Future Generali Extra Term Life Plan

Easy steps to keep yourself covered

Choose a protection option that works for you

Option 1 Life Cover

Provides benefit on Death or diagnosis of Terminal Illness, whichever occurs earlier, where cover up to age 85 years can be opted for. In case of Accidental Total and Permanent Disability (ATPD), all future premiums under the policy are waived and the policy shall continue till the end of Policy Term for other insured events.

Option 2 Extra Life Cover (Life Cover with Accidental Death Benefit)

This option has all the benefits as Option 1, plus an additional amount equal to Accidental Death Sum Assured shall be payable in case of death due to an accident.

Option 3 Life Long Cover

Provides benefit on Death or diagnosis of Terminal Illness, whichever occurs earlier where the cover for base death benefit is fixed for whole life i.e till age 100 years. In case of Accidental Total and Permanent Disability (ATPD), all future premiums under the policy are waived and the policy shall continue till the end of Policy Term for other insured events. The cover for Terminal Illness and Accidental Total and Permanent Disability (ATPD) benefit is applicable till Life Assured is 85 years of age.

Option 4 Extra Life Long Cover (Life Long Cover with Accidental Death Benefit)

This option has all the benefits as Option 3, plus an additional amount equal to Accidental Death Sum Assured shall be payable in case of death due to accident. The cover for Accidental Death Benefit is applicable till the Life Assured is 85 years of age.

Choose the amount of insurance cover (Sum Assured) that you need for the financial security of your loved ones.

Choose the duration of cover (Policy Term) and the Premium Payment Term as available under the policy

Get your premium calculated, get a customised quote and fill out the application form.

Start paying your premiums regularly and stay financially protected.

Terms and conditions

Exclusions

Exclusion under Death Benefit

Suicide Exclusion

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 surrender value available as on the date of death, whichever is higher, provided the policy is in force.

Exclusion under Accidental Total and permanent Disability (ATPD)

For the purpose of ATPD due to accident, the following conditions shall apply:

• The disability should have lasted for at least 180 days without interruption from the date of disability and must be deemed permanent by a company empaneled medical practitioner.
• ATPD due to accident should not be caused by the following:
  • Attempted suicide or self-inflicted injuries while sane or insane, or whilst the Life Assured is under the influence of any narcotic substance or drug or intoxicating liquor except under the direction of a medical practitioner; or
  • Engaging in aerial flights (including parachuting and skydiving) other than as a fare paying passenger and crew on a licensed passenger-carrying commercial aircraft operating on a regular scheduled route; or
  • The Life Assured with criminal intent, committing any breach of law; or
  • Due to war, whether declared or not or civil commotion; or
  • Engaging in hazardous sports or pastimes, e.g. taking part in (or practicing for) boxing, caving, climbing, horse racing, jet skiing, martial arts, mountaineering, off piste skiing, pot holing, power boat racing, underwater diving, yacht racing or any race, trial or timed motor sport.
• ATPD due to accident must be caused by violent, external and visible means.
• The accident shall result in bodily injury or injuries to the Life Assured independently of any other means. Such injury or injuries shall, within 180 days of the occurrence of the accident, directly and independently of any other means cause the Permanent Disability of the Life Assured. In the event of Permanent Disability of the Life Assured after 180 days of the occurrence of the accident, the company shall not be liable to pay this benefit.
• The policy must be in-force at the time of accident.

Exclusion under Accidental Death Benefit

No benefit on account of Accidental Death Benefit will be payable in respect of any condition arising directly or indirectly from, through or in consequence of the following exclusions:

• Arising out of self-inflicted injury, suicide, war/invasion, injury during criminal activity with criminal intent or death whilst under the influence of drug unless prescribed by the doctor, alcohol, or narcotic substances;
• Arising out of riots, civil commotion, rebellion, war (whether war be declared or not), invasion, hunting, mountaineering, steeple chasing or racing of any kind, bungee jumping, river rafting, scuba diving, paragliding or any such adventurous sports or hobbies;
• As a result of the Life Assured committing any breach of law with criminal intent;
• As a result of accident while the Life Assured is engaged in aviation or aeronautics in any capacity other than that of a fare-paying, part-paying or non-paying passenger, in any aircraft which is authorized by the relevant regulations to carry such passengers and flying between established aerodromes.
• Nuclear reaction, radiation or nuclear or chemical contamination.

Non Payment of due premiums

For Regular Pay policy where premium payment term is equal to Policy Term:

• If any due premium(s) have not been paid within the grace period, the policy shall lapse and will have no value. All risk cover ceases while the policy is in lapsed status.
• The policyholder has the option to revive the policy within 5 years from the due date of the first unpaid premium.
• If the policy is not revived during the revival period, no benefit shall be payable at the end of the revival period and the policy will terminate thereafter.

For Limited Pay where premium payment term is lesser than Policy Term:

• A. If any due premium(s) for the first three (3) policy years have not been paid within the grace period:-
  • The policy shall lapse and will have no value.
  • All risk cover ceases while the policy is in lapsed status.
  • The policyholder has the option to revive the policy within 5 years from the due date of the first unpaid premium.
  • If the policy is not revived during the revival period, no benefit shall be payable at the end of the revival period and the policy will terminate thereafter.
• B. If any due premium(s) for the first three (3) or more policy years have been paid and any subsequent premium(s) is/are not paid within the grace period:-
  • All risk cover ceases under the policy.
  • The policyholder has the option to revive the policy within 5 years from the due date of the first unpaid premium.
  • If the policy is not revived during the revival period, Surrender value shall be payable at the end of the revival period or maturity date, whichever is earlier and the policy will terminate thereafter.

Revival

• You have the option to revive a lapsed policy within 5 years from the date of the first unpaid due premium.
• The revival will be considered on the receipt of the application from the policyholder along with the payment of all overdue premiums with interest. The revival will be effected as per the Board approved underwriting policy.
• On revival, the interest rate of 9% p.a. compounded yearly maybe charged by the company. However, the company may decide to change the interest charged on revival from time to time with a prior approval from IRDAI.
• A policy cannot be revived once the Policy Term is over.

Paid up

There is no Paid Up benefit available under this product.

Surrender Value

For Regular Pay policy where premium payment term is equal to Policy Term:

No Surrender Benefit is available under Regular pay policy.

For Limited Pay where premium payment term is lesser than Policy Term: We encourage you to continue your policy as planned, however, you have the option to surrender the same any time after the payment of first three full policy years’ premium i.e. after which the policy acquires a surrender value. You may terminate the policy any time before the end of Policy Term by surrendering the policy for a surrender value.

On surrender, the following shall be paid: Guaranteed Surrender Value (GSV) for Limited Pay policy is equal to:

Surrender Value Factor Multiplied by {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 Surrender} Where Policy Year of Surrender implies latest policy year in which policy status was in-force.

Surrender Value Factor are as follows:

Surrender value will not be payable if the policy is surrendered in the last policy year. The Policy Terminates on surrender and no further benefits are payable under the policy.

Nomination and Assignment

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

Prohibition on rebates:

Section 41 of the Insurance Act 1938 as amended from time to time states

• No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
• Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakh rupees.

Fraud, misrepresentation or non-disclosure:

Section 45 of the Insurance Act 1938 as amended from time to time states

• No policy of life insurance shall be called in question on any ground whatsoever after the expiry of 3 years from the date of the policy i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.
• A policy of Life Insurance may be called in question at any time within 3 years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud.

For further information, Section 45 of the Insurance laws (Amendment) Act, 2015 may be referred.