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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 – Rs 1000/- per member.
    For other groups – Rs 5000/-.

  • Riders

    Yes

  • Minimum Group Size

    25

  • Tax Benefit

    Yes

WHY BUY THIS POLICY?

  • 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 it Works

The 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:

Step1Decide the amount of cover
  • Choose the amount of cover you want for each of your members.
Step2Choose the benefit option (basic term cover)

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.)
Step3Get a premium quote

The premium for the coverage is calculated by FGLI and can be paid in Yearly/ Half-Yearly/ Quarterly/ Monthly terms.

Step4Pay the premium
  • You can pay the premium and start the cover.
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BENEFITS

  • Death Benefit In the event of an employee’s or a member’s death during the Policy Term, the Sum Assured under the policy is payable to the designated beneficiary.
  • Maturity Benefit There are no Maturity Benefit under this plan.
  • Surrender Benefit There are no Surrender Benefit under this plan.

Target Group
For employer who want to provide term life 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:
1,000/- (Per Member)

Other Groups
5,000/- (Per Member)
70 years One Year 25 Members Per Group

 

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: 133N003V02)

  • 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 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 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 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 Policy stamp duty and medical examination, if any.

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