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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