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Term Insurance: Best Term Insurance Plans & Policy in India

The family is one of the most important aspects of life. All the effort and wealth we build over time is for the family to thrive and have a stable future. Term insurance helps you protect this responsibility financially at a nominal cost. Term plans are simple to understand and you can buy them online and offline. Check the different term insurance plans available below and get to know how much life insurance your family needs.

Types of Term Plans Available with Future Generali India Life Insurance

Future Generali Life offers you four types of term insurance plans to suite your specific needs.

Future Generali

Flexi Online Term Plan
UIN 133N058V04

This plan is for those who love DIYs and are looking at the high level of protection at most affordable costs.

Future Generali

UIN 133N082V02

This is an Individual, Non-Linked, Non-Participating (without profits), Pure risk premium, Life Insurance Plan

How to Select the Right Term Plan for Your Needs?

You can select the correct term insurance plan based on your life stage and protection needs. Here’s the type of term plan best suited for your life stage:

Life Stage

Unmarried (No Dependent children or spouse)

Term Plan

Future Generali Flexi Online Term Plan – Basic Life Cover (lump-sum payout option)
Future Generali Term with Return of Premium – Lumpsum Protection

Life Stage

Married no Kids

Term Plan

Future Generali Flexi Online Term Plan – Basic Life Cover (lump-sum payout option) and Income Protection (monthly income payout option)
Future Generali Term with Return of Premium – Lumpsum Protection

Life Stage

Married with Kids

Term Plan

Future Generali Flexi Online Term Plan – Basic Life Cover (lump-sum payout option) and Increasing Income Protection (monthly income payout option)
Future Generali Term with Return of Premium – Lumpsum Protection and Income Protection

Life Stage

Married with Kids Employed

Term Plan

Future Generali Term with Return of Premium – Income Protection

Why Term Insurance Plan from Future Generali?

Simple to understand products

Strong foundation

Trustworthy brand with long service experience

More than 100 branches across the country

Growing and strong customer base

Benefits of Term Insurance Plan

Term insurance plans are the simplest form of life insurance plans which offer to protect the lifestyle and needs of your dependents if anything happens to you. Following are the key features of good term insurance plans in India:

Monthly Income Payout
Best term insurance plans will not only offer a lump sum benefit to your dependents but can also offer monthly income to look after their regular expenses. This is an option you can select while buying the plan. This feature takes the burden of investing the large sum of money from your already stressed family members and provides them financial support when they need it most.

Tax Benefits
You can claim the premium paid for term life insurance plan as a deduction from your gross- total income in the financial year under section 80C. The death benefit payable as a lump sum is also tax exempt under section 10(10D) for your dependents.

Flexibility of Plan
Term insurance plans nowadays are quite flexible, unlike plain vanilla ‘insurance cover for a small price’ plans of old. You can select from plans that will offer regular income benefit to your dependents, to the plans which will return all premiums paid for the cover if you survive the tenure of the cover.

Entry & Maturity Age
With an entry age as low as 18 years ,it is not a hinderance if you are one of those with huge responsibilities on your shoulders at an early age. Also, with the maximum maturity age of 75, it is possible for those looking at a late retirement to ensure life cover to their loved ones.

Add-On Benefits
It is not necessary to buy a standalone term insurance plan with death benefit as the only cover. You can include additional benefits covering conditions like accidental death and disability for a nominal premium to the base term life insurance. These added benefits are also called ‘insurance riders’.

How to Buy Term Life Insurance Online?


Step 1

Estimate - How Much Term Cover You need?

(Usually, 20-25 times of your annual income as sum assured is sufficient)

Step 2

Select the Type of Plan & Benefits You Want to Attach

(you can select a plan with regular income payout at maturity, and add riders to it)

Step 3

Use Online Calculator to Estimate Premium and adjust Sum Assured for different benefits.

Step 4

Pay the premium online and complete the application form.

Note: Term Plan with Return of Premium is only available offline. Click here to receive a call back from our representatives.

What Are Riders?

Riders are add-on benefits that you can add to your term life insurance plan. These benefits help your life cover to become more robust and helpful in multiple emergencies, rather than the only demise.

You can include the following riders to your base term life cover:

  • Future Generali Accidental Benefit Rider (Available with Future Generali Flexi Online Term Plan)
  • Future Generali Non Linked Accidental Death Rider (Available with Future Generali Care Plus)
  • Future Generali Accidental Benefit Rider

    Accidental benefit rider provides additional sum assured with the term insurance plan. This Rider provides two options to choose from

    • Accidental Death Protection :- provides cover against accidental death.
    • Accidental Death and Accidental Total & Permanent Disability Protection:- provides cover against Accidental Death or Accidental Total & Permanent Disability whichever is earlier.

    Future Generali Non Linked Accidental Death Rider:- This rider provides additional Sum Assured on Accidental Death along with the Term Insurance.

Tips to Buy Term Insurance Plan

While there are many who will tell you to spend less time and money on buying something as important as life insurance, we urge you to understand your benefits before putting your hard cash into it. Here are few simple things you can do to ensure long term satisfaction with your decision:

How much life cover?

With term insurance, you can aspire to offer maximum protection to your family’s lifestyle and dreams. However, the protection is limited by your annual income. Usually, 20 to 25 times of your annual income is enough for a family to sustain their lifestyle and fulfil their important life goals.

How Long Should the Term Cover Last?

The tenure of the term insurance cover is another area many buyers get confused, opting for either less tenure or too high a tenure. It is true that lower tenure can reduce your annual premium.

But, for something as important and inexpensive as term life cover, money should not affect the decision. Instead, opt for a tenure which is at least 5 years over your expected retirement. E.g. if you are expecting to retire at 60 your term cover tenure should be 65.

Opting for a longer cover duration post-retirement can burden the pension because you will have to pay premium from your pension.

Which Riders to Select?

Riders offer improved financial protection to your family and you. Accidental Death and Disability Rider is one of the basic benefits you should add to your term life cover..

Claim Settlement

Claim settlement is the moment of truth for the families covered by term insurance. Thus, it is important for you to look at the simplicity of the claim settlement process of the insurer. Also, you can look at the channels that will be available to your family members for filing the claim. Count the branches, online channel and customer support in this area.

Renewing Your Term Insurance Policy

You can renew your term insurance policy by paying the renewal premium online through the website.


Click on ‘Pay Premium’ on the top of the page.


Fill in the policy number and date of birth of the policyholder and click ‘Submit’. This will pull up the amount of premium you need to pay for the renewal.


Use the given payment method to pay the due amount and renew your policy.

A confirmation e-mail and premium receipt will be sent to the registered e-mail ID of the policyholder.

Filing Your Claim at Future Generali India Life Insurance


Step 1: Claim intimation

  • Fill the Claim form
  • Attach the following document (as necessary):
    • Original Policy Document
    • Death Certificate
    • Certificate of death (which shows the cause of death) issued by Hospital last attendant/Physician
    • Post Mortem Report and FIR copy
    • Bank account details
    • Legal Evidence of Title of the Claimant (in case policy does not mention nomination)
    • Proof of age (nominee)
  • Submit at the nearest branch

Step 2: Claim Processing

  • Our claim specialist will assess the claim.
  • In case we require any further information, we would call the claimant or intimate via SMS or letter.

Step 3: Claim Decision

Upon receipt of complete documents, we will make the final decision within 10 days and communicate the same to the claimant.

To ensure a speedy payout, we transfer the claim proceeds through direct credit to the claimant's account.

Frequently Asked Questions

What is term insurance?

Term insurance is a type of life insurance that covers the policyholder up to the age specified in the policy. Should the life assured die before the term is over, the beneficiary will receive a death benefit as per the policy selected. The objective of having this insurance is to provide financial coverage to the life assured and his/her family, in the event of unfortunate situations like permanent disability or death.

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What's Terminal Illness Cover?

Terminal insurance is very similar to term insurance cover but instead of death benefit it provides tax-free lump sum when diagnosed with terminal illness. Terminal illness benefit is defined as benefit paid when the estimated survival period of life assured is less than 12 months. This is certified by a medical doctor. Purchasing this insurance gives you the security that a guaranteed amount will be paid if the unforeseen happens and you are diagnosed with a terminal illness.

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Why should you buy term insurance?

Term insurance guarantees a pre-determined amount of money to the insured person’s nominees if the person passes away within the policy period. Term insurance for life should be a necessity if you have family members who are financially dependent on you and you are the sole breadwinner. It can likewise prove to be handy if you have liabilities like an auto loan, a home loan, or other obligations.

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What's decreasing term insurance?

It is a type of term insurance where the policyholder pays a constant premium, but the coverage amount or the sum assured, decreases every year by a fixed percentage, either on a monthly, quarterly, or yearly basis. Decreasing term insurance, also known as mortgage term insurance, is usually bought by homeowners to pay off debts and loans to ensure their mortgage is settled after their death.

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What's Level Term Insurance?

Level term insurance is one of the most popular types of life insurance that offers you protection in the event of your demise within the term of the policy. The amount paid as premium as well as the sum assured does not change over the course of the policy term, unlike decreasing term insurance.

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Can a diabetic person get a term plan?

It is possible to get term insurance or long-term care insurance if you have diabetes. Term protection is likely available to you, particularly if your diabetes is under control; you can get moderate rates if you react well to treatment and lead a healthy life.

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What are the maturity benefits of term plans?

Maturity benefits indicate the sum received by a policyholder or his/her beneficiaries when a policy matures. Typically, a traditional term insurance plan does not offer any maturity benefit. It only offers term insurance death benefit when a policyholder passes away within the policy term.

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What are the exclusions of term insurance plans?

Term insurance financially covers the risk of death, by paying a lump sum amount to the life assured’s nominee. But, certain kinds of deaths are not covered by the term plan in India. Hence, to avoid any unpleasant surprises to your family members or dependents upon your demise, it is essential to be aware of the terms and conditions of term insurance plans.

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How is a Pension Plan different from a Term Plan?

Term insurance coverage allows your nominees to receive the guaranteed death benefit in the event of your untimely demise. However, in the case of a pension plan, once the policy matures, you or your nominees are entitled to receive the corpus that you have built over time.

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Is it worth to buy term insurance for over 60 years of age?

Yes, there are circumstances where buying term life insurance over 60 years of age is worthwhile. Let’s plunge in such scenarios a bit deeper and see which broad life situations make purchasing a term plan in your senior years beneficial:

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For How Long Should I Buy Term Plan?

The duration of your term policy should rely upon how long you need to provide financial security to your family if there should arise an occurrence of unfortunate eventualities. However, while buying a term policy, you should always opt for a ‘term’ depending on your retirement age. So, if your current age is 30 and you are planning to retire at the age of 60, then you should opt for a 30 years policy term.

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What documents will I need to buy term insurance plans?

Life insurance companies require certain documents from you when you purchase a term insurance plan. You can either directly upload these documents onto the insurer’s website while applying, email to their customer service id, or courier the documents to the closest branch.

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Can I Avail Loan on Term Insurance Plans?

No, you cannot avail loans on term insurance plans because such term plans do not contain cash value and expire at the end of their policy period without earning any returns. Therefore, banks cannot consider term life insurance as collateral against loans.

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What is a premium paying term?

Premium paying term for ‘Term Life Insurance’ is the duration for which the policyholder must pay the term insurance premium.

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Do Term Plans Cover Death Due to a Natural Disaster?

In general, term life insurance policy covers death due to natural disasters such as severe weather conditions, earthquakes and lightning.

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