Individual, Non-Linked, Non-Participating (without profits), Pure Risk Premium, Life Insurance Plan
Your financial needs are as unique as your life experiences and goals. You may be planning to buy a house, send your children for higher studies or even retire early. No matter what your milestones, you need a protection solution that is tailored to help you prepare for different life events.
Presenting Future Generali Care Plus – a term life insurance plan that is designed keeping your needs and preferences in mind. So that you can secure your family’s lifestyle, today and tomorrow. This plan also offers a Claim Service Guarantee1 of 2 working days that assures your family of our prompt service in their most difficult times.
Three reasons why you should buy this plan:
Depending on your protection needs, you can choose from any one of the following options:
Option 1: Life Cover
Option 2: Extra Life Cover (Life Cover with Accidental Death Benefit)
Your premium amount will vary according to the option you have chosen. The option has to be chosen at inception and cannot be changed during the term of the policy.
The plan gives you the flexibility to choose the period of protection and the period of premium payment (minimum policy term and premium payment term of 5 years).
The Policyholder can choose lump sum payout, fixed monthly payout or a combination of both payouts to receive the Death Benefit upon death of Life Assured. The policyholder can choose to change any of the payout options during the Policy Term but before the occurrence of insured event.
Claim Service Guarantee will be available to the beneficiary in all eligible policies which have been in force for a continuous period of 3 or more years, in which death benefit amount is up to Rs 1 Crore per life assured and the claim does not warrant any further investigation.
You may be eligible for availing tax benefits according to the provisions of Income Tax Laws. These benefits are subject to change as per the prevailing tax laws.
Choose a protection option that works for you
Option 1 Life Cover: Provides guaranteed death benefit in case of death of Life assured.
Option 2 Extra Life Cover (Life Cover with Accidental Death Benefit): In addition to the benefits under Option 1: Life Cover, this option also provides a guaranteed additional lump sum benefit (Accidental Death Sum Assured) in case of death due to accident.
Choose the amount of insurance cover (Sum Assured) you desire under this policy.
Choose the duration of cover (Policy Term) and Premium Payment Term as per your convenience.
Get your premium calculated and fill the proposal form (application form). Our advisor will help you with a customised quote.
Start paying your premiums regularly and stay financially protected.
The above mentioned benefits are subject to policy being in force.
The minimum and maximum criteria of Sum Assured, Policy Term and Premium Payment Term are mentioned under the eligibility conditions below (Life Insurance Plan Summed Up).
Parameter | Criterion (Under all options) |
---|---|
Entry Age (as on last Birthday) | 18 years to 65 years |
Maturity Age (as on last Birthday) | 23 years to 85 years |
Policy Term | Premium Payment Term | ||||
---|---|---|---|---|---|
(55/60/65/70/75/80/85 less age at entry) years subject to Policy Term greater than Premium Payment Term |
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5 years to (85 less age at entry) years subject to Policy Term equal to Premium Paying Term | 5 years to (85 less age at entry) years subject to Policy Term equal to Premium Paying Term |
Sum Assured | Minimum – Rs. 25 Lacs Maximum – As per Board approved Underwriting policy |
Accidental Death Sum Assured | Minimum –Rs. 5 Lacs Maximum– Base Sum Assured or Rs. 2 Crores, whichever is lower (Subject to Board Approved Underwriting policy) |
Premium Payment Frequency | Yearly, Half Yearly, Quarterly and Monthly |
Premium amount | Minimum Premium: Monthly Mode – Rs. 224 Quarterly Mode – Rs. 673 Half Yearly – Rs. 1,319 Yearly - Rs. 2,537 Maximum Premium- No Limit (as per Sum Assured) |
Note: Premiums mentioned above are excluding applicable taxes and extra underwriting premium, if any.
Sample premium for healthy non-smoker male lives (excluding applicable taxes, extra underwriting premium and modal loading, if any).
Premium Payment Type | Regular Pay | |
Premium Payment Term | 25 years | |
Policy Term | 25 years | |
Age at entry | Option 1: Life Cover(Base Sum Assured = Rs. 1 crore) | Option 2: Extra Life Cover (Life Cover with Accidental Death Benefit)(Base Sum Assured = Rs. 1 crore and Accidental Death Sum Assured = Rs. 1 crore) |
30 | 8,534 | 13,004 |
35 | 12,277 | 16,747 |
40 | 18,541 | 23,011 |
45 | 28,796 | 33,344 |
50 | 45,373 | 50,633 |
55 | 72,016 | 78,331 |
Option 1: Life Cover
Option 2: Extra Life Cover (Life Cover with Accidental Death Benefit)
Note for:-
1. Death Benefit:-
The Death Benefit shall be the highest of the following:
Let us understand this benefit with the help of examples:
Ankit is a 35 years old healthy non-smoker male. He buys the Future Generali Care Plus for 25 years and chooses to pay annual premium for 25 years.
Example 1: He chooses Option 1: Life Cover with Base Sum Assured of Rs. 1 Crore
Example 2: He chooses Option 2: Extra Life Cover (Life Cover with Accidental Death Benefit) with Base Sum Assured of Rs. 1 crore and Accidental Death Sum Assured of Rs. 1 Crore.
Note: In the above example, in case of death other than due to accident under Option 2: Extra Life Cover (Life Cover with Accidental Death Benefit) only Death Benefit of Rs 1 Crore shall be payable and no Accidental Death Sum Assured shall be payable.
Maturity Benefit:
There are no maturity benefits under this plan.
Definitions:
The Accidental Death Benefit is payable only under Option 2, where Accidental Death Benefit is equal to Accidental Death Sum Assured.
If the life assured sustains any bodily injury resulting solely and directly from an accident caused by outward, violent and visible means and such injury shall within a period of 180 days of the occurrence of the accident; solely, directly and independently of all other causes, result in the death of the life assured, then the accidental death benefit shall be payable.
In case the “event” which has caused death due to accident has occurred during the policy term and accidental death occurs after the policy term but within 180 days from the date of accident, the accidental death benefit shall be payable.
A claim service guarantee of communicating Claim Decision within 2 working days (from the submission of last necessary document) to the nominee/beneficiary shall be applicable under this product for all eligible policies subject to following definitions and eligibilities:
Working day shall be counted from receipt of last necessary document.
All documents submitted till 3 PM on working day will be counted as ‘0’ day and further 2 working days required to provide Claims Service Guarantee.
For documents received post 3 PM, ‘0’ day would be counted from next working day and further 2 working days required to provide claim service guarantee.
In case the claim decision in not communicated within 2 working days from the receipt of last necessary document from the claimant, an interest @bank rate plus 2% p.a. shall be payable on the claim amount from the date of receipt of last necessary document, provided the claim is accepted there after.
In each of the policy options, the policyholder can choose to receive the Death Benefit as per the following payout options. The default payout option is Lump-sum payout. The policyholder can change to any of following the payout options during the policy term but before the occurrence of insured event.
You get a grace period of 30 days for Yearly, Half-yearly and Quarterly Premium Payment Frequency and 15 days for Monthly Premium Payment Frequency from the due date, to pay your missed premium. During these days, you will continue to be covered and be entitled to receive all the benefits subject to the deduction of due premiums. If any Instalment Premium remains unpaid at the end of the Grace Period, the policy shall Lapse.
There are no riders available in this policy.
There are no loans available under this policy.
Premium rates are guaranteed for the entire policy term.
In case of death of Life Assured 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 Policyholder shall be entitled to 80% of the total premiums paid till the date of death or the policy cancellation value available as on the date of death whichever is higher, provided the Policy is in force.
You will not be entitled to any accidental death benefit directly or indirectly due to or caused, occasioned, accelerated or aggravated by any of the following:
For Regular Pay policy where premium payment term is equal to policy term:
For Limited Pay policy where premium payment term is lesser than policy term:
There is no Paid Up benefit available under this product.
There is no surrender value available under this product.
However, Policy Cancellation Value shall be applicable under this product as defined below.
For Regular Premium where premium payment term is equal to policy term:
No policy cancellation value is available under regular premium policies.
For Limited Premium Payment Term where premium paying term is lesser than policy term:
We encourage you to continue your policy as planned, however, you have the option to cancel the same any time after the payment of first three (3) consecutive full policy years’ premiums i.e. after which the policy acquires a cancellation value.
Policy Cancellation Value for Limited Premium Payment policy is equal to:
Policy Cancellation Value Factor * {Total Premium paid till date including extra premium for substandard lives, if any (exclusive of taxes) – (Total Premium Payable/Policy Term in Years) * Policy Year of Cancellation}
Where Policy Year of Cancellation implies latest policy year in which policy status was in-force.
Policy Cancellation Value Factor will be as below:
Policy Year of Cancellation | Factor |
1-2 | 0% |
3-5 | 30% |
6-9 | 40% |
10-14 | 50% |
15 and above | 60% |
Policy Cancellation value will not be payable if the policy is cancelled in the last policy year.
The policy terminates on policy cancellation and no further benefits are payable under the policy.
Nomination shall be in accordance with Section 39 of Insurance Act, 1938 as amended from time to time.
Assignment shall be in accordance with Section 38 of Insurance Act, 1938 as amended from time to time.
Section 41 of the Insurance Act 1938 as amended from time to time states
Section 45 of the Insurance Act 1938 as amended from time to time states
For further information, Section 45 of the Insurance laws (Amendment) Act, 2015 may be referred.
Future Generali Care Plus (UIN: 133N030V05)
For detailed information on this product including risk factors, terms and conditions etc., please refer to the product brochure and consult your advisor before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. You are advised to consult your tax consultant. Future Group’s and Generali Group’s liability is restricted to the extent of their shareholding in Future Generali India Life Insurance Company Limited
Locations with presence in major cities across India
Individual claims settlement ratio for FY 2020-2021^
lives covered since inception
Worth of Assets Under Management
Figures as on 31st March 2021 ^Data as on 31st March 2022