Future Generali Life Insurance Company Ltd. is a joint venture between the Future Group, Generali group, and Industrial Investment Trust Limited (IITL). Future Group is a leading business house with multiple businesses spanning across the retail space. The company has presence in multiple consumer-centric businesses like retail, consumer finance, capital, insurance, media, brands, and logistics. It owns and manages multiple retail formats such as Pantaloons, Big Bazaar, Central, Food Bazaar, and Home Town.
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The Generali Group is a player in the global insurance and financial products market. Primarily focused on the life segment, the Generali Group offers a wide range of products ranging from savings and family protection policies to unit-linked policies to its customers worldwide.
Industrial Investment Trust Limited (IITL) is an investment firm registered as a Non-Banking Financial Company with Reserve Bank of India (RBI). It holds 22.50% stake in the equity of Future Generali India Life Insurance Company Ltd.
Future Generali Life Insurance provides a complete range of simplified solutions for the financial security of customers and enterprises, including savings, family protection, unit linked policies, as well as group products.
Started its operations in 2007, Future Generali Life Insurance is spread across 98 branches within the country and has sourced over 11 lakh policies so far. Munish Sharda is the Managing Director and CEO of Future Generali Life Insurance Company.
The company received the Silver EFFIE award in the financial services category in 2011, for marketing effectiveness during the Future Generali Insurance Week. Future Generali Life Insurance’s investment team has received the ISO 9001:2008 certification for its ‘claims’ and ‘customer care support’ functions in 2013.
|Life Insurance Plans||Entry Age||Maturity Age||Sum Assured||Tenure of Policy||Premium Mode|
|Future Generali Term Insurance||Minimum Entry Age- 18 years Maximum Entry Age- 60 years||65 years||Minimum Sum Assured- Rs50 Lakh Maximum Sum Assured- No upper limits||Minimum Policy Term- 10 years Maximum Policy Term- 75 years||Yearly, Half-yearly, Quarterly and monthly|
|Future Generali Group Plan||Minimum Entry Age for Child- 18 years Maximum Entry Age for Child-69 years||_||_||Policy Term-1 year||Yearly, Half-yearly and Monthly.|
|Future Generali ULIP Plan||Minimum Entry Age- 7 years Maximum Entry Age- 70 years||75 years||_||Minimum Policy Term- 15 years Maximum Policy Term- 40 years||Yearly, Half-yearly, Quarterly and monthly|
|Future Generali retirement Plan||Minimum Entry Age- 20 years Maximum Entry Age- 70 years||80 years||As per age, term premium, etc.||_||Regular, limited and single|
Future Generali Life Insurance brings various life insurance products that are designed to cater to the varying needs of the Indian consumer. These include Future Generali Life Insurance term plans, ULIP plans, pension and retirement plans, investment plans and child plans.
These are cheapest life insurance product that provides financial independence even when you are not around. The term plan offered by Future Generali Life Insurance help secure the family’s financial future in case the breadwinner is unable to take care of them due to a disability or his or her demise.
The Future Generali Life Insurance Care Plus Plan is a pure play term policy that offers a guaranteed sum assured on the unfortunate demise of a policyholder. The Future Generali Life Insurance policy comes with two choices: the Classic Option that has a sum assured of less than Rs. 25 lakh and the Premier Option that provides an insurance cover of Rs. 25 lakh and above. The sum assured starts from Rs. 10 lakh for the Classic cover and from Rs. 25 lakh for the Premier option. There is no maximum cover for the Premier plan. The policy term is from 5 to 30 years with the maximum coverage age being 65 years for both options. This Future Generali Life Insurance plan does not offer any maturity benefit or surrender benefit.
The premium has to be paid throughout the plan term on monthly, half-yearly or annual basis. The company offers a rebate on the premium to non-smokers. The plan is available for all individuals between the ages of 18 and 60 years. Premiums paid under the Future Generali Life Insurance Care Plus Plan qualify for tax benefits under Indian Income Tax Act. Future Generali Life Insurance offers a non linked accidental death rider with the term plan.
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.
These are unit linked insurance plans that provide life cover to you apart from facilitating savings at regular intervals of time and give you the advantage of market- linked returns. Future Generali Life Insurance offers various fund options from aggressive ones that invest primarily in equity to balanced funds that invest in debt besides equity and income funds that primarily invest in gilt or money market investments. Let’s take a look at some of the ULIP plans on offer from Future Generali Life Insurance:
A one time premium payment plan from Future Generali Life Insurance, the policy offers an insurance cover from 5 to 20 years. The plan has a surrender benefit after five years of starting with the plan. It allows individuals between ages of 7 to 70 years to become policyholders. The ULIP offers a maturity benefit that equals fund value of the plan, while death benefit comprises of sum assured and fund value. Future Generali Life Insurance offers a systematic fund transfer option that allows the insured to switch their policy from aggressive equity-oriented funds to more balanced debt oriented funds during the last 3 years of a policy. Investors can surrender a policy after 5 years and in such a case, they will receive the value of their fund investments.
Investors have an option to choose a sum assured of up to 5 times their premium amount, and also fund options that suit them. Future Generali Life Insurance provides policyholders six funds to choose for their investments. These include funds from low risk Future Secure Fund that invests in cash, money market instruments and short-term debt, to high risk Future Opportunity Fund that invests 80-100% in equity and rest in fixed income and money market instruments.
The Wealth Protect Plan from Future Generali Life Insurance provides guaranteed loyalty addition at maturity in addition to fund value in addition to a high cover that can be up to 30 times the annual premium amount. The death benefit under this plan is the amount that is higher of sum assured less any withdrawals, fund value or 1.05 times the premium paid less any withdrawals. The plan has a policy term of 15 to 40 years and is open to people between the ages of 7 to 60 years who can choose to become Future Generali Life Insurance policyholders.
The sum assured varies according to age and ranges from 30 times the annualised premium for policyholders between ages of 7 and 44 years and 10 times the yearly premium for investors in the 56 to 60 years age group.
The premium is payable throughout a policy term through monthly, quarterly, semi-annual and yearly payments for the Platinum Annual Premium payment option. The Gold Annual Premium payment option from Future Generali Life Insurance offers half-yearly and annual premium payment options. People can surrender a policy after 5 years to get the fund value. The company also offers an option to switch between funds through the life of a policy. Future Generali Life Insurance policyholders can choose from six different fund options that invest across a host of asset classes including debt, money market securities, fixed income instruments and equity, among others.
The Bima Advantage Plus from the house of Future Generali Life Insurance offers a policy term of 10 to 30 years with an insured receiving the fund value at maturity. The death benefit is similar to the Wealth Protect Plan which is higher of sum assured less any withdrawals, fund value or 105% of the premium paid. This Future Generali Life Insurance plan offers a premium redirection option and a settlement option. Any individual in the 7 to 65 years age group can buy this Future Generali Life Insurance policy.
The policy has a lock-in period of 5 years, though Future Generali Life Insurance policyholders can receive their money back before the end of five years after the discontinuance charges have been deducted from fund value. Surrender after 5 years entails a policyholder to receive fund value at its prevailing NAV.
The Future Generali Dhan Vridhi ULIP is a limited premium payment term insurance cover. Future Generali Life Insurance offers customer a policy term of 10, 15 and 20 years. The company offers premium payment period ranging from 5 years to 17 years depending on the tenure of a policy. The maximum sum assured is higher of ten times the annual premium or half of policy term multiplied by annual premium for people less than 45 years. For people over 45 years, premium is higher of seven times the annual premium or a quarter of a policy term multiplied by the annual premium.
The plan is available for people in the 18 to 70 years age group, though the premium paying term of 5 years is only available to individuals between the age bracket of 8 to 50 years
The ULIP is a single premium plan from Future Generali Life Insurance and has a policy term of 10 years. It is open to people between the ages of 8 and 65 years. The maximum age at maturity is 18 to 75 years. Sum assured can be 1.25-10 times the premium paid for people aged 8 to 47 years, while it is 1.25 times the premium paid for people in 48 to 65 years ages group.
Future Generali Child Plans helps you to make sure that your children are adequately supported and that their financial needs are well taken care of even after you.
A guaranteed income child plan from Future Generali Life Insurance, the policy allows a parent to plan for their child’s education. The cover offers three options to receive guaranteed payouts and parents can make their pick depending on their child’s education milestones. Option A offers 40% of sum assured at end of the policy term when a child is 17 years, and then pays 30%, 20% and 10% of sum assured in each subsequent year. Option B offers 10% of sum assured for the first three years after the policy term ends and the remaining 70% in the fourth year. Option C provides the full amount at end of the policy term.
The plan covers parents who are between 21 and 50 years provided their child is between 0-10 years. The policy term is of 17 years less age of a child, which means that for a child of 10 years, a policy will be for 7 years while it will be for 15 years for a child of 2 years. The minimum and maximum ages for a parent at maturity are 35 and 67 years respectively. The premium needs to be paid throughout the policy term.
Future Generali Policies provide you protection cum savings also with additional protection in form of riders.
A multiple term option savings-cum-insurance plan from Future Generali Life Insurance, the policy offers multiple terms of 15, 20 and 25 years. Anyone between the ages of 3 and 55 years can opt for this Future Generali Life Insurance policy. The sum assured starts from Rs. 1 lakh and goes up to Rs. 5 crore. The policy has a limited premium paying tenure from 7, 10 or 12 years for a 15 year policy to 12, 15, 17 or 20 years for a 25 year cover.
The Future Generali Life Insurance plan offers triple benefits: money back, lumpsum payout and insurance cover until the age of 80 years. The insured receives 10% of the sum assured every year for 5 years after the policy term in addition to a lumpsum amount that equals 50% of the sum assured in addition to compounded reversionary bonus and terminal bonus, they have not been declared by Future Generali Life Insurance.
The Future Generali Life Insurance New Saral Anand offers maturity benefits in addition to an extended life cover benefit. The maturity benefit includes sum assured and any optional compounded reversionary or terminal bonus, if declared by the company. The extended life cover of this Future Generali Life Insurance plan stays in place until a person reaches the age of 100 years. If an insured reaches the age of 100, then he or she receives another 100% of sum assured. In an event of demise of a person before the age of 100, then his or her nominee receives the sum assured amount from Future Generali Life Insurance.
The policy has a term of 15-20 years and is available to people between the ages of 3 and 50 years with maturity ages from 18 to 70 years. The premium has to be paid throughout the term of a policy. Future Generali Life Insurance also offers additional riders such as Future Generali Life Insurance Non Linked Accidental Death Rider and Future Generali Life Insurance Non Linked Accidental Total & Permanent Disability Rider.
Future Generali Life Insurance’s Pearls Guarantee policy is a limited premium payment tenure plan that offers coverage for 16 or 18 years. The plan offers a guaranteed cash back of 10% of sum assured every year for the last five years of a policy and 70% of sum assured on maturity. Future Generali Life Insurance policyholders have an option to choose between monthly, quarterly, half-yearly and yearly payments. Anyone between the age of 7 and 55 years can buy this Future Generali Life Insurance plan.
The guaranteed income plan from Future Generali Life Insurance offers a guaranteed payout each year for 11 or 15 years after the premium has been paid respectively for 11 or 15 years. In addition, Future Generali Life Insurance insured policyholders can receive up to 4.5 times their annualised premium in the last payout in a 15 year policy and up to 1.5 times the annual premium at end of the last payout period in an 11 year policy. This Future Generali Life Insurance policy offers a death benefit of 17.5 to 34.5 times of the annual premium. An 11 year policy has an entry age of 7 to 50 years while a 15 year policy has an entry age of 5 to 50 years. The maturity age is from 18 to 65 years.
The Future Generali Life Insurance Saral Bima plan offers a guaranteed life cover through a policy term of 10 to 20 years. The plan has a maximum sum assured of Rs. 5 crore and also offers tax benefits. Future Generali Life Insurance also offers a Non Linked Accidental Death Rider and a Non Linked Accidental Total & Permanent Disability Rider for people looking to cover against other risks.
Future Generali Life Insurance’s Assured Money Back Plan is a limited premium payment plan that offers guaranteed maturity benefits as well as money back, in addition to life cover. A policy term can be of 15, 17, 20 and 22 years with the premium payment period ranging from 5 years for a 15 year cover to 12 years for a 22 years plan. The sum assured for this Future Generali Life Insurance plan starts from Rs. 58,215 and there is no upper limit.
The pension plans from Future Generali Life Insurance help the insured to build up a retirement corpus in addition to getting an insurance cover for themselves.
The plan offers lifetime coverage and provides an option to receive annuities in the form of yearly or monthly payments. This Future Generali Life Insurance plan is open to anyone between the ages of 40 to 80 years and comes in two variants: Life Annuity and Life Annuity With Return of Purchase Price. People can pay a single premium for this Future Generali Life Insurance plan and start receiving annuities thereafter.
The Pension Guarantee from Future Generali Life Insurance offers policyholders an option to create a retirement corpus for themselves. The plan offers a minimum return guarantee of 101% of all premiums paid in addition to any bonus that are declared during the tenure of a policy. Future Generali Life Insurance policyholders can choose between single pay, limited pay and regular pay options for their premium. The vesting age starts from 40 years and entry age is 20 to 70 years. The policy term is of 10 to 20 years.
Compare all Future Generali life insurance plans from other life insurance companies in India to get the insurance plan that suits you most.
Future Generali Distribution Network:
Future Generali Life Insurance like all other insurance companies also follows various formats of distribution network to sell the products in various markets. They also have a unique distribution channel known as mallassurance.
Munish Sharda, the Managing Director and CEO of Future Generali India, while speaking about the association, said that the company is extremely energized with its alliance with the Saraswat Bank. He also stated that this business is in favor of their strategy to nurture their business on the basis of basic, customer-focused solutions and a need-based selling process. Saraswat Bank has 283 branches allover India and has maintained excellent relations with its customers. He also stated that the company is expecting to be a firm partner with the bank as well as in their growth prospect.
The Managing Director of Saraswat Bank, Mr. S.K. Banerji stated the happiness on the company’s behalf on having Future Generali as their life insurance partner in order to offer life insurance resolutions. He also stated that the company’s offer, to work with Saraswat Bank in order to ensure that the clients have competitive terms and receive best possible services, shall be of immense benefit to the the customers.
This plan by Future Generali is a unique online ULIP and has an extremely easy purchase process online. The plan offers an ample variety of loyalty additions and investment options. The plan has been launched with intent to encourage policyholder for long-term market-linked savings. The plan is best suitable for the investors who are online savvy and looking for wide variety of investment options with easy purchase route. The Easy Invest plan is only available online and can be bought all across India.
This policy can be easily purchased online just by giving the answers of a few basic questions. The policy will help the clients meet their financial objectives of savings, such as accumulating retirement funds, building a corpus for children, etc. The plan provides great returns than other investment options available in the market.
The above investments of future group, including Future Generali India Life Insurance feature a total value estimated at Rs. 4,345 Crore. According to sources at Future Group, the liquidation of just one or two of these investments, such as the insurance business would make Future Enterprise Limited free of debt. FEL currently owns a 27% share in the Future Generali India Life Insurance Company along with its Italian partner Generali Insurance and is worth Rs. 550 Crore. The sale of life insurance business by FEL is expected to complete in the coming 2 years.
With the government allowing the private insurance companies in India to receive 49% of total investment by Foreign Direct Investment (FDI) the Future Generali are in process to promote talks between the foreign partners and promoter in order to maximize the permissible limits. Currently 65% of the business comes from the retail product so Future Generali is focusing on retail side to provide future growth for the company.
The two product that are introduced under Future Generali travel insurance are Future easy travel worldwide and Future Easy Travel Schengen. The eligibility for age to purchase the policy ranges from 6 years to 70 years old thus holding the entire family in a single plan. The plan is expected to be much more comprehensive as both the plans are available online. For the comfortability of the insured the insurer have customized the plan, so that each product can fulfill the individual needs and preferences convincingly. Besides, being an online product purchasing of the policy is simple, hassle free and offers many more additional benefits.
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