed Future Generali term policy?

Any lapsed Future Generali term policy can be revived by following the below steps.

  1. The policyholder must submit a written application along with the proof of continued insurability of the Life Insured as specified by Future Generali.
  2. Payment of all the overdue premiums without any interest.

7. Can I change the premium payment frequency for my Future Generali Saral Jeevan Bima plan?

Yes. The Future Generali Saral Jeevan Bima plan allows you to change your premium payment frequency. The premium payment term, however, depends on the policy term selected.

8. The nominee for my Future Generali Care Plus policy is a minor. How does this affect the claims process?

In cases where the nominee/beneficiary for a Future Generali term policy is a minor, the claim must be submitted by the Appointee, if any. If the Appointee is not mentioned, the claim proceeds shall be payable to the legal guardian of the minor or the legal heirs of the Life Insured, subject to the submission of relevant documents.

9. What happens if the nominee/beneficiary for my Future Generali term plan has also expired?

If the nominee/beneficiary for your Future Generali term plan has also expired, the claim proceeds shall be payable to the legal heirs of the Life Insured, subject to the submission of relevant documents.

10. What happens to my Future Generali term insurance policy after it matures and I survive the term?

Your maturity benefit depends on the policy you choose. Currently, none of the Future Generali Term Insurance policies offer any maturity benefit.

11. Can I surrender my Future Generali term insurance policy before its term? What happens when I do so?

Yes, you can surrender your Future Generali term policy before its maturity and avail of the applicable surrender value. Surrender value is the amount the insurance company pays to you after you surrender the policy before its term.

12. Will I get a surrender benefit with all Future Generali term policies?

No, not all term policies offer surrender benefits. Currently, only the Future Generali Jan Suraksha plan offers surrender benefit.

13. How do I calculate the surrender value of my Future Generali Jan Suraksha plan?

The surrender value of your Future Generali Jan Suraksha plan is mentioned in your policy document. This is dependent on the premium option selected and the year of surrender after the purchase of the policy.

14. What are the possible reasons behind the rejection of a claim for my Future Generali term policy?

Future Generali may reject a claim for a term insurance policy due to several reasons. Some of the possible reasons are listed below

  • False information
  • Non-payment of premiums
  • Incorrect nominee details
  • Contestability period- If the Life Assured dies shortly after buying the policy, the claim can be rejected
  • Type of death- Not all types of death are covered by term policies. Please read your policy document carefully to understand which types of death are covered in your plan.
  • Delay in filing a claim
  • Avoiding medical tests

15. I do not agree with the terms and conditions of my Future Generali Care Plus plan. What should I do?

All Future Generali term insurance plans come with a free 15-day look period. During this period, you can terminate the policy if you do not agree with its terms and conditions.

16. What should I do if my claim for my Future Generali term plan is rejected?

If your claim gets rejected, you can appeal to Future Generali to review and reconsider the decision. You can also file another claim in this respect.