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

Step1Decide the amount of cover
  • Choose the amount of term insurance 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 group insurance 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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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

EXCLUSIONS

Suicide Exclusion: In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the Insured member shall be entitled to at least 80% of the total premiums paid till the date of death, provided the policy is in force. This clause will not be applicable during renewal of cover.

Free Look Cancellation

For Master Policyholder:
In case you disagree with any of the terms and conditions of the policy/coverage, you can return the policy/Certificate of Insurance to the Company within 15 days (30 days if the policy is sold through the Distance Marketing Mode) of its receipt, for cancellation, stating your objections. Future Generali will refund the policy premium after the deduction of proportionate risk premium for the period of cover, stamp duty charges, cost of medical examination, if any.

For Insured Member:
On receipt of the Certificate of Insurance, the Insured Member may review the Terms and Conditions stated herein. In case the Insured Member is not satisfied with Terms and Conditions, he / she has an option to return the Certificate of Insurance to the Company within 15 days of its receipt (30 days if the Policy is purchased through Distance marketing mode), with a request for cancellation, stating reasons for the same. On such cancellation of the Certificate of Insurance, the Company will refund the premium after deducting a proportionate cost of insurance for the period covered; expenses incurred towards medical examinations, if any, and stamp duty.

Note: Distance Marketing means insurance solicitation / lead generation by way of telephone calling / Short Messaging Service (SMS) / other electronic modes like e-mail, internet & interactive television (DTH) / direct mail / newspaper and magazine inserts or any other means of communication other than that in person.

DISCLAIMERS

Future Generali Group Term Life Insurance Plan (UIN: 133N003V04)

  • 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.
  • This Product is not available for online sales.

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