Future Generali Life Traditional Plans

3.9 / 5 based on 24 User Reviews
*Please note that the quotes shown will be from our partners

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 Traditional / Investment Plans?

Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below:

  • These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.
  • In case of stopping the premium payment, the plan becomes paid-up if at least three full years’ premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.
  • The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company’s profits and earn bonuses which are not true for non-participating plans.
  • The plans may be issued either as Endowment Plans or Money Back Plans

Future Generali Traditional / Investment Plans

Future Generali Life Insurance Company offers a range of traditional / Investment plans to its customers to meet all their savings and protection related needs. Let us take a look at the different types of traditional / investment plans offered by Future Generali Life and the features and benefits of each of them in details.

Future Generali Assure Plus

A traditional Endowment Assurance plan which has the following features and benefits:

  • The plan participates in the profits of the company by way of earning bonuses
  • Premiums under the plan are payable for a limited tenure only
  • On maturity, the Sum Assured including the vested reversionary bonuses and any Terminal Bonus is paid to the policyholder
  • In case of death of the insured during the tenure of the plan, the death benefit will be payable which will be higher of the Sum Assured or 10/7 times the annual premium paid depending on the age of the policyholder or 105% of all premiums paid till the date of death.
  • Discounts in premiums are allowed for opting for higher Sum Assured levels of Rs.2 lakhs and above
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

3 years

55 years

Maturity Age

18 years

70 years

Policy Term

15-20 years or 25 years

Premium amount

Rs.12, 000

No limit

Sum Assured

Rs.1 lakh

No limit

Premium Payment Term

7, 10, 12, 15, 17 or 20 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Future Generali Triple Anand Advantage

A traditional plan which promises triple benefits under a single plan. The features and benefits of the plan are as follows:

  • The plan participates in the profits of the company by way of earning bonuses
  • Premiums under the plan are payable for a limited tenure only
  • The maturity benefit payable is divided into three parts. Under the first part, 10% of the Sum Assured is payable every year for 5 years after the completion of the Premium Payment Term. On maturity, 50% of the Sum Assured including the vested reversionary bonuses and any Terminal Bonus is paid to the policyholder under the second part. Furthermore, under the third part, the life cover runs post maturity till the policyholder attains 80 years of age and at that time another 100% of the Sum Assured is paid to the policyholder.
  • In case of death of the insured, the death benefit paid will be higher of the Sum Assured or the maturity Sum Assured or 10 times the annual premium paid or 105% of all premiums paid till the date of death.
  • 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
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

7 years

50 years

Maturity Age

25 years

75 years

Policy Term

Premium Payment Term + 5 years

Premium amount

Rs.15, 000

No limit

Sum Assured

Rs.2 lakhs

No limit

Premium Payment Term

15 or 20 years

Premium Paying Frequency

Yearly, half-yearly or monthly

 

Future Generali Pearls Guarantee

A traditional savings plan which promises annual cash backs after the completion of the Premium Paying Tenure. The features and benefits of the plan are as follows:

  • Premiums under the plan are payable for a limited tenure only
  • After the completion of the Premium Paying Tenure, 10% of the Sum Assured is paid every year till maturity.
  • On maturity, 70% of the Sum Assured is paid to the policyholder.
  • In case of death of the insured within the Premium Paying Tenure or after it, the death benefit paid will be higher of 120% of the Sum Assured or 10 times the annual premium paid or 105% of all premiums paid till the date of death.
  • Discounts in premiums are allowed for opting for higher Sum Assured levels of Rs.2 lakhs and above
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

7 years

55 years

Maturity Age

23 years

73 years

Policy Term

16 and 18 years

Premium amount

Rs.10, 000

No limit

Sum Assured

Depending on entry age and tenure

Premium Payment Term

Policy Term – 16 years – 10 years

Policy Term – 18 years – 12 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Future Generali SaralBima

An Endowment Assurance plan which 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
  • On maturity, the Sum Assured is paid to the policyholder
  • In case of death of the insured, the death benefit paid will be higher of the Sum Assured or 10 times the annual premium paid or 105% of all premiums paid till the date of death.
  • Discounts in premiums are allowed for opting for higher Sum Assured levels of Rs.2.5 lakhs and above
  • 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
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

7 years

55 years

Maturity Age

18 years

70 years

Policy Term

10 years

20 years

Premium amount

Rs.9, 000

No limit

Sum Assured

Depending on entry age and tenure

Rs.5 crores

Premium Payment Term

Equal to plan term

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Future Generali Assured Income Plan

A traditional Endowment Assurance plan which provides annual payouts post the plan term. The features and benefits of the plan are as follows:

  • Premiums under the plan are payable for the entire duration of the plan under the Regular pay option of premium payment
  • On maturity, in case of a 11 year plan, 11 annual payouts each equal to 1.5 times annual premium paid is paid for 11 years post maturity and for a 15 year plan, 15 annual payouts each equal to 2 times annual premium paid is paid for 15 years post maturity. An additional benefit equal to 1-4.5 times the annual premium is paid along with the last instalment
  • The maturity benefit payout can be availed in monthly instalments the rate of which will be 2.5% higher than the payout paid in annual mode. The benefit can also be availed in lump sum in which case it will be discounted @6.5%.
  • In case of death of the insured, the death benefit paid will be higher of the Maturity Sum Assured or 10 times the annual premium paid or 105% of all premiums paid till the date of death.
  • The death benefit will be paid in instalments which are same as in case of maturity post the year of death.
  • The plan promises an auto cover for one year if at least 3 full premiums have been paid and subsequent premiums are unpaid
  • Loans can be availed under the plan up to a maximum of 85% of the Surrender Value
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

11 year Term - 7 years

15 year Term – 5 years

50 years

Maturity Age

18 years

65 years

Policy Term

11 or 15 years

Premium amount

Rs.35, 000

No limit

Sum Assured

17.5 times the annual premium

No limit

Premium Payment Term

Equal to plan term

Premium Paying Frequency

Yearly

 

Future Generali Assured Money Back Plan

A traditional money-back plan which promises guaranteed money backs at regular intervals. The features and benefits of the plan are as follows:

  • Premiums under the plan are payable for a limited tenure only
  • 10% of the Sum Assured is paid as money back benefits from the end of the Premium Paying Term and for 9 years.
  • On maturity, 110% of the Sum Assured is paid to the policyholder
  • In case of death of the insured, the death benefit paid will be higher of 110% of the Sum Assured or 10 times the annual premium paid or 105% of all premiums paid till the date of death.
  • Loans can be availed under the plan of a minimum of Rs.10, 000 and a maximum of 85% of the Surrender Value
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

50 years

Policy Term

15, 17, 20 or 22 years

Premium amount

15/17 year term - Rs.18, 000

20/22 year term – Rs.24, 000

No limit

Sum Assured

Rs.58, 215

No limit

Premium Payment Term

Policy term – 10 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Future Generali Assured Education Plan

A traditional Child Insurance Plan for the financial security of the child’s future. There are three options to receive the maturity benefits under the plan which can be chosen either as money-back payouts under Options A and B or a lump sum payout under Option C. In case of death of the insured during the tenure of the plan, the Death Sum Assured is paid immediately to the nominee which is higher of 10 times the annual premiums 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

Applying for a Traditional / Investment Plan from the company:

Online

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

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Traditional Insurance through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Traditional Insurance under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. 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.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. 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.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. 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.

To know more about other life insurance plans check at Future Generali Life Insurance 

Future Generali Life Traditional 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 traditional plans?

You can check the policy details from the website of the company with your valid username and password. .

Alternatively, you can check the policy status with an SMS: PS <Policy Number> to 5607003

You can call toll free: 1800-102-2355.


3. What is the policy renewal process for Future Generali life traditional 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.

You can deposit the cash before the due date to renew it automatically.

Alternatively, call toll-free to inquire: 1800-102-2355


4. What is the company’s process to settle claim for Future Generali life traditional 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 toll free number, 1800-102-2355 or by email.


5. What is the policy cancellation process for Future Generali life traditional 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.

Future Generali Life Traditional Plans Reviews

TOTAL REVIEWS (24)
Yashu
Darjeeling
August 22, 2016

Above Average

The insurance policy which i have is an above average. It has good benefits in low investment. Service is good and behaviour of the staff member towards their customer is very nice. The minimum sum assured amount is around 60 K and maximum has no limit.

Rajiv
Ballabgarh
July 19, 2016

Investment policy

My traditional insurance plan is awesome because i buy it from future generali life insurance which is very known company for good insurances. Service is mind blowing and on time too. Policy coverage and claims are high but the premiums are low.

Gambhir
Patrapur
July 08, 2016

Traditional Plan

The traditional plan i have is superb. Premium is less and the returns are heavy. Service provided is fantastic and the online service is even better. The renewal of the policy is easily done by using this service. Hassle free work without paperwork.

Kanika
Alwar
June 28, 2016

Good

I have traditional insurance plan which has low premiums and paybacks are high. Service of your team is fabulous which always on time like 24X7. Policy cover's almost 90% cases and claims are good. Claiming section become easy due to fast service by executives. Good insurance policy.

Bhasker
Ludhiana
June 06, 2016

Superb

Superb policy by future generali life traditional insurance plan. The returns are high in very low premiums which is payed quarterly. Service is fast which is facilitate by executives and all company members with nice behaviour and quick response. Good investment, I like the plan.

Varun
Patna
June 06, 2016

Quality Investment

Future generali life traditional insurance plan is good and very responsive faculty members. The paybacks are good and easily done because the services is fast provided by the executives. The premiums are low. Good future investment which saves taxes also. The updates are send regularly to my email address.

Chandan
Mohali
June 06, 2016

Great Deal

My traditional insurance plan has good coverage approx. 91% and nice claims also. The future generali India life insurance provide good plan in low premiums and the service is fast. The executives and staff members are behave well. The behaviour of the company members was nice with calm nature. Good future investment which save taxes too.

Eshant
Sultanpur
June 06, 2016

Normal Policy

I have traditional insurance policy plan which I buy from future generali India life insurance. The policy coverage is high 89% and the claims are high with low premiums. The payback returns are high. Services provided by the executives and the staff members are fast and on time. I like my policy, it reduces my taxes too.

Rahul
Ranchi
June 06, 2016

Future Security

Future generali India life insurance is one of the best insurance company. I took traditional insurance policy plan which provide me best service and good returns. The premiums are low and the policy coverage is 90% with high claims. The behaviour is good from executives and staff members. Good investment, Updates regarding policy is mailed to me regularly.

Tarun
Greater_noida
June 06, 2016

Responsive Faculty

I have future generali life traditional insurance plan. The policy coverage is 86% and the claims are high. The premiums are low and the paybacks are high. The service is very good and always on time. The executives and staff members behave well and they solved queries in short time.

Yogesh
Thane
June 06, 2016

Satisfactory

My traditional insurance plan is with future generali India life insurance. The policy is great with maximum benefits. The policy coverage is high ~89%. The investment is low which payed quarterly. The claims are good and easily cleared without waiting. Payback amount is high. Good future investment which save taxes.

Utkarsh
Chennai
June 06, 2016

Fine

The policy coverage is nice ~86% and the claiming is easy because the service is fast provided by the executives and staff members. The future generali life traditional policy plan I have and the premiums are low. The policy is nice investment plan which save taxes also. I like my policy.

Ishant
Nilgiris
June 06, 2016

Poor Policy

The future generali life traditional plan I have is below average. The premium is high and the returns are less. The service is very slow and the waiting part is normal. Web services are also not working. Bad experience. Please improve this.

Prashant
Mysore
June 06, 2016

Superb Plan

My future generali life traditional plan is an average one which has low premiums but the returns are also less. The policy coverage is 70% with okay claims. The services is fast and on time. This policy is tax saver and the normal benefits are also given in this policy. Good plan, good investment.

Lokesh
Lucknow
June 06, 2016

Average Plan

The traditional policy plan I have from future generali India life insurance is normal plan. The premium is low and the policy coverage and claims are high. But services are fast, so any work is done without waiting. The behaviour of the executives and staff members is nice with calm nature. Good future investment policy plan.

Kamal
Kanpur
June 06, 2016

Fair Policy

My future generali life traditional plan is fantastic which reduces tax. The policy coverage is 87% and the policy claims are high. The policy claims are easily sanctioned due to fast services provided by the executives and the staff members. The updates regarding policy is send to me regularly.

Jayant
Hyderabad
June 06, 2016

Good Plan

My traditional insurance plan is with future generali India life insurance. The policy is fine which have low premiums. The policy coverage is 85% and the claims are high. Services are fantastic which facilitate by the members of the company. Good investment which reduces tax.

Harish
Howrah
June 06, 2016

High Returns

I invest my money in future generali life traditional insurance plan. The policy coverage is good ~89% and the claims are high. The premiums are low ~17 K quarterly. Paybacks are really very good around Rs.31 L. Good investment and tax saver plan. I like the plan.

Gautam
Gwalior
June 06, 2016

Excellent Work

I purchase future generali life traditional insurance plan which have low premiums. The policy coverage is high ~87% and the policy claims are good with fast clearance which is without paperwork that's reduces much tension. The services you provide is great. I like the policy, satisfied with my policy plan.

Faisal
Dwarakanagar
June 06, 2016

Above Average

The policy I have is future generali life traditional plan which is very good and the premiums are low with high in policy coverage 90%. The claiming part is very easy because the service is very fast with good response from the staff members. The updates regarding policy is mailed regularly.

Deepshikha
Chandigarh
June 06, 2016

Coverage Is Good

My traditional insurance policy plan is good with great facilities. Future generali India life insurance you guys are fantastic, your service is like super sonic. Premiums are low and the policy coverage is 85% with good claims. Executives and staff members are doing there work very good.

Sumeet
Bareilly
June 06, 2016

Damn Good Policy

I have traditional insurance policy plan which I buy from future generali India life insurance. The policy coverage is 81% and the claims are good. The premiums are low and the claiming process is easy and sanctioned in short time period. The behaviour of the executives and staff members is nice with calm nature. Good work guys. I like the policy.

Abhinav
Alwar
June 06, 2016

Good

I have future generali life traditional plan. The policy coverage is 89% and the claims are high which can be easily sanctioned. The service provided by the executives and staff members are fast and responsive. Nice policy plan which save taxes also. Updates are mailed regularly.

Manoj
Faridabad
May 13, 2016

Fantastic Plan

My future generali life traditional plan is fantastic which has low investments. The policy coverage is 90% and the policy claims are high. The policy claims are easily sanctioned due to fast services provided by the executives and the staff members. Good future investment and it tax saver too. I like the plan.