Future Generali Care Plus Plan is a pure term plan that offers a guaranteed sum assurance on the unfortunate demise of the life insured. The plan comes with two options: Classic option and Premier option. The Classic option provides a sum assured of less than rupees 25 lakhs, whereas the Premier option provides insurance cover of rupees 25 lakhs and above.
The policy term ranges between 5 to 67 years with maximum coverage age of 85 years. The plan does not offer any survival or maturity benefit.
Free look period: The policyholder has a free-look period of 15 days (30 days if the plan is sold through distance marketing) from the date of receipt of the policy to review the terms and conditions. If the policyholder is not satisfied with the policy, he/she has an option to cancel and return the policy along with the letter stating the reason of cancellation within this free-look period. The company will refund the premium; however, the cover expenses, medical cost, stamp duty will be deducted from the premium.
Grace period: The company provides a grace period of 30 days for yearly premium payment and 15 days for monthly payment mode from the premium due date. The policy will remain in force during the grace period.
Policy lapse: If any premium remains unpaid at the end of grace period, the policy is subject to lapse.
Policy revival: A lapsed policy can be revived during the policy term within a period of 2 years from the due date of first unpaid premium. Revival will be considered on the receipt of
Written application from the policyholder along with the proof of continued insurability as specified by the company from time to time.
Payment of all outstanding premiums with interest. Nomination and assignment: The policyholder may nominate a person or persons any time during the policy term as per Section 39 of the Insurance Act, 1938.
As per Section 38 of the Insurance Act, 1938, the policyholder can assign the policy to a party by submitting a written notice to the company.
Death benefit: In the unfortunate event of the policyholder passing away, the nominee receives a lump sum amount (sum assured).
Maturity benefit: Future Generali care Plus Plan does not provide any maturity or survival benefits.
The customers need to meet the following requirements in order to purchase the Future Generali Care Plus Plan.
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry age (last birthday) | 18 years | 65 years |
| Maturity age (last birthday) | - | 85 years |
| Policy term | 5 years | 67 years (to Age 85) |
| Premium paying term | Regular | |
| Premium paying frequency | Yearly, Half-yearly, monthly | |
Future Generali Care Plus Plan at a glance.
| Plan options | Future Generali Care Plus Classic Option | Future Generali Care Plus Premier Option |
|---|---|---|
| Minimum – maximum entry age | 18-65 years | 18-65 years |
| Minimum – maximum policy term | 5-67 years (to Age 85) | 5-67 years (to Age 85) |
| Maximum coverage age | 85 years | 85 years |
| Minimum premium | Rs. 2,500 per annum | Rs. 5,000 per annum |
| Minimum sum assured | Rs. 10,00,000 | Rs. 25,00,000 |
| Maximum sum assured | Rs. 24,99,999 | No limit |
| Premium payment frequency | Yearly, half-yearly and monthly (ECS only) | Yearly, half-yearly and monthly (ECS only) |
The table below shows the sample premium rates payable on yearly basis for a sum assured of Rs. 15,00,000. (Classic option)
| Age | Policy term | |||
| 10 years | 15 years | 20 years | 25 years | |
| 30 years | NA | NA | Rs. 2700 | Rs. 3150 |
| 35 years | Rs. 2745 | Rs. 3039 | Rs. 3645 | Rs. 4335 |
| 40 years | Rs. 3795 | Rs. 4485 | Rs. 5325 | Rs. 6270 |
| 45 years | Rs. 5565 | Rs. 6645 | Rs. 7785 | Rs. 9120 |
The table below shows the sample premium rates payable on yearly basis for a sum assured of Rs. 50,00,000. (Premier option)
| Age | Policy term | |||
| 10 years | 15 years | 20 years | 25 years | |
| 30 years | Rs. 5950 | Rs. 5950 | Rs. 5950 | Rs. 5950 |
| 35 years | Rs. 7350 | Rs. 7750 | Rs. 9150 | Rs. 10,950 |
| 40 years | Rs. 10,500 | Rs. 11,900 | Rs. 14,050 | Rs. 16,500 |
| 45 years | Rs. 15,200 | Rs. 17,850 | Rs. 20,800 | Rs. 24350 |
Following documents are required to process the Future Generali Care Plus 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.
Income tax benefit: Premiums paid towards the policy are allowed as a deduction from the taxable income every year under Section 80C of the Income Tax Act, 1961.
The death benefit received 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: You have an option to enhance your policy cover by opting for the following rider-
Future Generali Non Linked Accidental Death Rider (UIN: 133B023V01) - This add-on plan provides an additional insurance cover in case of accidental death resulting from an accident. The cover amount will be paid to your family. Large sum assured rebate: For policyholders who bought this term insurance plan with a higher sum assured, are eligible to enjoy discounted premium rates. Rebates for Future Generali Care Plus Classic option:
| Sum assured | Rebate per rupees 1000 sum assured |
|---|---|
| 10 lakh - < 15 lakh | NA |
| 15 lakh - < 20 lakh | Rs. 0.20 |
| 20 lakh - < 25 lakh | Rs. 0.30 |
Rebates for Future Generali Care Plus Premier option
| Sum assured | Rebate per rupees 1000 sum assured |
|---|---|
| 25 lakh - < 50 lakh | NA |
| 50 lakh - < 1 crore | Rs. 0.10 |
| > = 1 crore | Rs. 0.20 |
Below are the circumstances that Future Generali Care Plus Plan doesn’t cover.
Suicide: In case the life insured commits suicide within one year from the date of policy inception, the policy will be void and 80% of the total premiums paid till date will be payable as death benefit, provided the policy is in force.
In case the life insured commits suicide within one year from the date of policy revival, the policy will be void and 80% of the total premiums paid till date will be payable as death benefit provided the policy is in force.
Loan option: There is no provision to obtain a loan against the Future Generali Care Plus Plan.
The Future Generali Care Plus plan is a pure term plan designed to offer protection to your bereaved family in case something untoward happens to you. The plan aims to provide financial independence to the family of the policyholder at affordable rates.
The policy offers two plan options to secure the financial future of your loved ones. One is classic plan with maximum sum assured of rupees 25 lakhs, and the other is premier plan with the sum assured ranging of rupees 25 lakhs and above. The policy has discounted premium rates for high sum assured policies.
The premium has to be paid throughout the policy term on annual, half-yearly or monthly basis. The company offers a rebate on premiums for non-smokers and non-tobacco users. The premiums paid towards this policy are eligible to receive tax benefits. The policy provides a grace period of 30 days in case of yearly and half yearly premium modes and 15 days for monthly premium mode. The policy is subject to lapse if the premiums are not paid within the grace period. You have 15 days free-look period where you can review the plan, and cancel if not satisfied with the plan.
The nominee receives the sum assured on the demise of the policyholder. Nothing is payable on maturity or survival. The plan has additional riders to protect accidental death and critical illness.
Who can buy this plan?
Any Indian national between age 18 and 65 years can buy this plan.
What maturity benefits are available under the Future Generali Care Plus Plan?
Future Generali Care Plus 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 care Plus Plan?
You have an option to enhance your policy cover by opting for the Future Generali Non Linked Accidental Death Rider (UIN: 133B023V01)
Is it possible to revive my Future Generali Care Plus Plan? How?
A lapsed policy can be recovered within two years from the date of first unpaid premium. The policyholder needs to make the payment of all due premiums along with applicable interest and a written application.
What plan options are available under this policy?
Future Generali Care Plus plan comes with two variants.
Can I get a loan against Future Generali care Plus Plan?
Loan facility is not available under Future Generali Care Plus Plan.
Can I get term insurance cover if I am a smoker? term insurance cover
Yes. However, premium rates are higher for smokers and tobacco users. A person is considered non-smoker if he/she has not been smoking for at least three years.
Why should I buy this plan?
The Future Generali Care Plus plan is a simplest form of life insurance that offers high life cover at affordable premium. The policy provides two plan options to safeguard your family’s future against any uncertainty. Premiums and death benefit are tax deductibles. Moreover, it has a free-look period of 15 days within which you can return the policy, if not satisfied.
How to buy this plan?
Here are the steps to buy Future Generali Care Plus plan:
Step 1: Visit the company website
Step 2: Choose your desired sum assured
Choose the Classic option for insurance cover up to 25 lakhs.
Choose the Premier option for insurance cover above 25 lakhs.
Step 3: Decide the duration of the cover and the premium payment option.
Step 4: Get your customised quote and fill out the policy application form.
Step 5: Pay the premium.
