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LIFE COVER OF ₹1CR STARTING AT JUST ₹14*/DAY

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This is a non-linked non-participating pure term insurance plan with life insurance coverage. (UIN: 133N058V04)

*Premium mentioned is including taxes for an 18 year old non-smoker male taking ₹1 cr cover under basic life cover annual pay option for 10 year term purchased online

What is term insurance?

When it comes to life insurance policies, you have a number of options at your disposal. From unit-linked plans to endowment and money back, there is a long list of options to choose from. Term insurance plans also referred to as protection plans. Such policies usually have a time period assigned to them, also known as the “ policy term” of the plan. In case the life assured dies during this policy term, the nominees listed under the insurance policy receives the sum assured of the policy.

The sum assured of the policy is the coverage the policyholder agrees to at the time of purchasing the policy. It should be noted that term policies do not have a maturity value. This means that in case the plan completes its term and the life assured is still alive, no benefit will be paid to the nominee Due to the same, term plans are usually the affordable life insurance policies available to customers. Since term policies are usually the most economical way to ensure that you secure the future of you and your family, they are also popular in India.

Types of Term Insurance

In order to cater to the varying demands of consumers, insurance companies offer a variety of term insurance plans that customers can choose from. So before jumping into signing a policy document, it is important you understand the varying forms of term insurance plans you can choose from.

Here are some of the most common term insurance policies available to customers :

  • 1
    Level Term Plans
    Level term plans are the most basic and common form of term insurance available in the country. Under such a plan, the sum assured of your policy (life cover) and the premium will remain the same during the entire tenure of the policy. The premium of such a plan is usually determined on the basis of your age, gender, health and lifestyle habits. Almost all life insurance companies offer level term plans for their customers.
  • 2
    Decreasing Term Plans
    In the case of decreasing term plans, the cover provided under the policy keeps decreasing every year at a predetermined rate. However, it is important to note that the premium paid by the policyholder remains the same during the entire policy term. The reason such a policy is in the market is that often people’s needs for high levels of life insurance decreases with age, as liabilities such as home loan, car loan or other personal loans decrease or have been paid off. Another important advantage of such a policy is that you will be paying a lesser premium as compared to other term insurance policies.
  • 3
    Increasing Term Plans
    As clearly indicated by their name, such plans work in the opposite way of decreasing term plans. In the case of such plans, the cover provided under the policy keeps increasing every year at a predetermined rate. Just as in the case of decreasing term plans, the premium paid by the policyholder, however, continues to be the same during the entire policy term. Due to the increasing value of the sum assured, typically such plans demand a higher premium than other term plans on the market.
    The reason such plans are offered to customers in the market is to take into account the rising costs of inflation. Due to rising prices, often the coverage you started with may not be adequate in keeping up with living expenses. Hence, in order to take into account the rising costs, insurers offer increasing term plans whereby, the insurance coverage rises at a predetermined rate every year.
  • 4
    TROP (Return of Premium) Plans
    TROP plans are very different from other forms of term policies as they come with a maturity benefit, whereby, the total premium you have paid will be paid back to the policyholder at the end of the term of the policy, even if life assured survives. While most term plans do not offer a maturity benefit, TROP plans have been designed to cater to customers who believe term plans should offer the same. For instance, if you have been paying a premium of Rs. 15,000(excluding taxes) for 25 years for a cover of Rs. 40 lakh, your insurer will pay you Rs. 3.75 lakhs at the end of-of the 25 years (in case the life assured survives the term). Due to the maturity benefit, such term plans usually have a higher premium as compared to other term plans.
  • 5
    Term plans with riders
    While not exactly a different type of term policy, often insurers will offer you rider options such as accidental death cover, critical illness cover, waiver of premium benefit and disability benefit rider, amongst several others to help you customize your term life insurance policy. Such riders can be purchased with your policy by paying a nominal fee and enable you to customize your term plan as per your needs. There are several types of riders available to you which essentially just help you add new benefits to an existing insurance policy. Riders enable you to increase protection and have a customized insurance plan without having to switch policies or buy another one.

If you know the kind of policy you would like to go for, you can simply opt to buy the same online and eliminate any hassle or time-consuming documentation process. Opt to buy a term insurance plan immediately to secure your family’s financial future and your peace of mind.

Benefits of a term insurance policy

Often consumers misunderstand the benefits of a term insurance policy as most of them do not offer a maturity or other benefits at the end of the policy term. The reason term plans have become so popular again is that consumers have begun to recognize their ability to provide a financial security net at an affordable rate of premium, which is beneficial for them and their family. There are many benefits of opting for a term insurance policy. These include :

  • Affordable rate of premium :
    One of the key benefits of term plans is that they offer you peace of mind that in case of an unfortunate event, your dependents will have financial security and protection. While most people understand the importance of having life cover, the cost associated with the same is often too strenuous for their monthly budget and hence, they opt to not have any coverage at all. However, term plans are a basic and simple life insurance product which offer protection for you and your loved ones, without burning a hole in your wallet.
  • Financial protection for you and your family :
    While no one likes to think about it, life is unpredictable and in case something happens to us, our utmost priority is to ensure that our loved one will be taken care of and their financial well-being will be secured. One of the key most benefits of term plans is that they offer you peace of mind that in case of an unfortunate event, your dependents will have financial security and protection.
  • High insurance cover at low premium:
    Another benefit of term plans is that the return offered on them (sum assured) is much higher than what you are investing (premiums paid over the years). TROP plans even offer you a higher return on your premium upon the end of your policy term, without any hassle of managing funds.
  • Option to add on riders :
    Since everyone has different financial goals, priorities and lifestyles, one of the key advantages of term plans is that they offer you the opportunity to add on riders, to help customize your policy. These riders offer you extra protection at a nominal cost. Riders are such as accidental death benefit, critical illness, partial or permanent disability are available.
  • Flexible premium payment options :
    Term plans also come with various options for premium payment, allowing policyholders to choose a payment frequency which suits them the best. Customers can opt to pay for premiums monthly, quarterly or even annually.
  • Survival benefits :
    Maturity benefit will be available only under TROP plans. TROP plan provides maturity benefit the end of the policy term in case the policyholder survives the policy term.
  • Tax benefits :
    Another very big benefit of term plans is that you may be eligible for tax benefit under section 80C and 10(10D) of the income tax 1961.

Some of Term Insurance products offered by Future Generali India Life Insurance

      1. 1 Flexi Online Term Plan :
        An Individual, Non – Linked, Non – Participating (Without Profits), Pure Risk Premium, Life Insurance Plan.

Benefits and features of the Flexi Online Term Plan : (UIN: 133N058V04)

        • Flexible coverage options : You can opt to get a lump sum payout on your death or can choose the income protection option, whereby, your nominee gets monthly income on your death till the time you would have turned 60 (or for 10 years, whichever is higher).

        • Longer protection : You can get life cover up to the age of 75 years.

        • Higher sum assured discount : You can get a discount on the rate of premium that you pay in case you opt for a higher sum assured.

        • Free look period : In case you disagree with any of the terms and conditions of the policy, you can return the policy to the company within 15 days (30 days if you have purchased this policy through distance marketing mode) of its receipt for cancellation, stating your objections. Company 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.

        • 30 day grace period : If you miss your premium payment under the annual payment plan, you get a grace period of 30 days where you will continue to be insured and entitled to receive death benefits. The grace period is 15 days for monthly premium payment.

        • Eligibility criteria : For basic life cover plan you must be between 18-55 years of age and for the income protection plan you must be 25-55 years of age at the time of applying for the plan.

        • Minimum maturity age : 28 years for basic life cover plan and 45 years for the income protection plan.

    1. 2 Future Generali Express Term Life Plan : (UIN: 133N082V02)
      This is an Individual, Non-Linked, Non-Participating (without profits), Pure risk premium, Life Insurance Plan

Benefits and features of the Express Term Life Plan :

      • Death benefit :
        The death sum assured will be paid as a lump sum either in the case of death or the diagnosis of a terminal illness.
      • Customizable plan as per your requirements :
        The Express Term Life Plan has several options and can be modified as per your requirements.
Life cover option :
In this option, you get a lump sum benefit on death or the diagnosis of a terminal illness. Additionally, in case of accidental total and permanent disability, all future premiums of the policy are also waived off.
Extra life cover option :
In addition to all the benefits under the ‘life cover option’ you also get an added lump sum benefit in case of death due to an accident.
Life plus health cover option :
In addition to all the benefits under the ‘life cover option’ you also get critical illness benefit.
All in one cover option :
In addition to all the benefits under ‘Extra Life Cover’ option, you also get critical illness benefit.
        • Policy term and premium payment flexibility :
          In this plan, you get the flexibility to choose the period of protection and the period of premium payment.
        • Free look period :
          In case you disagree with any of the terms and conditions of the policy, you can return the policy to the company within 15 days (30 days if you have purchased this policy through distance marketing mode) of its receipt for cancellation, stating your objections. Company 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.
        • 30 day grace period : If you miss your premium payment under the annual payment plan, you get a grace period of 30 days where you will continue to be insured and entitled to receive death benefits. The grace period is 15 days for monthly premium payment.
        • Eligibility CRITERIA :
          For basic life cover plan you must be between 18-55 years of age and for the income protection plan you must be 25-55 years of age at the time of applying for the plan.
        • MINIMUM MATURITY AGE :
          28 years for basic life cover plan and 45 years for the income protection plan.

Frequently Asked Questions :

How much life cover is sufficient for me?

Answer : The amount of life cover you can opt for will be influenced by a range of factors including your monthly income, your family’s lifestyle, members in your household amongst others. Usually, it is advisable to have about 20-25 times of your annual income to sustain your family and help them achieve major financial and life goals.

What are the riders I can add to my Future Generali Flexi Online term insurance polan?

Answer : With the Future Generali Flexi Online Term insurance plan you can add the Future Generali Accidental Benefit Rider. Adding this rider will ensure that if during the term of the policy, the insured passes away in an accident the nominee will receive an additional sum assured. Alternatively, for the Flexi Online Plan, you can also opt for Accidental Death and Accidental Total & Permanent Disability Protection whereby you will have coverage against accidental death or total and permanent disability.

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