Future Generali Life Child Plans
Future Generali Life Insurance Company Limited is 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 boasting of being counted among the top 50 companies of the world and Industrial Investment Trust Limited (IITL) which is an investment company. The company was incorporated on September 2007 and as on September 2015 the company has total assets under management of the value of Rs.2600 crores. The range of products offered by Future Generali include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.
What are Child Plans?
Child plans are uniquely designed plans meant for the future of the child by ensuring a considerable fund even after the death of the parent. The plans have certain distinct characteristics which are explained below:
- The plan can cover either the minor child or the parent with the parent being the insured in most of the cases
- If the child is covered, the company inserts a deferment clause in the policy which excludes coverage in the initial years because the infant is considered to be a more risky life. death during this deferred period will entail the return of premiums as the Sum Assured will not be active during this period
- The child will also gain ownership of the policy after attaining 18 years of age which was previously in the name of his parent
- The premium waiver rider is automatically inherent in the plan which waives future premiums after the death of the parent while at the same time protecting the funds which are paid as and when originally promised under the plan
Future Generali Child Plans
Future Generali Life Insurance Company offers one type of child insurance plan called the Future Generali Assured Education Plan. The plan promises multiple benefits and comes loaded with great features. Let us take a look at the plan in detail and its features and benefits.
Future Generali Assured Education Plan
A plan designed for the financial security of the child’s future, it has the following features and benefits:
- Premiums under the plan are payable for the entire duration of the plan under the Regular pay option of premium payment.
- There are three options to receive the maturity benefits under the plan which can be chosen either as a money-back payouts under Options A and B or a lump sum payout under Option C
- Maturity occurs when the child reaches 17 years of age
- Under Option A, 40% of the Sum Assured is paid on policy maturity, i.e. when the child attains 17 years of age, 30% one year after the maturity when the child attains 18 years of age, 20% after another year and 10% of the Sum Assured after another year when the child completes 20 years of age
- Under Option B, 10% of the Sum Assured is paid on maturity and for every year for two years following the year of maturity and three years post maturity when the child reaches 20 years of age, 70% of the Sum Assured is paid
- Under Option C, 100% of the Sum Assured is paid on maturity.
- If the insured expires while the plan is in force, the Death Sum Assured is paid immediately to the nominee which will behigher of 10 times premiums which are to be paid yearly or 105% of all premiums paid till the date of death or the chosen Sum Assured. Moreover, 5% of the Sum Assured is paid every year post death and all future premiums are waived off. On maturity, the maturity benefit will be paid as per the Maturity Option chosen by the policyholder.
- The premium payment mode can be changed subject to certain terms and conditions
- Loans can be availed under the plan up to a maximum of 85% of the Surrender Value
- The plan can be customized by adding the available two riders which are Future Generali Non-Linked Accidental Death Rider and Future Generali Non-Linked Accidental Total and Permanent Disability Rider
Entry Age of the Parent
Entry Age of the Child
17 minus the age of the child
Premium Payment Term
Equal to plan term
Premium Paying Frequency
Yearly or monthly
Applying for a Child Plan from the company:
The company 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.
Applying For Child Plans through PolicyBazaar
- On the PolicyBazaar homepage, click on Child Plans under the Personal tab.
- Click New Quotes to compare and choose from top insurance providers.
- Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
- Fill in your name, email address, city, country code, and mobile number. Click Continue.
- You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
- After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
- You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
- This will take you to the insurer’s website. Fill in the necessary details to buy the plan.
Reason for buying a child plan
The reason of buying a child plan is not limited to only one. One can cite various reasons why a child insurance plan becomes a part and parcel of every individual’s financial planning process. Creating a fund for retirement or for taking a long vacation or building a long-term asset may seem important but if you have a child then planning for the child’s future is also important. Your child will need financial resources to achieve his dream, for pursuing higher education in a premier institute, for marriage, etc. With the current trend of inflation, a few lakhs of rupees which is sufficient for today will not be sufficient for your child’s future. Lakhs of rupees will be required for securing admission in a premier college or for pursuing higher studies. Even marriage would require a good sum of money so that your daughter or your son can have the marriage of their dreams. As an average man, your savings of today would go a long way in building this substantial corpus.
A child plan comes in the picture because of the benefit the plan promises. Apart from the usual death or maturity benefit which is available in other different plans of insurance, a child plan has something which the other plans fail to offer. The inbuilt premium waiver rider which shifts the burden of paying the premium on the company’s head if the parent who is the policyholder and the life insured faces untimely death. By paying twice the benefit in case of death the child plan ensures that no financial repercussion affects the child’s life anyhow even in the absence of the caring parent. Moreover, the rider which is inbuilt in the plan also ensures a steady growth of the corpus which was planned by the parent. So, whether the parent is alive or dead, the child plan runs its course, completes its goals and provides a substantial amount of money to the child which can be used as per his requirement.
Future Generali Life Child Plans - FAQs
1. How to pay premium? What are the modes of payment available?
Future Generali India Insurance offers three ways to the clients for paying the premium
- Auto Debit
- Cash/cheque deposit at Branch
- Online payment
- Pay by Phone
2. How can I check policy status for Future Generali Life child plans?
You can check the policy details from the website of the company with your valid username and password.
3. What is the policy renewal process for Future Generali Life child plans?
You can renew the policy by login to e-Portal with policy details. Select the payment option (Debi/credit card or by Net Banking) to pay. Finally, print/save the e-receipt.
4. What is the company’s process to settle claim for Future Generali Life child plans?
The company settles the claims within 7 days, provided the documents and the claims form is correct. You will have to apply for the claim at the company through email.
5. What is the policy cancellation process for Future Generali Life child plans?
Simply walk into the nearest branch office with your policy documents and duly filled surrender form. It would take 5 business days to process the cancellation request and deposit the refund premium. An intimation letter on cancelled policy will be posted your registered address.
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Future Generali Life Child Plans Reviews
Totally Safe Policy
Fully satisfaction i get from your service and policy benefits. Premium are not high which i can i afford and it payed quarterly. Claims are high and coverage is very good. The procedure of sanctioning the claims is very simple because of quick service facilitated by you. Thank you for this nice child insurance policy.
Future generali life insurance is the best insurer, i have child insurance plan. The policy have maximum benefits and it covers maximum expenditures for the policy owner. Service is perfect and the website of the company is very simple to access.
The child insurance which i purchase for my child is very nice with low premiums. The investment is less and the returns are high. Policy coverage is high and claims are easily sanctioned due to fast service facilitate by the company staff.
My child insurance policy plan for my child is the best insurance in less premiums. Service is good and the payback amount is fantastic which sanctioned after policy get mature. Policy coverage is good, claims are high. Internet service is nice which make's hassle free documentations. Good future investment.
I have child policy for my children from future generali India life insurance. The plan has low premiums and high returns. The policy coverage is high ~90% and the claim is high. Service is also nice with good and on time availability. Nice future investment and it saves taxes too. Daily updates about policy plan is mailed to my email address regularly. Good policy, I like the insurance plan.
Recently I bought a child insurance for my child from future generali India life insurance. The policy having great benefits with low premiums. The policy coverage is really good and the service is fast and on time. The claims are the best among all. Good future investment and it save taxes too.
Fully Updated Plan
I buy future generali life child plan which has very good policy coverage ~ 91%. The service is also good, fast and on time. The claims are high and claiming process is easy because the executive and staff members providing good, responsive and quick services. Updates are send to me daily.
Very Good Policy
Superb child plan which provided by future generali India life insurance. The policy coverage is 84% and the claims are high. The investment is low and payed quarterly per year till policy end. Service is great and fast too which facilitate by the executives and staff members. I like the policy plan.
I found awesome child policy plan which I buy from future generali India life insurance. The claim is high and the policy coverage is 88%. Service you provided is fast and very quick and on time too. Daily updates are mail and texted to my email address and my cell phone. The policy is good for future investment and it saves tax.
Finally found the good policy for my child and buy it and the insurer is future generali India life child insurance. The policy coverage is high and the premium is low. The service provided by you guys is superb and the behaviour of your staff is great with good response. Nice future investment with tax saving. Daily updates also mailed to me.
I own child policy plan which I buy from future generali India life insurance. Policy have various benefits and the policy coverage is the best. Approx. 90% is covered in the policy. Claims are high and the premiums are low. Service is good and fast which is facilitate by the staff members. Nice future investment which saves tax also. The behaviour of executives is nice and calm nature too.
My future generali life child plan is nice policy. The policy premium is low and the policy coverage is high. The service is fast and the claiming is become easy without any paper work, hassle free documentation. The payback amount is high. Nice future security and it save tax also. Good job guys.
I buy a future generali life child plan for my child. Policy coverage is high 90% but the premium is low. Claims are easy to get because of the fast service provided by the executives and staff members. Daily updates are also mailed to me regularly. Good future investment for my child, I like the policy.
The best child policy plan I bought from future generali India life insurance and the policy plan is awesome. The policy coverage is 86% and the claims are high. The investment is low and the returns are high. Good future plan with tax protection.
I purchase child policy plan by future generali India life insurance. Policy coverage is 89% and the claims are high. Premium is low and the services are fast and with great response from executives and staff members of the company. Good future investment and it saves taxes too. The updates regarding policy is mailed to my email address timely. I like the policy.
The policy coverage is high ~90% and the policy claims are even better. Premiums are low and payed quarterly per year. Nice child policy plan which I buy from future generali India life insurance, is good investment for future and it save taxes also. Service is very good which facilitate by the executives and staff members. Good future investment, Good policy.
Service Is Bit Slow
I had child policy plan through future generali India life insurance. The policy is nice, Good policy coverage ~86% and claiming amount is high. But the service is bit slow, please improve it. And the behaviour of the executives and staff members is nice. Good future investment with saving tax too.
Recently I bought a child insurance policy plan for my child from future generali India Life Insurance. The policy having great deals and low premiums, high returns. The policy coverage is approx. 90% and the services is even better and on time which is facilitate by the executives and staff members. The claims are the best. Updates are send to me regularly via email.
Slow Service Issue
I have future generali life insurance child plan. Policy coverage is good 85% and the premium is low. Service provided is bit slow and claims are good. The behaviour of the staff is fine. Good future security for child. It includes health insurance, education etc. I just wanted to say that satisfactory policy.
My future generali life child plan is good and an average one. Future generali India life insurance provide wide range of policies. My policy coverage is good 88%. Service is nice and work is completed in short period of time. Claims are high and the payback amount is high. The service provided by the executives and staff members are really nice. Good future investment, I like it.
I purchase child plan from future generali India life insurance. The policy coverage is 87% and the claims are good with low premiums. Service you provided is very quick and the behaviour of the executives and staff members is nice. Good future investment and it reduces taxes also. Daily updates are mailed to my email address.
My future generali life child plan is very good, the policy has many benefits like good investments for future and it save taxes. Policy coverage is 85% and the claims are high. Fair Terms and Conditions. Service facilitate by the executives and staff members is fast and on time. I like the policy.
I purchase future generali India life insurance and took child insurance plan. Policy coverage is good 89% and the payback returns are high. Claims are easily get due to great services by executives of the company. Nice future investment and it saves taxes also. I like it.
The future generali life child plan is good and the services provided is fantastic. The policy coverage is 89% and the claiming amount is 35 L which is clear aftter policy get mature. The investments or premiums is 21.3 K twice a year. The service is fast and the behaviour of staff members is very nice. Good future investment which save taxes.