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Future Generali Life Insurance Company Limited was incorporated on September 2007 as a joint venture between Future Group, a leading Indian Retailer with retail outlets like Pantaloons, Big Bazar etc., and Generali Group which is a global insurance group counted among the top 50 companies of the world and Industrial Investment Trust Limited (IITL) which is an investment company. As on September 2015 the company has total assets under management of the value of Rs.2600 crores. The company offers various types of plans to suit the requirement of every individual.
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Future Generali Life Insurance offers two types of term insurance plans to its customers. While one plan is available online, the other can be bought through other channels. Let us take a look at the term plans available with the company.
An online term insurance plan which provide flexible benefits. The features and benefits of the plan are as follows:
| Minimum | Maximum | |
| Entry Age | Basic Life Cover - 18 years Income protection – 25 years | 55 years |
| Maturity Age | Basic Life Cover - 28 years Income protection – 45 years | 65 years Non-smokers – 75 years |
| Policy Term | 10 years | 65 – age at entry Non-smokers – 75-age at entry |
| Sum Assured | Rs.50 lakhs | No limit |
| Premium Payment Term | Equal to policy term | |
| Premium Payment Frequency | Yearly | |
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
A term insurance plan at cheap rates of premiums. The features and benefits of the plan are as follows:
| Minimum | Maximum | |
| Entry Age | 18 years | 60 years |
| Maturity Age | - | 65 years |
| Policy Term | 5 years | 30 years |
| Sum Assured | Classic Option – Rs.10 lakhs Premier option – Rs.25 lakhs | Classic Option – Rs.24, 99, 999 Premier Option – No limit |
| Premium Amount | Classic Option – Rs.2500 Premier option – Rs.5000 | |
| Premium Payment Term | Equal to policy term | |
| Premium Payment Frequency | Yearly, half-yearly or monthly | |
Decreasing term life insurance, also known as mortgage life insurance, is a kind of insurance that you buy to cover your loans and mortgages. As a result, the value of your decreasing plan should be equal to the loan amount and the term of the policy should be similar to the loan repayment term. Since a decreasing term plan doesn’t have a return component and the sum assured keeps decreasing throughout the policy period, it makes no sense to buy such a plan if you do not have a loan or a mortgage. These kinds of life insurance policies are also considerably cheaper and so it becomes easy for people from all walks of life to buy decreasing term life insurance plans.
Future Generali offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
To know more about other life insurance plans check at Future Generali Life Insurance
You can deposit the cash before the due date to renew it automatically.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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