Future Generali Flexi Online Term Insurance Plan is an affordable and flexible term plan that covers your family’s future financial requirements in your absence. The plan provides a comprehensive and long-term cover to secure your family's future. It offers three different death benefit options to suit any individual’s requirements.
Free look period: In case you disagree with any of the policy terms and conditions, you can return the plan within 15 days (30 days if the policy is sold through distance marketing mode) from the policy receipt date. Upon such cancellation, the company will refund the policy premium. However, the stamp duty, the risk premium for the period of cover, medical costs and other expenses will be deducted from the premium.
Grace period: The company provides a grace period of 30 days for yearly premium payment frequency and 15 days for monthly payment mode from the premium due date. The grace period is the extra days to pay your missed premium. 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 pay the premiums due within the grace period.
Policy revival: The policy can be revived during the policy term within a period of 2 years from the due date of first unpaid premium. The company will consider the policy revival 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.
Nomination and assignment: The Company obtains the nominee details at the time of purchasing the policy. 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:
Where the sum assured is equal to
Option 1: Sum assured chosen at the time of policy commencement. Option 2: Discounted value of fixed income protection payments as on date of death of the policyholder at the rate of 6.5% per annum which is compounded on a yearly basis.
Option 3: Discounted value of increasing income protection payments as on date of death of the policyholder at the rate of 6.5% per annum compounded yearly.
Maturity benefit: Future Generali Flexi Online Term Insurance Plan does not provide any maturity or survival benefits.
The customers need to meet the following requirements in order to purchase the Future Generali Flexi Online Term Insurance Plan.
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry age (last birthday) | 18 years | 55 years |
| Maturity age | For basic life cover: 28 years For income protection: 45 years | For basic life cover: Smoker 65 years, Non-smoker 75 years For income protection: 65 years |
| Policy term | For basic life cover: 10 years For income protection: 10 years (subject to minimum maturity age of 45 years) | For basic life cover: smokers – 65 years minus entry age, non-smoker – 75 years minus entry age For income protection: 65 years minus entry age |
| Premium paying term | Equal to the policy term | |
| Premium payment frequency | Annual and monthly | |
Future Generali Flexi Online Term plan offers three different plan options to meet individual requirements for insurance coverage. Option 1 – Basic life cover: This option offers a lump sum payout. In case the policyholder dies at any time during the policy term, the nominee will receive the sum assured as a one-time lump sum payout. The policy will come to an end once the payment is made.
Option 2 – Fixed income protection: In case the policyholder dies during the policy term, the nominee starts receiving a fixed monthly income every month till the insured attains 60 years of age or 120 months from the date of death, whichever period is higher. Alternatively, the nominee has an option to take all instalments as a lump sum at the time of claim settlement. All monthly payout will be discounted at 6.5% per annum compounded.
Option 3 – Increasing income protection: In case the policyholder dies during the policy term, the nominee starts receiving a monthly income every month which will increase every subsequent year, at a simple rate of 10% of the monthly payout chosen at the time of policy commencement. The coverage increases every year which secures the future of your dependents with the rising inflation. The nominee will receive the benefits as per this option till the insured attains 60 years of age or 120 months from date of death whichever is higher. Alternatively, the nominee has an option to take all instalments as a lump sum at the time of claim settlement. All monthly payout will be discounted at 6.5% per annum compounded.
Future Generali Flexi Online Term Insurance Plan at a glance.
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry age (last birthday) | 18 years | 55 years |
| Maturity age | For basic life cover: 28 years For income protection: 45 years | For basic life cover: smokers – 65 years minus entry age, non-smoker – 75 years minus entry age For income protection: 65 years minus entry age |
| Policy term | For basic life cover: 10 years For income protection: 10 years (subject to minimum maturity age of 45 years) | For basic life cover: smokers – 65 years minus entry age, non-smoker – 75 years minus entry age For income protection: 65 years minus entry age |
| Premium paying term | Equal to the policy term | |
| Premium payment frequency | Annual and monthly |
Sum assured
| Basic life cover | Rs. 50,00,000 | No limit |
|---|---|---|
| Fixed income protection | Age at entry 25-43 44-48 49-55 |
Minimum monthly amount Rs. 25,000 Rs. 35,000 Rs. 42,000 |
| Increasing income protection | 25-48 49-55 |
Rs. 25,000 Rs. 30,000 |
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. 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: You have an option to enhance your policy cover by opting for the following rider-
Future Generali Accidental Benefit Rider: If the policyholder has an accident caused by outward and visible means that results in the death within a period of 180 days of the occurrence of the incident then the benefits of this rider shall be payable.
Following documents are required to process Future Generali Flexi Online Term Insurance 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 as 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.
Please note that you will have to go for a medical test to complete the policy application process.
Below are the circumstances that Future Generali Flexi Online Term Insurance 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 life insured commits suicide within 12 months from the policy revival, the nominee shall be entitled to receive 80% of the premiums paid till date, provided the policy is in force.
Apart from this, any self-inflicted injury, injury during a criminal act, death caused by the influence of drugs unless prescribed by the medical practitioner, are excluded from the plan.
Loan option: There is no provision to obtain a loan against the Future Generali Flexi Online Term Insurance Plan.
Future Generali Flexi Online Term Insurance plan is an online non-linked, non-participating pure term plan. The plan offers multiple payout options with Future Generali Accidental Benefit rider which enhances the policy coverage. The company has 93.11% claim settlement ratio which makes it one of the reliable companies to buy insurance from.
The plan can be purchased online from the company’s website. The plan comes with two coverage options: basic life cover and income protection. Since it is a pure term plan, nothing is payable on maturity. The premiums can be paid either yearly or on a monthly basis. The plan has a grace period of 30 days for annual premium payment frequency and 15 days for monthly payment mode from the due date.
The nominee is eligible to receive 80% of the total premiums paid in case the policyholder commits suicide within 12 months from policy issue or revival date. Tax benefits are applicable under Section 80C, and 10(10D) of the Income Tax Act, 1961.
As an NRI can I buy this plan?
Future Generali Flexi Online Term Insurance Plan is available for Indian nationals, Non-residents Indians and PIO.
What maturity benefits are available under the Future Generali Flexi Online Term Insurance Plan?
Future Generali Flexi Online Term Insurance 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 Flexi Online Term Insurance Plan?
You have an option to enhance your policy cover by opting for the Future Generali Accidental Benefit Rider.
Is it possible to revive my Future Generali Flexi Online Term Insurance 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 due premiums and applicable interest along with a written application.
Can I get a loan against Future Generali Flexi Online Term Insurance Plan?
Loan facility is not available under Future Generali Flexi Online Term Insurance 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.
Can I insure my spouse or children with Future Generali Flexi Online Term plan?
No, you can only insure yourself in this plan. It is an individual plan and not a group plan
How to pay the premium? What payment modes are available?
There are two premium payment modes are available. Online mode: Auto debit facility Quick pay or net banking You can also pay the premium in cash by visiting the nearest branch in your area.
How to apply for Future Generali Flexi Online Term Insurance Plan?
Follow the below-listed steps to keep yourself covered. Step 1: Visit the company website and generate a quotation for yourself. Step 2: Fill in the online application form and pay your premium online. Step 3: Submit all documents online. Step 4: Start paying your premiums regularly.
How to make a claim?
To make a claim, please visit the official website of the company. Find an option that says “Make a claim” and fill up the form with all required details such 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 event and have submitted the required documents, it will take about ten days to process your claim.
Can I get term insurance cover if I am a smoker?
Yes. However, premium rates are higher smokers and tobacco users. A person is considered non-smoker if he/she has not been smoking for at least three years.
