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Future Generali Group Term Life Insurance Plan
Future Generali Group Term Life Insurance Plan
- About
Designed for groups that want to provide affordable life insurance coverage to their members
- Death Benefits
Sum Assured
- Member’s Age at Entry
18 to 69 years
- Policy Term
1 year (renewable)
- Minimum Sum Assured Per Member
For social groups with 5000 members or above –
5000/- per member.
For other groups – 5000/-. - Riders
Yes
- Minimum Group Size
25
- Tax Benefit
Yes
WHY BUY GROUP TERM PLAN?
- You can provide life insurance cover to all your members under a single plan.
- Sum Assured is paid on the death of a member covered under the plan.
- You can add and delete members on a monthly basis.
- It is a tool for providing employee incentive and improving employee retention.
HOW DOES GROUP TERM PLAN WORKS?
The term insurance plan is ideal for employers or groups that wish to monetarily secure the families of their employees or members. Here are the steps to get the Future Generali Group Term Life Insurance plan:
- Choose the amount of term insurance cover you want for each of your members.
Decide the benefit option or basic term cover from these:
- Flat Coverage (outstanding loan, size of bank deposit, etc.)
- Graded Coverage (based on employee grades in corporate/ company)
- Salary Multiple (based on multiple of salary)
- Others - (outstanding loan/ liability amount/ size of bank deposit, etc.)
The premium for the group insurance coverage is calculated by FGLI and can be paid in Yearly/ Half-Yearly/ Quarterly/ Monthly terms.
- You can pay the premium and start the cover.
Key Benefits of GROUP TERM PLAN
- Death Benefit In the event of an employee’s or a member’s death during the group insurance Policy Term, the Sum Assured under the policy is payable to the designated beneficiary.
- Maturity Benefit There are no Maturity Benefit under this group insurance plan.
- Surrender Benefit There are no Surrender Benefit under this group insurance plan.
Target Group
For employer who want to provide term life term insurance cover to their employees
Eligibility
| Member’s Age at Entry | Premium Per Group / Scheme | Minimum Sum Assured | Member’s Maximum Age at Maturity | Policy Term | Minimum Size of the Group |
| 18 to 69 years | Minimum: 2,500/- Maximum: No Limit |
Rural and Social Group if Number of Members is 5,000 or more: 5,000/- (Per Member) Other Groups 5,000/- (Per Member) |
70 years | One Year | 25 Members Per Group |
RIDERS
- Future Generali Group Accident and Sickness Total Permanent Disability Rider
- Future Generali Group Accelerated Terminal Illness Rider
- Future Generali Group Accidental Total Permanent Disability Rider
- Future Generali Group Core Critical Illness Accelerated Rider
- Future Generali Group Accidental Death Rider
- Future Generali Group Extended Critical Illness Accelerated Rider
- Future Generali Group Core Critical Illness Rider
- Future Generali Group Extended Critical Illness Rider
- Future Generali Group Accidental Partial Permanent Disability Rider
EXCLUSIONS
Suicide Clause: In case an insured member commits suicide within 12 months from the risk commencement date of the member, his/her nominee will receive 80% of the premiums paid in respect of the insured member. This clause is not applicable for renewed policy and compulsory employer-employee groups.
DISCLAIMERS
Future Generali Group Term Life Insurance Plan (UIN: 133N003V03)
- Tax benefits are subject to change as per tax laws.
- For more details on risk factors, terms and conditions please read the sales brochure and/ or sample policy document on our website carefully and/ or consult your advisor before concluding the sale.
- Insurance is the subject matter of solicitation.
FREE LOOK CANCELLATION:
You have a period of 15 days (30 days if the policy is sold through Distance Marketing Mode) from the date of receipt of the group insurance Policy document to review the terms and conditions of the Policy. If you are not satisfied with or disagree with any of the terms and conditions, you have the option to Cancel/withdraw and return the term insurance Policy along with a letter (dated and signed) stating your intention to cancel the Policy and reasons for the objections/Cancellation, within this period. Cancellation of the term insurance Policy and refund of premium is allowed under this provision, whereby the amount payable on such cancellation will be equal to the total premium paid less a proportionate cost of insurance for the period of cover and expenses towards group insurance Policy stamp duty and medical examination, if any.
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