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Future Generali Jan Suraksha Plan and Policy

Future Generali Jan Suraksha Plan and Policy - Protecting our loved ones is a primal human instinct, with most of us striving to provide financial security to them. Future Generali Jan Suraksha is a pure term insurance plan which offers complete protection at affordable prices, making it ideal for a major section of the population. Members can avail life cover by paying a single premium, ensuring they can carry on with life without worrying about the future.

Eligibility Criteria - Future Generali Jan Suraksha

Individuals who wish to participate in this Future Generali rural policy need to satisfy the following basic criteria.

Minimum entry age 18 years
Maximum entry age 50 years
Minimum age at maturity NA
Maximum age at maturity NA
Minimum premium

Rs 500 if entry age is under 45 years

Rs 750 if entry age is over 46 years

Key Features - Future Generali Jan Suraksha

Some of the defining features of Future Generali Jan Suraksha are mentioned below.

Plan type
Non-linked, non-participating pure term insurance policy
Plan basis
Single/Individual
Policy term
8 years
Premium payment term
Single premiums – Policyholders are expected to pay a single premium at the time of buying this policy
Maturity benefit
No maturity benefit applicable
Premium payment frequency
Single premium to be paid at time of purchasing the policy
Loan
There is no loan facility with this policy
Surrender value
Surrender value depends on the period for which a policy is active. A guaranteed surrender value ranging between Rs 100 and Rs 450 will be paid, depending on policy term and premium
Free look period
  • Policies purchased through distance marketing can be returned within 30 days of purchase
  • All other policies can be returned within 15 days of purchase
Grace period
Not applicable – Single premium paid during enrolment
Revival/Renewal
NA – Policy cannot lapse as only single premium is to be paid
Sum assured
Depends on entry age and premium paid
Policy coverage
Death Benefit, Surrender Benefit

Benefits/Advantages - Future Generali Jan Suraksha

Future Generali Jan Suraksha offers a number of benefits to policyholders, some of which are highlighted below.

  • Affordable – Individuals can avail life cover at affordable premiums, making this a plan for the masses.
  • Single premium – Policyholders are expected to pay a single premium at the time of joining. This limits their financial expenditure on a life insurance plan, helping them plan their finances accordingly.
  • Complete life cover – Policyholders are entitled to complete cover for the policy term after they pay the premium amount.
  • Simple and hassle-free – Purchasing and maintaining this policy is simple, with the company following a hassle-free application process.
  • Tax benefits – Policyholders are eligible for tax benefits on the premium paid by them. Tax deductions are currently permitted under Section 80C, 80CCC and 80D of the Income Tax Act.
  • Death benefit – In the event of demise of a policyholder, his/her nominee will receive a death benefit. This amount ranges between Rs 5,000 and Rs 21,000, depending on the entry age and premium paid.

Working of Future Generali Jan Suraksha

This is a plan which has been designed to provide life insurance at affordable rates , making it ideal for the common, hardworking individual. Simplicity in terms of purchase and use have ensured that policyholders can carry on with life without worrying about the future. We can understand the working of this plan by looking at the example of Mr. Rao, a cook by profession. Mr. Rao earns a limited income, supporting his wife and three kids by taking up additional jobs. He decides to invest in Future Generali Jan Suraksha, purchasing the plan on his 44th birthday. He pays a single premium of Rs 750 towards this policy.

Let us consider the following scenarios to see how Jan Suraksha keeps Mr. Rao and his family secure.

Scenario 1: Mr. Rao passes away 4 years after purchasing the policy. In this case, his wife (nominee) will receive a death benefit ranging between Rs 5,000 and Rs 7,500, depending on a number of factors. The policy will cease to exist once this amount is paid.

Scenario 2: Mr. Rao finds himself in a financial crunch, wherein he has to surrender the policy in return for some money. He surrenders the policy three years after purchase, earning a surrender benefit of Rs 375 (approximately).

Scenario 3: Mr. Rao continues with his work, with the policy terminating after 8 years. Being a pure term insurance policy, Mr. Rao does not receive any maturity benefit and the policy ceases to be in force post this period.

Premium Payment - Future Generali Jan Suraksha

Policy Term Entry Age Premium Payment Mode Premium Amount
8 years 18 – 45 years Single premium Rs 500 Rs 750
8 years 46 – 50 years Single premium Rs 750

Riders - Future Generali Jan Suraksha

There is no provision to enhance this plan with riders.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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