Future Generali Life Insurance Company

Future Generali Life Insurance Company Limited is a combined venture of three leading companies: Future Group – A leading retail brand in India, Generali Group – A globally acknowledged insurance group that is known among top 50 smartest companies of the world, and the Industrial Investment Trust Limited (IITL) – A well-known investment company. The main aim of the organization is to provide complete financial security to enterprises and individuals in the form of accessible and relevant insurance solutions.

Eligibility Criteria of Future Generali Life Insurance

  1. The plans offered by Future Generali Life Insurance offers a minimum age eligibility of 18 years.
  2. The maximum age limit to avail the plans is 56 years.
  3. The individuals should be professionals, salaried, self-employed or owns a business.
  4.  The maximum policy tenure offered by Future Genefrali Life insurance is 30 years.

Types of Plans offered by Future Generali life Insurance

Future Generali Term Insurance Plans

The basic need of a life insurance plan is to provide financial cushioning to the insured’s family. The protection plans of Future Generali are really affordable and provide protection against various unforeseen situations like death, disability, and accidental death to the insured and his/her family. There are a list of term insurance plans and policies offered by Future Generali Insurance, some of which are defined below:

  • Future Generali Flexi Online Term Plan: This plan provides a monthly income to the family of the insured in case of his/her death. However, this monthly benefit is provided until the insured turns 60 years old or for 10 years, whichever is higher.
Parameter Criterion
Basic Life Cover Income Protection
Entry age 18-55 years 25-55 years
Maturity age Minimum: 28 years Minimum: 45 years
Maximum:

Smoker: 65 years

Non-smoker: 75 years

Maximum: 65 years
Policy term Minimum: 10 years Minimum: 10 years (Subject to minimum maturity age of 45 years)
Maximum:

Smoker: 65 years minus entry age

Non-smoker: 75 years minus entry age

Maximum: 65 years minus entry age
Sum assured
Plan Option Minimum Maximum
Basic Life Cover Rs.50,00,000 No limit
Entry Age Minimum Monthly Amount Maximum Monthly Amount
Fixed Income Protection 25-43 Rs. 25,000 No limit
44-48 Rs. 35,000
49-55 Rs. 42,000
Increasing Income Protection 25-48 Rs. 25,000
49-55 Rs. 30,000
Premium Payment Term It is equal to the policy term for all options
Premium Payment Frequency Annual and monthly
  • Future Generali Care Plus: This policy offers comprehensive life cover at relatively low premiums. With this plan, the insured protects his/her family against liabilities and loans.

 Future Generali Care Plus (Classic Option)

Parameter Minimum Maximum
Entry age 18 years 60 years
Policy term 5 years 30 years
Coverage age N/A 65 years
Premium Rs. 2,500/- per annum
Sum assured Rs. 10,00,000/- Rs. 24,99,999/-
Modes of premium Monthly (ECS Only), Yearly, and Half-Yearly

Future Generali Care Plus (Premier Option)

Parameter Minimum Maximum
Entry age 18 years 60 years
Policy term 5 years 30 years
Coverage age N/A 65 years
Premium Rs. 5,000/- per annum N/A
Sum assured Rs. 25,00,000/- No Limit
Modes of premium Monthly (ECS Only), Half-Yearly, Yearly

Future Generali Life Insurance Savings Plans

The best key to meet your goals in life is ‘savings’. Future Generali Life Insurance provides various saving plans that can help an individual meet his/her short or long term goals and offers a life cover at the same time. So, select a savings plan according to your investment needs and fulfill your goals without any worry. Some of the top savings plans of Future Generali are:

  • Traditional Plans: Traditional plans are those life insurance plans that provide more than one benefit such as fixed income, risk cover, tax benefits and more than anything – safety against any misfortune. Below mentioned are the policies covered under traditional plans:
  • Future Generali Assure Plus: There are multiple term options available under this plan and you can select one according to your financial goals.
Parameter Minimum Maximum
Entry age 3 years 55 years
Maturity age 18 years 70 years
Premium Rs. 12,000 per annum
Sum assured Rs. 1 Lakh Rs.5 Cr
Premium Payment Term (PPT) PPT: 7/10/12 years for a policy term of 15 years

PPT: 10/12/15/17 years for a policy term of 20 years

PPT: 12/15/17/20 for a policy term of 25 years

Policy term 15, 20, 25 years
  • Future Generali Triple Anand Advantage: The three benefits which this plan offers are – Money Back, Lump-sum pay out, and life cover up till 80 years of age.
Parameter Minimum Maximum
Entry age 7 years 50 years
Maturity age 27 years 75 years
Sum assured Rs. 2,00,000 N/A
Premium Rs. 15,000 No limit
Premium Payment Term 15 years 20 years
Frequency of premium payment Monthly/ Semi-annual/ Annual
Term of the policy Premium payment term + 5 years

Future Generali Life Insurance ULIPs Plans

ULIPs are preferred for those who want to fulfill long or medium term investment goals as they are considered to be wealth building blocks. There is a vast range of ULIPs available under Future Generali Life Insurance, below mentioned are few of them:

  • Future Generali Dhan Vridhi: If you want the flexibility of paying minimal premiums, but want to stay invested for a longer period of time, this is the policy for you.
Parameter Minimum Maximum
Entry age For a premium paying term of 5 years = 8 years

For other premium paying terms = 8 years

For premium paying term of 5 years = 50 years

For other premium paying terms = 60 years

Age at maturity 18 years 70 years
Sum assured For age < 45 years: Maximum (10, 0.5 X Policy Term) x Annual Premium

For age > 45 years: Maximum(7, 0.25 X Policy Term) x Annual Premium

Premium Rs. 20,000/- No limit, subject to underwriting
Frequency of premium payment Monthly, quarterly, half yearly, and yearly.
Premium paying term and policy term
Fixed Policy Term Premium Payment Term Available
10 years 5 years/ 7 years
15 years 10 years/ 12 years
20 years 15 years/ 17 years
  • Future Generali Wealth Protect Plan: This plan is a combination of investment and an extensive cover (up to 30 times of the annual premium), thereby protecting the interest of your dependents.
Parameter Minimum Maximum
Entry age 7 years 60 years
Age at maturity 22 years 75 years
Sum assured For ages<45 years: Half the term of the policy or 10, whichever is high. M*annualized premium where M depends on the entry age of the assured.

Entry age Maximum Multiple
7 to 44 30
45 to 50 20
51 to 55 15
56 to 60 10
For age>=45: 0.25 times the policy term or 7, whichever is higher
Premium
Premium Payment Mode Premium Amount
Gold (Annual Premium =) Rs.25,000/- Platinum (Annual Premium >) Rs.25,000
Yearly Rs.25,000/- Rs.25,001/-
Half-yearly Rs.12,500/- Rs.12,501/-
Quarterly N/A 6,251/-
Monthly by ECS N/A 2,500/-
Gold Option = Rs.25,000
Mode of premium
Gold Annual Premium = Rs25,000/- Platinum Annual Premium > Rs.25,000/-
Yearly / Half-yearly mode Monthly (ECS) mode, quarterly, half-yearly, yearly
Policy term 15 years to 40 years
Premium paying term Equal to the policy term

Future Generali Life Insurance Child Plans

The cost of education is increasing day by day in addition to the competition to get admissions in the top schools. Therefore, to fulfill the educational needs of your child, you must have a strong financial plan. Future Generali offers various child plans to meet the goals of your children.

  • Future Generali Assured Education Plan: This plan enables one to save very systematically for the higher education of your children until he/she turns 17 years old.
Parameters Minimum Maximum
Entry age Age of Parent: 21 years Age of Parent: 50 years
Age of Child: 0 years Age of Child: 10 years
Maturity age 35 years 67 years
Premium payable Rs. 20,000 annually

Rs. 2,000 monthly

There is no maximum premium limit.
Policy term 17 years minus age of the child at the time of purchase.
Premium payable term Same as policy term
Frequency of premium payment The premiums can be paid monthly or annually. The monthly payments can be paid through ECS (Electronic Clearing System).
Payout options You can select to get benefits according to the needs of your child’s education when the child turns 17 years of age:

Child’s Age Payout Period Option A Option B Option C
17 years End of policy term 40% of Sum Assured 10% of Sum Assured 100% of Sum Assured
18 years Policy term+1 year 30% of Sum Assured 10% of Sum Assured Nil
19 years Policy term+2 years 20% of Sum Assured 10% of Sum Assured Nil
20 years Policy term+3 years 10% of Sum Assured 70% of Sum Assured Nil

Future Generali Life Insurance Retirement Plans

The retirement plans of Future Generali helps you to plan wisely for your retirement by experiencing financial independence. The plans offered by this company guarantee you regular pension and life insurance covers.

  • Future Generali Immediate Annuity Plan: It is a plan that provides you fixed income in either monthly or yearly mode. An insured gets ‘Life Annuity’ and ‘Life Annuity with return of Purchase Price’.
Parameters Minimum Maximum
Entry age 40 80
Purchase Price Rs. 30,000 No limit
Term of the policy Till the Policyholder/Annuitant is alive
Mode of annuity Monthly and yearly
Variants Life Annuity/Life Annuity with Return of the Purchase Price
Options to get annuity amount Direct Credit to Annuity Card or Post Dated Cheques.
  • Future Generali Pension Guarantee: If you want to create a savings corpus for your retirement, purchase this policy. A minimum return of 101% of the premiums is guaranteed and bonuses, if declared, are added throughout the term of the policy.
Features Regular Premium Term Single Premium Term Limited Premium Term
Entry age 20 to 70 years 20 to 70 years 20 to 70 years
Premium Payment Term (PPT) Regular Single 10 years and 15 years
Policy Term 10 to 20 years 10/ 15/ 20 years 10 year PPT: 11 to 20 years

15 year PPT: 16 to 20 years

Minimum Vesting Time 40 years 40 years 40 years
Minimum Premium Rs. 11,000/- per annum Rs. 90,000/- Rs. 11,000/-per annum
Maximum Premium No Limit No Limit No Limit
  • Future Generali Pension Guarantee: Another useful pension plan of Future Generali is “Pension Guarantee”. The basic benefits of this plan are:
Features Regular Premium Term Single Premium Term Limited Premium Term
Entry age 20 to 70 years 20 to 70 years 20 to 70 years
Premium Payment Term (PPT) Regular Single 10 years

15 years

Policy Term 10 to 20 years 10/ 15/ 20 years 10 year PPT: 11 to 20 years

15 year PPT: 16 to 20 years

Minimum Premium Rs. 11,000/- annum Rs. 90,000/- Rs. 11,000/- annum
Maximum Premium No Limit No Limit No Limit
Minimum Vesting Age 40 years 40 years 40 years

Future Generali Life Insurance Rural Plans

Every citizen of India has the right to save money and the right to purchase an insurance plan. Keeping the needs of rural India and its people in mind, Future Generali has launched its Rural Plans. These plans provide low insurance coverage in lower premium rates. And hence these plans help to meet the savings needs of all Indians.

  • Future Generali Jan Suraksha Plus: People from rural India can get a life cover at a small one time premium. This plan gives the assured maturity amount that is more than the premiums paid by people of urban India.
Parameters Minimum Maximum
Entry age 18 years 50 years
Policy term 8 years
Premium options Rs. 2500/-, Rs. 3000/-, Rs. 4000/-, Rs. 5000/-
Mode and term of premium payments Single premium
  • Future Generali Jan Suraksha: This plan helps safeguard the family of the insured against all liabilities and loans. It takes only very nominal, single premium to get a life long life insurance cover. Its application process is also very easy.
Parameters Minimum Maximum
Entry age 18 years 50 years
Mode of premium payment and term Single premium
Term of the policy 8 years
Options of the premium Entry age – 18 years to 45 years:

Rs. 500, Rs. 750

Entry age: 46 to 50 years:

Rs. 750

Future Generali Group Life Insurance Plans

These group insurance plans allow businesses to manage resources by extending options like gratuity, life insurance, loans, superannuation, and leave encasement.

  • Future Generali Sampoorn Loan Suraksha: To secure your assets by offering total financial security to the insured person against contingencies such as critical illness, accidental disability, and death.
Parameters Minimum Maximum
Entry age 14 years (In case of education loan)

18 years (In case of other loans)

70 years
Maturity age N/A 75 years
Sum assured Rs. 20,000 No limit (Depends on Board Approved Underwriting Guidelines)
Policy term 2 years 30 years
Premium payment term Single premium
Minimum group size 20 members
  • Future Generali Group Leave Encashment Plan: This plan is used to manage leave encashment liabilities.
Parameters Minimum Maximum
Entry age 18 years 69 years
Contribution at scheme level Rs.5 Lakhs N/A
Sum assured Rs. 1,000/- (Per Member) Fixed
Maturity age N/A 70 years
Policy term One year
Minimum size of the group 10 members

Documents Required For Future Generali Life Insurance

  1. Income Proof
  2. Identity Proof
  3. Age Proof
  4. Address Proof
  5. PAN Number

Claim Settlement Process of Future Generali Life Insurance

Future Generali Life Insurance offers a very easy and simple process of claim settlement.  According to the suitability of an individual, the beneficiary of the policy can file claim through the online or offline process.  Let’s take a look at the online and offline process of filing claim of Future Generali Life Insurance.

Online Claim Process

  1. The policyholder can file claim online in a simple process. In order to file a claim, the beneficiary is needed to visit the official website of Future Generali Life Insurance.
  2. The beneficiary of the plan will have to fill the claim form
  3. Once the nominee properly fill the claim form he/she will have to submit the other key documents like the name of the policyholder, policy number, address, date of birth, etc. along with the claim form.
  4. Once the claim form is submitted along with the needed documents, the insurance company will verify the claim application and pay the final payout to the nominee of the plan as a death

Offline Claim Process

  1. In order to make claim, the beneficiary of the plan will be required to visit the branch office of Future Generali Life Insurance and fill the claim form.
  2. The nominee will also have to submit the key documents like address, policyholder’s name, policy document number, date of birth, etc. along with the properly filled form of filing claim.
  3. Once the claim form is submitted, the insurer verifies the form along with the submitted documents.
  4. After the verification is done, the final payout is offered to the nominee as a death

Future Generali Life Insurance FAQ’s

What is the renewal process of Future Generali Life Insurance Plans?

Ans- The renewal process of Future Generali Life Insurance is very simple. All one need to do is to make the premium payment if due premium and contact the insurer through SMS/email and inform then about the renewal of the policy.

How to generate e-receipt for Future Generali life Insurance Plans?

Ans- In order to generate the e-receipt, the policyholder requires visiting the official website of Future Generali Life Insurance and click on premium paid certificate link. The policyholder will have to fill the required details. The generated e-receipt will be sent to the e-mail ID of the policyholder.

What are the tax benefits offered by Future Generali Life Insurance?

Ans- Sahara Life Insurance offered tax benefit on the premium amount and maturity proceeds under section 80C and 10(10D) of Income Tax Act 1961.

How to avail loan against Future Generali Life insurance?

Ans- Once the plan gains surrender value, the insured can avail loan against it. According to the type of plan, the loan amount is decides by the insurance provider.

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