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Future Generali

Future Generali India Life Insurance Company Limited is a joint venture between three leading groups: Future Group – A leading retailer in India, Generali Group- A global insurance group that features among top 50 largest companies in the world and Industrial Investment Trust Limited (IITL) – A leading investment company.

At Future Generali India Life Insurance Company Limited, our mission is to actively protect and enhance peoples’ lives. With operations spread across 75 branches and a complete range of simplified solutions for the financial security of customers and enterprises, we aim to become the first choice by delivering relevant and accessible insurance solutions.

Age at Entry: 3 to 55 years

Policy Term: 15/ 20/ 25 years

Premium Payment: Limited

Premium Payment Frequency: Yearly/ Half-Yearly/ Quarterly/ Monthly

Minimum Premium: Rs 12,000 per annum

Maturity Benefit: Sum Assured plus accrued bonuses and Terminal Bonus (if any)

Death Benefit: Higher of Death Sum Assured plus Accrued Bonuses and Terminal Bonus (if any) or 105% of the total premium paid till date of death

High Sum Assured Discount: Yes

Tax Benefit: Yes

Bonus: Yes

WHY BUY THIS POLICY

The plan offers multiple term options to suit your needs. Based on your financial goals, you have the flexibility of paying for a limited period and staying invested for a longer period to reap higher benefits.Get the potential upside on your investments through compounded reversionary bonuses throughout the Policy Term.The policy offers you a life insurance cover that gives your family a lump sum amount as well as the vested bonuses and terminal bonus (if any) in the policy.

HOW IT WORKS

Step 1: Choose the Sum Assured. Depending on Sum Assured you may get discounts on the premium payable.

Step 2: Select the Policy Term and premium payment term.

Step 3: Based on the Sum Assured, your age, the premium payment term, and the Policy Term, you receive a standard benefit illustration along with the premium payable.

Step 4: Fill up the proposal form and pay the premium

BENEFITS:

Maturity Benefit : In case the Life Assured survives till the end of the Policy Term, provided all due premiums have been paid, the Sum Assured plus accrued bonus and Terminal Bonus, (if any) will be payable. The policy terminates on the payment of Maturity Benefit.

Death Benefit : In case of an unfortunate demise of the Life Assured during the Policy Term, provided all due premiums have been paid till the date of death, the benefit payable to the nominee is the higher of:Death Sum Assured plus vested bonus plus Terminal Bonus, if any.105% of total premiums paid (excluding Goods & Services Tax, extra premiums, if any).Where Death Sum Assured is higher of:Sum Assured, or10 times the annualized premium if age of the Life Assured is less than 45 years or 7 times the annualized premium if age of the Life Assured is greater than or equal to 45 years.

Target Group : For the customers who are looking for tax saving life insurance plan that offers flexibility of paying for a limited period and staying invested for a longer period to reap higher benefits with potential upside through bonuses.

EXCLUSION :

Suicide Exclusion: If the life assured commits suicide within one year from the policy commencement date, the policy will be void and only 80% of the premiums paid will be payable as death benefit. If the life assured commits suicide within one year from the revival date of the policy, if revived, the higher of, 80% of the premiums paid till the date of death and surrender value, will be payable as death benefit.

Age at Entry: 7 to 50 years

Policy Term: Premium Payment Term + 5 years

Premium Payment Term: 15 or 20 years

Premium Payment Frequency: Annual, Semi-Annual and Monthly.

Premium: Minimum: Rs 15,000 Maximum: No Limit

Maturity Age: 27 years – 75 years

Minimum Sum Assured:Rs 2,00,000

WHY BUY THIS POLICY?

Benefit 1
Receive a fix amount of money for 5 consecutive years after you finish paying all your premiums

Benefit2
Receive a lump sum when your policy matures. 50% of Sum Assured plus compounded reversionary bonus (if any) plus terminal bonus (if any)

Benefit 3
Receive another lump sum when you turn 80. 100% of Sum Assured, if you survive till 80 years of age. In case of your unfortunate demise before you turn 80, 100% of Sum Assured will be paid to your nominee

HOW IT WORKS:

Step1 : Choose the amount of insurance cover you desire under this policy.

Step2 : Choose the term of your policy i.e. decide the number of years for which you wish to pay the premium i.e. 15 years or 20 years

Step3 : Our sales representative will help you calculate your premium and provide you a customised benefit illustration.

Step4 : Get ready to enjoy triple benefits till you turn 80

BENEFITS

Survival Benefit:If you have paid all your premiums till the completion of the Premium Payment Term, you will receive 5 annual payouts equal to 10% of your Sum Assured which is called the Survival Benefit. These payouts will begin at the end of the same year in which you paid your last premium.

Maturity Benefit:Once your policy matures, which is 5 years after your premium payment term, you will receive a lump sum payout equal to 50% of the Sum Assured plus any declared Compounded Reversionary bonuses plus any Terminal Bonus, which is called the Maturity Benefit.

Extended Life Cover:Your insurance cover will be active till you turn 80. Once you reach 80 years of age, you will receive another lump sum payment equal to 100% of your Sum Assured which is called Extended Cover Payout. What's more, In case of your unfortunate demise after maturity but before you turn 80 years, your nominee will receive 100% of your Sum Assured.

Death Benefit during the Policy Term:

Death Benefit in this plan secures your family in case of your unfortunate demise during the policy term. The Death Benefit payable shall be higher of: 105% of all the premiums paid(excluding taxes, rider premiums and extra premiums, if any) as on date of death; or Death Sum Assured + Accrued Compounded Reversionary Bonuses (if any) plus Terminal Bonus(if any)

The Death Sum Assured will be the highest of:

Sum Assured

10 times Annualised Premium

Maturity Sum Assured

Absolute amount payable on Death (which is equal to Sum Assured)

The above Death Benefit shall be payable irrespective of any survival benefits paid earlier

The plan terminates after paying the death benefit to the family. In case of death after the Policy Term but before reaching age 80 years, Sum Assured is paid to your Nominee

Compounded Reversionary Bonus: At the end of each financial year the Company may declare a bonus expressed as a percentage of the Sum Assured and all previous bonuses declared. The bonus of each year is added to the Sum Assured and the next year's bonus is calculated on the enhanced amount.

Your Benefits 15 Year PPT 20 Year PPT
Regular Payouts 10% of Sum Assured every year from end of 15th year till end of 19th policy year. 10% of Sum Assured every year from end of 20th year till end of 24th year
Lump Sum Payout 50% of Sum Assured + Compounded Reversionary bonuses1 (if any) + Terminal Bonus2(if any) at end of 20th year 50% of Sum Assured + Compounded Reversionary bonuses1 (if any) + Terminal Bonus (if any) at end of 25th year
Extended Cover Benefit 100% of Sum Assured on turning 80 years or 100% of Sum Assured paid to nominee in case of death before 80 years

Terminal Bonus: The Company may declare a discretionary terminal bonus which is payable on death or maturity of the plan.Target Group

For the customers who are looking for tax saving life insurance plan that offers triple benefits of Money backs, Lumpsum benefit alongwith potential upside through bonuses and cover till 80 years of age, all in one plan

Age at Entry: 3 to 50 years

Policy Term: 15 to 20 years

Premium Payment Term: Equal to the Policy Term

Premium Payment Frequency: Annual

Premium:Minimum: Rs 8,000 Subject to minimum Sum Assured of Rs 1,00,000

Maximum: No Limit

Maturity Age:18 to 70 years

Minimum Sum Assured:Rs 1,00,000

WHY BUY THIS POLICY?

Benefit 1:
Receive a lump sum amount when your polciy matures. The lump sum includes the following: Sum Assured+Compounded Reversionary Bonuses (if any)+Terminal Bonus (if any)

Benefit 2:
Celebrate your 100th birthday in style. Receive another lump sum, an amount equal to the sum assured whne you turn 100. In case of your unfortunate demise after the policy term but before you turn 100, rest assured, this benefit will be paid to your nominee

Benefit 3:
In case of your unfortunate demise during the policy term, your nominee will receive death benefit if your policy is active, provided you have paid all your premium till the date of death.

Benefit 4:
You are elegible to avail of tax benefits as per existing tax laws.

HOW IT WORKS

Step1 : Choose the amount of insurance cover you desire under this policy.

Step2 : Choose the term of your policy i.e. decide the number of years for which you wish to pay the premium. You can choose a period between 15 to 20 years.

Step3 : Our Sales Representative will help you calculate your premium and provide you a customised benefit illustration – a detailed break-up of what you pay and what you get.

Step4 : Get ready to enjoy the benefits till you turn 100

BENEFITS

Maturity Benefit:Once your policy matures at the end of the Premium Payment Term and if you have paid all your due premiums, you will receive a Lump Sum payout equal to 100% of the Sum Assured plus any declared Compounded Reversionary Bonuses plus any Terminal Bonus, which is called the Maturity Benefit.

Extended Life Cover Benefit:Your insurance cover will be active till you turn 100. Once you reach 100 years of age, you will receive another Lump Sum payment equal to 100% of your Sum Assured which is called the Extended Cover Payout. What's more, in case of your unfortunate demise after maturity but before you turn 100, your nominee will receive an amount equal to 100% of the Sum Assured.

Death Benefit during the Policy Term

Death Benefit in this plan secures your family in case of your unfortunate demise during the Policy Term. The Death Benefit payable shall be higher of: 105% of all the premiums paid as on date of death; orDeath Sum Assured + Accrued Compounded Reversionary Bonuses (if any) plus Terminal Bonus (if any)

Death Sum Assured is defined as Higher of:

Sum Assured

10 times Annualised Premium

Maturity Sum Assured, which is equal to sum assured

Absolute amount payable on death (which is equal to Sum Assured)

Note : The premiums above exclude taxes, rider premiums and extra premiums, if any as these are collected separately in addition to the regular premium for this product.

The plan will terminate once the Death Benefit is paid.

Compounded Reversionary Bonus: At the end of each financial year, the Company may declare a bonus expressed as a percentage of the Sum Assured and all previous bonuses declared. The bonus of each year is added to the Sum Assured and the next year's bonus is calculated on the enhanced amount.

Terminal Bonus : The Company may declare a discretionary terminal bonus which is payable on death or maturity of the plan.

Suicide Exclusion:If the Life Assured commits suicide within one year from the plan inception date, only 80% of the premiums paid will be payable as Death Benefit. If the Life Assured commits suicide within one year from the revival date of the plan, if revived, the higher of, 80% of the premiums paid till the date of death and surrender value, will be payable as Death Benefit

Target Group
For the customers who are looking for tax saving whole life insurance plan that offers dual benefits of Lumpsum benefit alongwith potential upside through bonuses and cover till 100 years of age.

Entry Age : 3 years - 55 years

Maturity Age : 18 years - 70 years

Policy Term10 to 30 years

Premium Payment Term : 5 years - 30 years

Sum Assured : Minimum - Rs1,00,000 Maximum - No Limit

Premium Payment Frequency : Yearly, Half Yearly, Quarterly & Monthly

Premium amount : Minimum Annualized Premium- Rs10,000 subject to Minimum SA of Rs1,00,000

Maximum Premium - No Limit

WHY BUY

  • Flexibility to choose any combination of Policy Term and Premium Payment Term based on your financial goals.
  • Opportunity to enhance your Maturity Payout by way of Bonuses.
  • Option to choose between 2 Death Benefit Payout Options.
  • Tax Benefits under section 80C and 10(10D) as per the prevailing tax laws

HOW IT WORKS

Step1: Choose the Death Benefit option and amount of insurance cover you desire under this policy.

Step2: Choose the Policy Term and Premium Payment Term as per your financial goal.

Step3: Our sales representative will help you calculate your Premium and provide you a customised Benefit

BENEFITS

Maturity Benefit :
Once your policy matures at the end of the Policy Term and if you have paid all your due premiums, you will receive Maturity Benefit as per the chosen option-

Option 1
Guaranteed Maturity Sum Assured equal to Sum Assured plus Vested Compound Reversionary Bonuses, if any, plus Terminal Bonus, if any, shall be paid

Option 2:
Guaranteed Maturity Sum Assured equal to Sum Assured plus Vested Compound Reversionary Bonuses, if any, plus Terminal Bonus, if any, shall be paid

Even in case of death of the Life Assured, the Maturity Benefit will be payable if all Installment premiums due till date of death of the Life Assured have been received in full.

Death Benefit during the Policy Term:

Death Benefit in this plan secures your family in case of your unfortunate demise during the Policy Term. You have the option to choose between two Death Benefit Payout options

Option 1 – Lumpsum Death Benefit Payout: Under this option, Death Benefit payable to your nominee shall be higher of: 105% of all the premiums paid (excluding taxes, rider premiums and extra premiums, if any) as on date of death; and Death Sum Assured plus vested Compound Reversionary Bonuses, if any plus Terminal Bonus, if any.

The Policy will terminate on payment of Death Benefit under Option 1

Option 2 – Lumpsum Death Benefit with Maturity Payout: Under this option, two payouts will be made to your nominee.

Lumpsum Death Payout: The first payout which is the Lumpsum Death Payout will be paid at the time of death. Death Benefit payable to your nominee shall be higher of: 105% of all the premiums paid (excluding taxes, rider premiums and extra premiums, if any) as on date of death; and Death Sum Assured

Maturity payout : The second payout equal to Guaranteed Maturity Sum Assured plus Reversionary Bonus (if any) plus Terminal Bonus (if any) will be paid at the time of Maturity of the Policy i.e. at the end of the Policy Term. The payout at the time of maturity is made, because the policy continues after the death of the insured person. No further premiums are payable under the policy after the death of the Life Assured. The policy continues to participate in profits even after the death of the Life Assured. Nominee shall not have any right to avail loan, assignment and surrender as available to Policyholder under the Policy.

Death Sum Assured is defined as Higher of:

10 times Annualised Premium

Guaranteed Maturity Sum Assured, which is equal to sum assured

Absolute Amount payable on death, which is equal to sum assured

Guaranteed Benefit (Rs) Variable Compound Reversionary Bonus, if any (Rs) Total Benefit (Rs)
At 8% 7,00,000 6,92,852 13,92,852
At 4% 7,00,000 1,54,133 8,54,133

Please Note: Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company. These assumed rates of return 8% and 4%, are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance.

Compounded Reversionary Bonus: At the end of each financial year, the Company may declare a bonus expressed as a percentage of the Sum Assured and all previous bonuses declared. The bonus of each year is added to the Sum Assured and the next year’s bonus is calculated on the enhanced amount.

Terminal Bonus: The Company may declare a terminal bonus which may be payable on death or on maturity of the plan.

Sum Assured/Premium Payment Term 5* 6-10* 11-15* 16-20* 21-30*
1,00,000-1,99,999 Nil Nil Nil Nil Nil
2,00,000-4,99,999 6 4 1 0 0
5,00,000 and above 11 8 5 3 2

*Discount on premium per Rs.1000 Sum Assured

EXCLUSION

Suicide exclusion : If the Life Assured commits suicide within one year from the plan inception date, only 80% of the premiums paid will be payable as Death Benefit. If the Life Assured commits suicide within one year from the revival date of the plan, if revived, the higher of, 80% of the premiums paid till the date of death or surrender value, will be payable as Death Benefit.

FREE LOOK CANCELLATION:

In case you disagree with any of the terms and conditions of the policy, you can return the policy to the Company within 15 days (30 days if the policy is sold through the Distance Marketing Mode) of its receipt for cancellation, stating your objections. Future Generali will refund the policy premium after the deduction of proportionate risk premium for the period of cover, stamp duty charges, cost of medical examination, if any.

Note : Distance Marketing means insurance solicitation by way of telephone calling/ Short Messaging Service (SMS)/other electronic modes like e-mail, internet & Interactive Television (DTH)/direct mail/ newspaper and magazine inserts or any other means of communication other than that in person. Grace Period

You get a grace period of 30 days for Yearly, Half yearly and Quarterly Premium Payment Frequency and 15 days for Monthly Premium Payment Frequency from the premium due date to pay your missed premium. During these days, you will continue to be covered and be entitled to receive all the benefits subject to deduction of due premiums. Flexibility to make changes We allow you to make change in the mode of premium payment under the policy which shall be applicable from the next policy anniversary.

Loan
You may avail of a loan once the policy has acquired surrender value. The maximum amount of loan that can be availed is up to 85% of the Surrender Value. For more details, please refer the policy document. The current interest rate for the financial year 2017-18 applicable on loans is 9% per annum compounded half yearly. Please contact our branch office or call us to know the current applicable interest rate.

Tax Benefits
Premium(s) paid are eligible for tax benefit as may be available under the provisions of Section(s) 80C, 80 CCC (1), 80D, 10(10D) as applicable. For further details, consult your tax advisor. Tax benefits are subject to change from time to time.

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