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Future Generali India Flexi Online Term Life Insurance Plan and Policy

Future Generali India Flexi Online Term Life Insurance Plan and Policy - The term plan from Future Generali Life Insurance offers flexible coverage options. It allows individuals to create their own plan which can be either a Fixed Income Protection + Basic Life Cover plan from Future Generali Life Insurance or an Increasing Income Protection + Basic Life Cover policy.

Under this Flexi Online Term Plan, an insured can choose between fixed income protection and increasing income protection. In the former case, the nominees receive a fixed income per month until a time an insured would have reached 60 years of age. Under the increasing income protection option from Future Generali Life Insurance, the nominees receive an increased sum of money over a period to guard against any rise in costs. The insured has an option to opt for both basic cover as well the income protection cover under this Future Generali Life Insurance term plan. Opting for such a plan will ensure the nominees receive a lump sum benefit under the basic cover as well as regular monthly payments.

The entry age for Future Generali Life Insurance Basic Life Cover is 18 to 55 years while for the Income Protection, it is 25 to 55 years. Maturity age for the Basic Life Cover starts from 28 years and goes up to 65 years for smokers and 75 years for non-smokers. The income protection plan has a maturity age of 45 to 65 years. The policy term can range from 10 years to 65 (smokers) and 75 (non-smokers) years for the basic cover.

Key Features - Future Generali India Flexi Online Term Life Insurance Plan and Policy

  • Provides life cover up to the age of 75 years
  • Lower Premium Rates For Women
  • Discount in premium rate in case you opt for a Higher Sum Assured

Policy Details - Future Generali India Flexi Online Term Life Insurance Plan and Policy

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.

Target Group

  • For the customers who want to buy a tax saving term plan directly from the company, are value conscious and internet savvy, looking at high level of protection at most affordable rates

Benefits - Future Generali India Flexi Online Term Life Insurance Plan and Policy

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

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

    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.

    FREE LOOK CANCELLATION:
    You have a period of 15 days (30 days if the policy is sold through Distance Marketing Mode) from the date of receipt of the Policy document to review the terms and conditions of the Policy. If you are not satisfied with or disagree with any of the terms and conditions, you have the option to Cancel/withdraw and return the Policy along with a letter (dated and signed) stating your intention to cancel the Policy and reasons for the objections/Cancellation, within this period. Cancellation of Policy and refund of premium is allowed under this provision, whereby the amount payable on such cancellation will be equal to the total premium paid less a proportionate cost of insurance for the period of cover and expenses towards Policy stamp duty and medical examination, if any.

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