FUTURE GENERALI LIFETIME PARTNER PLAN

TERMS AND CONDITIONS

Non-payment of Due Premium:

Lapse

If all due premiums for the first (1) policy year has not been paid in full, within the grace period, the policy shall lapse and will have no value. Survival benefit payable, if any, shall also stop once the policy is in lapsed status.

All risk cover ceases while the policy is in lapsed status.

The policyholder has the option to revive the policy, within Five years, from the due date of the first unpaid premium.

In case, the Policy is not revived during the revival period, no benefit shall be payable at the end of the revival period and the policy stands terminated.

Paid-up Value

If due premiums for the first one (1) or more policy years have been paid in full and any subsequent premium is not paid within the grace period, the policy will be converted into a reduced paid-up policy.

If a policy is converted into a reduced paid-up policy, it will not be eligible for any future cash bonuses, if declared. Sum Assured on Death, Sum Assured on Maturity and Guaranteed Income will be reduced in proportion to the number of premiums paid to the number of premiums payable under the Policy.

• The Paid-up Sum Assured is calculated as follows:
  Paid-up Sum Assured = Sum Assured * (Number of Premiums Paid / Total number of premiums payable)
• Paid-up Death Benefit:
  • Paid-up Sum Assured on Death = (Number of Premiums Paid / Total number of premiums payable)* Sum Assured on Death
  • On the death of the Life Assured during the Policy Term, a reduced death benefit equal to the Paid-up Sum Assured on Death shall be payable, immediately upon death.
• Paid-up Survival Benefit:
  

  While the policy is in Paid-up status, on survival of the Life Assured, on survival benefit payment dates, the Paid-up Guaranteed Income, if any, shall be paid.

  Paid-up Guaranteed Income = Guaranteed Income Rate p.a. * Paid-up Sum Assured

  Where Guaranteed Income Rate p.a. and manner of payment of survival benefit is defined under survival benefits section above.

  No Annual Cash Bonuses, if declared, shall be paid while the policy is in Paid-up status.

• Paid-up Maturity Benefit:
  
  • Paid-up Sum Assured on Maturity = (Number of Premiums Paid / Total number of premiums payable)*
    Sum Assured on Maturity
  • On survival of the Life Assured, till the end of the policy term, while the Policy is in Paid-up status, the Paid-up Sum Assured on Maturity shall be paid.

You can revive a Paid-up Policy, within a period of five years, from the due date of first unpaid premium.

You can also surrender your Paid-up Policy anytime, during the Policy Term.

If the Paid up Sum assured (exclusive of Guaranteed Income and Annual Cash Bonus) is less than rupees two thousand five hundred, the Policy may be terminated after expiry of revival period by paying the surrender value.

Revival

• You have the option to revive a lapsed/paid-up policy within 5 years from the date of the first unpaid due premium.
• Revival of a Policy cannot be done once the Policy Term is over.
• The revival will be considered on the receipt of the application from the policyholder, along with the proof of continued insurability of life assured and on the payment of all overdue premiums with interest, if any.
• We, however, reserves the right to accept on original terms, or on 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.
• The revival will be effected as per the Board approved underwriting policy.
• The simple interest rate charged is 9% p.a. for FY 2024-25. The revival interest rate shall be determined by the Company from time to time based on current market interest rate on 10-year Government securities (G-Sec) as on 31st March every year + 2% rounded to nearest 1%. The interest rate applicable for the financial year will be declared at start of the financial year. However, the Company may decide to increase the interest charged on revival from time to time with prior approval from IRDAI.
• In case of revival of a lapsed policy, all the Guaranteed Income payouts and Annual Cash Bonuses (if declared), as applicable and due while the policy was in Lapsed status, shall be paid out as a lump sum.
• In case of revival of a Paid-up policy, all the Guaranteed Income payouts and Annual Cash Bonuses (if declared), as applicable and due while the policy was in Paid-up status, less any paid-up survival benefits already paid while the policy was in Paid-Up status, shall be paid out as a lump sum.

Surrender Value

We encourage you to continue your policy as planned, however, you have the option to surrender the same for immediate cash requirement, in case of an emergency, any time after completion of first policy year provided one (1) full year premium has been received.

1. The amount payable on surrender will be (a) The Guaranteed Surrender Value (GSV) or (b) Special Surrender Value (SSV), whichever is higher.

   • Guaranteed Surrender Value (GSV):

     The GSV will be equal to the GSV factor for premium multiplied by the [Total Premium Paid (excluding applicable taxes, rider premiums, underwriting extra premiums, if any)] less sum of survival benefits paid till date.

   • Special Surrender Value (SSV):

     Special Surrender Value (SSV) shall be based on the Company’s expectation of future financial and demographic conditions and may be reviewed annually by the company in accordance with the applicable IRDAI regulations in this behalf. It is calculated as:

     • For premium paying and reduced paid-up policies (i.e. other than fully paid-up policies):

       Special Surrender Value Factor for Sum Assured x (Paid-up Sum Assured) plus Special Surrender Value Factor for future Guaranteed Income x 3% X (Paid-up Sum Assured)

     • For fully paid-up policies (i.e. policies where premiums due till premium payment term has been paid in full):

       Special Surrender Value Factor for Sum Assured x (Sum Assured) plus Special Surrender Value Factor for future Guaranteed Income x 3% x (Sum Assured) plus Special Surrender Value Factor for Contingent Future Annual Cash Bonus x (Contingent Future Annual Cash Bonus)

     • Contingent Future Annual Cash Bonus rate may be declared every financial year and will be explicitly applicable, only when a fully paid-up policy is surrendered.
     • The Policy terminates on surrender and no further benefits are payable under the policy.

Vesting of the Policy in case of Policies Issued to Minor Lives

The policy vests on the Life Assured on the policy anniversary coinciding with or immediately following the 18th birthday of the Life Assured. In case of death of the Policyholder while the Life Assured is a minor, the surviving parent/ legal guardian may be appointed as a new policyholder. In case the policy is in paid-up status or upon non-payment of future premiums, provisions as mentioned above shall apply.

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.

Exclusions

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 at least 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.

Grievance Redressal Processes

• (a) Calling the Customer helpline number 1800-102-2355 for assistance and guidance
• (b) Emailing at care@futuregenerali.in
• (c) You may also visit us at the nearest Branch Office. Branch locator - https://life.futuregenerali.in/branch-locator/
• (d) Senior citizens may write to us at the following ID: senior.citizens@futuregenerali.in for priority assistance
• (e) You may write to us at:
  Customer Services Department
  Future Generali India Insurance Co. Ltd,
  Unit 801 and 802, 8th floor, Tower C,
  Embassy 247 Park, L.B.S Marg, Vikhroli (W)
  Mumbai – 400083

We will provide a resolution at the earliest. For further details please access the link: https://life.futuregenerali.in/customer-service/grievance-redressal-procedure

Prohibition on Rebates

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

1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out 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.
2. 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:

1. 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.
2. 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 life-time 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.

DISCLAIMERS

This Product is not available for online sale.

For detailed information on this plan including risk factors, exclusions, 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. 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.

Life Coverage is included under this Product. If you have any request, grievance, complaint or feedback, you may reach out to us at care@futuregenerali.in. For further details please access the link: https://life.futuregenerali.in/customer-service/grievance-redressal-procedure

Future Group’s , Generali Group’s liability is restricted to the extent of their shareholding in Future Generali India Life Insurance Company Limited. Future Generali India Life Insurance Company Limited (IRDAI Regn. No.: 133) (CIN: U66010MH2006PLC165288). Regd. & Corporate Office Address: Unit 801 and 802, 8th floor, Tower C, Embassy 247 Park, L.B.S. Marg, Vikhroli (W), Mumbai - 400083 | Email: care@futuregenerali.in | Call us at 1800 102 2355 | Website: life.futuregenerali.in | UIN: 133N086V03 | ARN: ADVT/Comp/2020-21/Dec/529