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Future Generali Flexi Online Term Plan
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- Shield your family from unforeseen events
- Tax benefit** u/s 80C on premium paid
Future Generali Flexi Online Term Plan is a non-linked, non-participating, individual, pure risk premium, life insurance plan. It is a comprehensive policy for customers looking to buy a tax-saving term plan with a high level of protection at affordable premium rates. The plan is available in 3 different variant options, all of which cover premature death. This term insurance plan also offers income protection in the case of premature death of the assured under select variants.
In case of disagreement with any of the terms and conditions of the policy, a free-look period is available with the plan. During this window, the policy can be returned to the insurance company within 15 days of its receipt for cancellation, along with the reasons and objections.
Best Features of Future Generali Flexi Online Term Plan
Here are some of the notable features of Future Generali Flexi Online Term Plan that make it a distinguished term plan among its counterparts:
- There are 3 types of coverage variants offered under this plan - Basic Life Cover, Fixed Income Plan, and Increasing Income Plan. You can choose depending upon which one best suits your financial needs.
- The plan comes with 1 rider option called the Future Generali Accidental Benefit Rider which offers coverage in case of accidental disability or death
- Under this plan, you can enjoy life cover up to the age of 75 years
- You can choose between 3 pay-out options - lump sum, monthly, or a combination of lump sum and monthly payment
- The plan offers significantly lower premium rates for women
- In case you opt for a Higher Sum Assured, you can get a discount in premium rates
- Preferential premium rates are applicable for non-smokers.
Benefits of Future Generali Flexi Online Term Plan
Mentioned here are the benefits that you can get with Future Generali Flexi Online Term Plan and its variants:
1. Death Benefits
A death benefit is paid to the nominee or the beneficiary in the event of the death of the Assured Life. The death benefit sum is rolled out according to the plan variant chosen by the policyholder at the time of inception.
The Death Sum Assured will be higher either of-
- 10 times Annualised Premium (excluding the taxes, premiums paid on the Rider (if any), underwriting extra premiums, and loadings for modal premiums, if any), or
- 105% of total premiums paid (excluding any extra premium, any rider premium (if any), and taxes) as applicable on the date of death, or
- An absolute amount that is payable on death, which is equal to the Sum Assured.
Where the Sum Assured is equal to:
- Basic Life Cover Variant - Sum Assured that was chosen at the outset or the commencement of the policy.
- Fixed Income Plan Variant- A discounted value of the fixed income protection payments, as on the date of the death of the policyholder, at the discounted rate of 6.5% per annum, which is compounded on an annual basis.
- Increasing Income Plan Variant- A discounted value of the increasing income protection payments, as on the date of the death of the policyholder, at the discounted rate of 6.5% per annum, which is compounded annually.
2. Rider Benefits
The Accidental Benefit Rider that is available as an add-on under the Future Generali Flexi Online Term Plan and its variants enhances your financial protection. By paying an additional premium amount, you can secure yourself and your family against accidental disability or death. The Rider is discussed in detail in the Riders section.
3. Tax Benefits
The premiums paid towards the Future Generali Flexi Online Term Plan are allowed as a deduction from the taxable income every year under Section 80C of the Income Tax Act, 1961. The Death Benefits that are received under this plan are also tax-free under Section 10 (10D) of the Income Tax Act, 1961.
All the tax benefits are subject to change according to the prevailing tax laws at a certain time.
What is Covered?
Depending upon the variant of the plan that you decide to buy, the Future Generali Flexi Online Term Plan covers the different contingencies mentioned below:
Future Generali Flexi Online Term Plan - Basic Life Cover
The benefits allowed in this variant are mentioned below:
1. Death Benefit
In the unfortunate event of the death of the assured during the policy term, the sum assured will be paid to the nominee. The sum assured on death is equal to the basic sum assured as selected by you during policy purchase. The nominee will receive a one-time lump sum payout, after which the policy stands terminated, and no other benefits can be availed.
To claim the death benefit, the policy should be in force and all due premiums should be cleared.
Here’s how the Basic Life Cover option works-
|Name of the assured||Mr. Shah|
|Policy Term||30 years|
|Sum Assured||INR 1 Crore|
|Premium amount for non-smoking male||INR 9,263/- annually (excluding service tax and cess)|
- If Mr. Shah dies any time during the policy term, the nominee(s) or the beneficiary will receive INR 1 Crore
- The payout is made as a one-time lump sum amount, provided that the policy is in force
- The policy ends once the payment is made, and therefore no other benefits can be availed on this policy.
Future Generali Flexi Online Term Plan - Fixed Income Protection Plan
Mentioned below is the benefit offered under this variant of the Future Generali Flexi Online Term Plan:
1. Death Benefit
In case of the unfortunate death of the assured during the policy term, the beneficiary will receive a fixed monthly payout till such time that the Assured Life would have reached the age of 60 years.
- The fixed monthly income received by the beneficiary is decided by the Assured Life upon the commencement of the policy.
- The fixed monthly income acts as a monthly income that the deceased would have received otherwise with his business or job.
- The fixed amount is paid out to the beneficiary till the Assured Life would have attained 60 years of age, or for 120 months from the date of the death, whichever period of time is higher.
- The nominee can also opt for a one-time lump sum amount, but this can only be exercised at the time of claim settlement. The lump-sum benefit cannot be exercised once the Fixed Income Protection Payment has commenced.
How the Fixed Income Protection option works-
|Name of the assured||Mr. Shah|
|Policy Term||30 years|
|Sum Assured||INR 1 Crore, with a payout option of INR 50,000/- per month|
|Premium amount for non-smoking male||INR 6,556/- annually (excluding service tax and cess)|
- In case Mr. Shah dies during the policy term, his nominee will receive a fixed monthly income of INR 50,000 till such time when Mr. Shah would have attained 60 years of age
- Alternatively, Mr. Shah's nominee can opt to take all the monthly installments as a one-time lump sum amount at the time of settlement of the claim. In such a case, all the monthly payouts will be discounted at 6.5% compounded on a yearly basis.
Future Generali Flexi Online Term Plan - Increasing Income Protection Plan
Following are the benefits that are offered under this variant of the policy:
1. Death Benefit
Under this option, the coverage increases every year to keep your family secure from the impact of inflation in the future.
- The monthly amount chosen by the policyholder at the time of its inception will increase at a simple interest rate of 10%
- This increase comes into effect from the second policy year and continues to increase every policy thereafter.
- The increased monthly amount is in correspondence with the policy year. The nominee will receive the amount every month, till the deceased Assured Life would have attained 60 years of age, or for 120 months from the date of death, whichever is higher.
How the Increasing Income Protection option works-
|Name of the assured||Mr. Shah|
|Policy Term||30 years|
|Sum Assured||INR 1 Crore, with an Increasing Income Protection of INR 50,000/- per month|
|Premium amount for non-smoking male||INR 15,377/- annually (excluding service tax and cess)|
- In the unfortunate event of the death of Mr. Shah in the 7th year of the policy term, where he would have turned 41 years old, his nominee or beneficiary would receive a monthly payout, starting at INR 80,000 per month in the 7th policy year.
- The monthly payout increases every year at a simple rate of 10% till such time when Mr. Shah would have attained 60 years of age. Meaning, in the 25th year of the policy, his nominee will receive a monthly payout of INR 1.7 Lakh..
- Alternatively, Mr. Shah's nominee can also take the benefit as a lump sum amount at the time of the settlement, instead of the monthly payouts. All the monthly payouts are discounted at a rate of 6.5% per annum compounded.
Future Generali Flexi Online Term Plan Eligibility
The eligibility parameters for buying any of the Future Generali Flexi Online Term Plan variants are given below:
|Parameters||Basic Life Cover||Fixed Income Protection Plan||Increasing Income Protection Plan|
|Minimum Age at Entry||18 years||25 years|
|Maximum Age at Entry||55 years|
|Minimum Age at Maturity||28 years||45 years|
|Maximum Age at Maturity|
Smoker - 65 years
Non-smoker - 75 years
|Minimum Policy Term||10 years||10 years (subject to minimum maturity age of 45 years)|
|Maximum Policy Term|
Smoker - 65 years minus Entry Age
Non-smoker - 75 years minus Entry Age
|65 years minus Entry Age|
|Premium Payment Term||Equal to the Policy Term for all Options|
|Premium Payment Frequency||Annual and Monthly|
|Minimum Sum Assured||INR 50 Lakh|
Entry Age 25 to 43 - INR 25,000 per month
Entry Age 44 to 48 - INR 35,000 per month
Entry Age 49 to 55 - INR 42,000 per month
Entry Age 25 to 48 - INR 25,000 per month
Entry Age 49 to 55 - INR 30,000 per month
|Maximum Sum Assured||No Limit||No Limit on Maximum Monthly Amount|
What is not Covered?
The main exclusion under the Future Generali Flexi Online Term Plan is death by suicide.
- Suicide within the first 12 months of the purchase of the policy is not entitled to any death benefits. Only 80% of the premiums paid are payable as Death Benefit
Exclusions for Accidental Death Benefits and Permanent Total Disability Benefit (under the Rider)
- Suicide or self-inflicted injury
- Participating in the naval, military, or air force operations during peaceful times
- Breaching of law with criminal intent, participating in any illegal activity, an act of war, terrorism, civil war, invasions, etc.
- Inhaling any toxic gases or fumes accidentally or otherwise (this exclusion intends to exclude any accidental leaks in the line of duty).
- Participation in aviation other than a fare-paying passenger in an authorised aircraft
- Drug and alcohol abuse.
- Participating in any adventure sports or hobbies that are intentionally life endangering.
Future Generali Flexi Online Term Plan Claim Process
Claiming the valid benefit under the Future Generali Flexi Online Term Plan is a clear and hassle-free process. Mentioned below are the claim processes and the documents required:
1. Death Claims
- To initiate the death claim process, the nominee has to first intimate the company about the death of the assured client
- The claim process can be initiated online by email or by visiting the company branch and submitting the required forms and documents
- Once all the forms and documents are verified by the company, the final decision regarding the death claim is communicated to the Claimant within 10 working days
- For a speedy payout, the settlement sum is directly credited to the Claimant’s account.
Documents Required for the Death Claims
- A duly filled Death Claim form
- The Death Certificate of the deceased assured client
- Medical cause of death certificate
- The original Policy Documents
- A photo ID and date of birth proof of the Life Assured
- An original cancelled cheque with the name of the nominee printed on it, or a photocopy of the passbook or bank statement along with a coloured image of the same
- A photo ID and date of birth proof of the nominee
- Proof of relationship of the nominee with the deceased Assured Life
- Nominee's PAN card
Additional documents required in case of death in hospital
- Indoor case papers
- Discharge / Death summary
Additional documents required in case of Accidental/ Suicide/ Murder cases
- Post Mortem Report
- Chemical Viscera Report
- First Information Report by the Police
- Final Investigation Report by the Police
- Newspaper cutting (if any)
- Driving license
Claim Intimation Process
To make things easier, the Claimant can inform the insurance company about their claim online by following the steps mentioned below:
- Visit the https://life.futuregenerali.in/ website and click on the ‘Claims’ option under the ‘Customer Service’ tab
- Provide the details required for the type of claim along with the Claim Form available online
- Send the required documents at the email ID given on the page, and follow the claim process for a hassle-free settlement
Alternately, you can visit the company’s branch near you and submit the required forms and documents to start the claims process.
Future Generali Flexi Online Term Plan Riders
As mentioned earlier, the Future Generali Flexi Online Term Plan comes with an option of 1 Rider that gives enhanced financial security.
Future Generali Accidental Benefit Rider
- In case of unforeseen accidental death of the Assured Life, the benefit sum is equal to the Rider Sum Assured and is payable to the beneficiary
- In case of an event of death caused by an accident, wherein the accident occurred during the policy term, and the accidental death occurred after the policy term, the rider benefit shall be payable.
- The rider stands terminated upon the release of the payment of Rider Sum Assured.
- Under this Rider, Accidental Total and Permanent Disability are also covered.
Future Generali Flexi Online Term Plan Review
Future Generali Flexi Online Term Plan is an online non-participating pure term plan. It has 3 different variants that offer different payout methods for the Death Benefit. The plan allows you to enhance the coverage with the Future Generali Accidental Benefit Rider. Since it is a pure term plan, there are no maturity benefits offered under it.
The plan comes with a grace period of 15 days for the monthly payment mode, and 30 days for the annual premium payment mode, from the due date. In case the policyholder dies by suicide within 12 months from the policy revival or commencement, the nominee is eligible for 80% of the total paid premiums. Future Generali India Insurance Company featured a claim settlement ratio of 93.11% in the FY 2019-2020. A highly cost-effective protection plan, Future Generali Flexi Online Term Plan is a one-of-its-kind term insurance that offers life coverage without putting any extra financial burden.
Future Generali Flexi Online Term Plan Frequently Asked Questions (FAQs)
1. What documents do I need to furnish for the policy process?
Following is a list of all the documents needed when buying a Policy:
- Identity Proof - Voters ID card, PAN Card, Driving License, Aadhaar Card, Passport, or a Letter from a Public Servant or any Recognised Public Authority with photograph verifying the identity and residence.
- Age Proof - minimum 1-year-old Driving License, or School / College Certificate, or copy of unexpired Passport, or valid Birth Certificate issued by a recognised authority
- Address Proof - Electricity Bill, Ration Card, Bank Account Statement, Voter ID, Telephone Bill, or a Letter from a Recognised Public Authority
- Income Proof - Last 3 month’s salary slips, Form 16, 3 years’ I.T. Return/ Assessment Order/ Employer’s Certificate
Additional documents may be required on the basis of the proposal form.
2. I have received additional questionnaires after submitting the proposal form. What should I do?
sometimes additional information or documents are required to be furnished, based upon the disclosures made by you in the proposal form. It can be related to your occupation or the condition of the ailment that was disclosed in the proposal form.
The questionnaire has to be duly filled, signed and sent to us through the registered email at firstname.lastname@example.org
3. Is the currency of another country apart from India accepted for the payments of the Premiums?
No, all the Premium Payments are to be made only in the Indian currency, INR.
4. Is undergoing medical tests necessary if I wish to purchase the Future Generali Flexi Online Term Plan?
Yes, medical tests are mandatory to go through when applying for the policy.
5. How to go about the Medical Examination process?
The health services partner of Future Generali India Life, ‘Health Assure’ will contact you to schedule an appointment for the necessary medical tests. You can specify the date, time, and location that is most convenient to you, from the options available.
6. What is the cost of the medical tests required before enrolling for the Future Generali Flexi Online Term Plan?
You do not have to spend a single Rupee for the medical tests required by the Future Generali India Life. These costs will be borne by the company itself.
7. Can I include the variable pay that I receive in my total income?
Yes, you can include your variable pay in the total income, provided you have valid documents supporting the same.
8. Is payment through cheque accepted under the Future Generali Flexi Online Term Plan?
No, Future Generali Flexi Online Term Plan is an online plan, the payment for which can be made via Debit/ Credit cards, or through the Internet Banking Mode.
9. Is online assistance offered at Future Generali India Life?
Yes, online assistance services are offered from 8:00 AM to 8:00 PM, from Monday to Saturday, except on public holidays.
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