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Flexi Online Term Plan

  • Flexi coverage option
  • Basic Life Cover

    Basic Life Cover

    Offers a lump sum payout on your death.

  • Income Protection

    Income Protection

    Offers a monthly income on your death till such time you would have turned 60 or for 10 years whichever is higher.

Benefits

  • Product Benefits
  • Period
  • Tax Benefits

Product Benefits

  • Longer Protection

    Longer Protection

    Provides life cover up to the age of 75 years

  • Lower premium rates for women

    Lower Premium Rates For Women

  • High sum assured discount

    High Sum Assured Discount

    Discount in premium rate in case you opt for a Higher Sum Assured

Period

Free Look period: In case you disagree with any of the terms and conditions of the policy, you can return the policy to the company within 30 days of its receipt for cancellation, stating your objections. Future General! India Life Insurance Company Ltd. will refund the policy premium after the deduction of proportionate risk premium for the period of cover, stamp duty charges, cost of medical examination, if any

Grace Period: You get a grace period of 30 days if you have opted for annual premium payment or 15 days if you have opted for monthly premium payment from the premium due date to pay your missed premium. During these  days, you will continue to be insured and be entitled to receive the death benefits subject to deduction of due premiums

Tax Benefits

The Premium(s) paid by you are eligible for tax benefit as may be available under the provisions of Section(s) 80C, 80 CCC (1), 80D, 10(10D) as applicable. For further details, consult your tax advisor. Tax benefits are subject to change from time to time.

HOW IT WORKS

  • 1 Basic Life Cover
  • 2 Fixed Income Protection
  • 3 Increasing Income Protection

1Basic Life Cover

Basic Life Cover

Content with image- In case of death any time during the policy term, Jeevan's nominee will receive Rs. 1,00,00,000 as a one-time Lump Sum payout. The policy will end after the payment is made.

2Fixed Income Protection

Fixed Income Protection

In case his death happens immediately after payment of 7th annual premium, i.e. when he has turned 41 years old, his nominee would start receiving Rs50,000 every month, till such time when Jeevan would have attained 60 years of age.

In case of death during the policy term, Jeevan's nominee will receive a fixed amount every month, similar to Jeevan's monthly Income, for a period till Jeevan would have attained 60 years of age or for 120 months from the date of death, whichever period is higher.

Alternately, Jeevan's nominee has an option to take all monthly instalments as a lump sum at the time of claim settlement. All monthly payouts will be discounted at 6.5% per annum compounded. The option of taking lump sum benefit cannot be exercised once the fixed income protection payment has commenced.

3Increasing Income Protection

Increasing Income Protection

In case his death happens immediately after paying 7th annual premium, i.e. when he has turned 41 years old, his nominee would start receiving Rs 80,000 every month in the 7th policy year, which will increase every subsequent year, at a simple rate of 10% of the monthly payout chosen at inception, till such time when Jeevan would have attained 60 years of age.

Your coverage increases every year under this option to secure you and your family from the impact of rising costs due to inflation. You can choose the monthly amount which will increase at a simple interest rate of 10% from second policy year and thereafter every policy year.

In case of your death during the policy term, the increased monthly amount corresponding to the policy year of death will start getting paid to your nominee and this amount will still continue to increase every year for the period till you would have attained 60 years of age or for 120 months from date of death, whichever is higher.

Your nominee also has an option to take the monthly payouts as a Lump Sum benefit at the time of claim settlement. All monthly payouts will be discounted at 6.5% per annum compounded. The option of taking Lump Sum benefit cannot be exercised once the Increasing Income Protection payment has commenced.

 

DEATH/ MATURITY BENEFIT

 

The Death Sum Assured shall be the higher of:

10 times Annualised Premium (excluding taxes and extra premiums, if any), or

105% of total premiums paid (excluding taxes and extra premiums, if any) as on date of death, or

Absolute amount payable on death which is equal to the Sum Assured

Where Sum Assured is equal to

Option 1: Sum Assured chosen at the outset

Option 2: Discounted value of fixed Income protection payments as on date of death discounted at a rate of 6.5% p.a. compounded yearly

Option 3: Discounted value of increasing Income protection payments as on date of death discounted at a rate of 6.5% p.a. compounded yearly.

Maturity Benefits:

There are no benefits payable to you on maturity of the policy.

HOW TO APPLY

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Please note you will have to go for a medical test to complete the application process. Our representative will get in touch with you to fix the appointment.

ELIGIBILITY

PARAMETER CRITERION
BASIC LIFE COVER INCOME PROTECTION
Entry Age (as on last birthday) 18 - 55 years 25 - 55 years
Maturity Age Minimum: 28 years Minimum: 45 years
Maximum: Smoker: 65 years
Non – Smoker: 75 years
Maximum: 65 years
Policy Term Minimum: 10 years Minimum: 10 years (subject to minimum maturity age of 45 years)
Maximum: Smoker: 65 years minus Entry Age
Non-smoker: 75 years minus Entry Age
Maximum: 65 years minus Entry Age
SUM ASSURED
Basic Life Cover
Minimum Lump Sum Payout : Rs. 50,00,000 Maximum Lump Sump Payout: No Limit
Fixed Income Protection Increasing Income Protection
Entry Age Minimum Monthly Amount Maximum Monthly Amount
25-43 Rs.25,000 No Limit
44-48 Rs.35,000
49-55 Rs.42,000
Entry Age Minimum Monthly Amount Maximum Monthly Amount
25-48 Rs.25,000 No Limit
49-55 Rs.30,000
 
Premium Payment Term Equal to the Policy Term for all options
Premium Payment Frequency Monthly/Annual

Riders

    You have the option to enhance your cover by opting for the following rider - Future Generali Accidental Benefit Rider (UIN: 133B027V01)

    Please refer to the respective rider brochure for more details.

    Please refer to the sales brochure of this rider to understand the terms & conditions before concluding a sale.

    Click here to download the sales brochure.

    Click here to download the sample Policy Document.

Disclaimers

    Future Generali Flexi Online Term Plan UIN 133N058V02

    LAPSE

    If your due premium remains unpaid at the end of the grace period, the policy shall lapse and no life cover will be provided to you during lapse period. You can revive the policy within 2 years from the date of last unpaid premium. The policy will be terminated for no value at the end of revival period.

    SURRENDER VALUE - NIL

    PAID UP VALUE - NIL

    REVIVAL PERIOD - If due premiums are not paid during the grace period, the policy may be revived during the Policy Term within a period of two years from the due date of first unpaid premium. The revival will be considered on receipt of

                     
    • A written application from the policyholder along with the proof of continued insurability of the life assured as specified by the Company from time to time and
    •                
    • On payment of all overdue premiums without any interest.
    •              

     

    NOMINATION AND ASSIGNMENT

    Nomination, in accordance with Section 39 of Insurance Act, 1938, is permitted under this policy.

    Assignment, in accordance with Section 38 of Insurance Act, 1938 is permitted under this policy.

     

    Exclusions
    If you commit suicide within one year from the policy inception date, the plan will be void and only 80% of the premiums paid will be payable as death benefit. If you commit suicide within one year from the revival date of the plan, if revived, only 80% of the premiums paid till the date of death , will be payable as Death Benefit.

Copyright © 2016. Future Generali India Life Insurance Company Ltd. All Rights Reserved.

Tax benefits are as per Income Tax Act, 1961, and are subject to modifications made thereto from time to time. Insurance is the subject matter of the solicitation. BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDAI clarifies to public that IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.

REGISTERED & CORPORATE OFFICE

Future Generali India Life Insurance Co. Ltd, Indiabulls Finance Centre, Tower 3,6th Floor, Senapati Bapat Marg, Elphinstone(W), Mumbai-400013. IRDAI Registration No: 133. CIN:U66010MH2006PLC165288

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