The benefits of a life insurance plan are various; financial protection for your family being the primary advantage. There are, however, a number of other benefits that a life insurance plan can bring you. Future Generali Flexi Online Term Plan, part of the company's Term Insurance Plans, is one such life insurance plan that provides numerous benefits to its customers.
A Quick Overview of Future Generali Flexi Online Term Plan
This plan, which can be purchased online, provides flexible coverage options. These fall under three categories: Basic Life Cover, Fixed Income Protection, and Increasing Income Protection.
The Basic Life Cover offers a lump sum payout (to the family) in the event of the death of the person insured. Under Fixed Income Protection, a fixed monthly amount is paid (to the family) for a fixed period. Increasing Income Protection offers a monthly amount that increases by 10% every year to protect from the impact of inflation.
Key Benefits of Future Generali Flexi Online Term Plan
Future Generali Flexi Online Term Plan offers longer protection as it provides life cover up to the age of 75 years, for non-smokers; 65 years for smokers. It also has lower premium rates for women. The plan also provides a free look period where, if you disagree with any of the terms and conditions of the policy, you can return it within 15 days. Most importantly, the premiums paid by you are eligible for tax beneﬁt.
How to Avail Tax Benefits with Future Generali Flexi Online Term Plan
A Future Generali Flexi Online Term Plan holder can avail deductions under Sections 80C and Section 10(10)D of the Income Tax Act, 1961.
According to Section 80C individual assessees are eligible for tax deductions. For individual assessees, the persons eligible to receive tax benefits are the individual, the wife or husband of the individual, and the individual’s children. Section 80C offers deductions of up to ₹1.5 lakh on life insurance premiums paid in a particular year.
Future Generali Flexi Online Term is also eligible to receive tax benefits under Section 10 (10D). This section offers tax benefits on death & maturity benefit. Any amount that the assessee receives from the insurance policy, including bonuses, is exempted from tax. Death benefits received by the policyholder’s nominee are also tax-free. The only condition is that the premiums paid should be less than 10% of the sum assured.