Future Generali Life Traditional 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.

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  • 7.7 Crore Registered Consumer
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  • 4.2 Crore Policies Sold

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7.7 Crore
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Insurance Partners
4.2 Crore
Policies Sold
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

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

  • On the PolicyBazaar homepage, click on Traditional Insurance 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.

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

 

Future Generali Life Traditional Plans - FAQs

  • 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
  • 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.

  • 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

  • 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.
  • 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.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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Future Generali Traditional Plans Reviews & Ratings

3.9 / 5 (Based on 24 Reviews)
(Showing Newest 10 reviews)
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.
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