Future Generali Saral Jeevan Bima

EASY STEPS TO KEEP YOURSELF COVERED

Step 1 Choose the amount of insurance cover (Sum Assured) you want under this policy.

Step 2 Choose the duration of cover (Policy Term) and Premium Payment Term as per your convenience.

 

Step 3 Get your premium calculated and fill the proposal form (application form). Our advisor will help you with a customised quote.

Step 4 Pay your premiums as committed and stay financially protected.

Note:

• 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).

Exclusions

Suicide Exclusion

• Under Regular/Limited Premium Policy
  

  This Policy shall be void if the Life Assured commits suicide at any time within 12 months from the Date of Commencement of Risk, provided the policy is inforce or within 12 months from the date of revival and the Company will not entertain any claim except for 80% of the premiums paid (excluding any extra amount if charged under the Policy due to underwriting decisions, taxes and rider premiums, if any) till the date of death.

  This clause shall not be applicable for a lapsed Policy as nothing is payable under such policies.

• Under Single Premium Policy
  

  This Policy shall be void if the Life Assured commits suicide at any time within 12 months from the Date of Commencement of Risk and the Company will not entertain any claim except for 90% of the Single Premium paid (excluding any extra amount if charged under the policy due to underwriting decisions, taxes and rider premiums, if any.

Waiting Period

There is a 45 days Waiting Period from the date of commencement of risk. During the waiting period, the policy will cover death due to accident only. In case of death of life assured other than due to accident during the waiting period, an amount equal to 100% of all premiums received excluding applicable taxes, if any, shall be paid and the Death Sum Assured shall not be paid.

In case of Revival of policy, the Waiting Period shall not be applicable.

Non Payment of due premiums (applicable in case of Regular Premium or Limited Premium policies)

• If any due premium(s) have not been paid within the grace period, the policy shall lapse. All risk cover ceases while the policy is in the lapsed status and all benefits cease to exist.
• The policyholder has the option to revive the policy within 5 years from the due date of the first unpaid premium subject to policy term not over.
• If the policy is not revived during the revival period, the policy stands terminated. In case of Regular Premium policies, nothing shall be payable. However, in case of Limited Premium Payment policies, if premium payment is discontinued after payment of at least first two years premiums, the amount as payable in case of policy cancellation shall be paid and the policy shall terminate. In case of Limited Premium Payment policies, if premium payment is discontinued before payment of at least first two years premiums, nothing shall be payable and the policy shall terminate.

Revival

• Revival Period means the period of five consecutive years from the due date of first unpaid premium during which period the policyholder is entitled to revive the policy which was discontinued due to the non-payment of premium.
• If the Policy has lapsed due to non-payment of due premium within the days of grace, it may be revived during the lifetime of the Life Assured, but within the Revival Period and before the Date of Maturity, as the case may be, on payment of all the arrears of premium(s) together with interest at a rate of 9% p.a. compounded yearly. Any change in the basis of determination of interest rate shall be done only after prior approval of the Authority.
• In addition to the arrears of premium with interest, proof of continued insurability may be required for revival of the discontinued policy. The Company, however, reserves the right to accept at original terms, accept with modified terms or decline the revival of a discontinued policy. The revival of the discontinued policy shall take effect only after the same is approved by the Company and is specifically communicated to the Policyholder.
• If a lapsed policy is not revived within the revival period but before the Date of Maturity, the policy will automatically terminate. In case of Regular Premium policies, nothing shall be payable. However, in case of Limited Premium Payment policies, the amount as payable in case of policy cancellation shall be refunded and the policy will terminate.
• The revival will be effected as per Board approved underwriting policy.
• The company may decide to increase the interest charged on revival from time to time with prior approval from IRDAI.

Paid Up

There is no Paid Up benefit available under this product.

Surrender Value

There is no surrender value available under this product. However, the policy cancellation value is applicable as per the provisions given below.

Policy Cancellation Value

Policy Cancellation Value shall be payable:

1. upon the Policyholder applying for the same before the stipulated date of maturity in case of Single premium Policy; or
2. upon the Policyholder applying for the same before the stipulated date of maturity or at the end of revival period if the Policy is not revived, in case of Limited Premium Payment Policies.

3. The amount payable shall be as follows:

   • Single Premium Policies:
     The Policy Cancellation Value acquires immediately after receipt of Single Premium and is calculated as follows:
     = 70% x Single Premium x (Unexpired Term / Original Policy Term) Single Premium shall be inclusive of extra premium but excludes taxes, if any. Where unexpired policy term is computed rounded down in months and original policy term is computed in months.
   • Limited Premium Payment Term: 5 years or 10 years:
     The Policy Cancellation Value acquires if at least two (2) consecutive full years’ premiums are paid and is calculated as follows:
     = 70% x Total Premiums Paid x (Unexpired Term / Original Policy Term) Total Premiums Paid shall be inclusive of extra premium but excludes taxes, if any. Where unexpired policy term is computed rounded down in months and original policy term is computed in months and Unexpired policy term is calculated from the date on which policy status was last in force.
4. No policy cancellation value shall be payable in respect of regular premium policies.

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 and Misstatement

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 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.

Why choose us?

Future Generali India Life Insurance Company Limited offers an extensive range of life insurance products, and a distribution network which ensures that we are close to you wherever you go.

At the heart of our ambition is the promise to be a lifetime partner to our customers. And with the help of technology we are making the shift from not only offering protection to our customers but also providing personalized services to them.

It starts with our extensive agent base who is at the core of this transformation. Through our distribution network we ensure that there is always a caring touch while servicing the individual needs of our customers. With this philosophy, we aim to make simplicity, innovation, empathy and care synonymous with our brand - Future Generali India Life Insurance Company Limited.

Disclaimer

This Product is not available for online sale.

For detailed information on this product including risk factors, terms and conditions etc., please refer to the policy document and consult your advisor or visit our website (life.futuregenerali.in) before concluding a sale. We advise you to visit our website/speak to one of our advisors to know about range of products offered by us. 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