Terms & Conditions
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  • **Returns guaranteed by the insurer
  • *** Tax adjusted Returns - assuming 30% tax bracket

Future Generali Saral Bima Plan

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The Future Generali Saral Bima Plan is a traditional endowment plan that offers life insurance cover. It is a simple life insurance option for policyholders that has a regular premium payment term and offers protection and savings for a medium to lengthy period, all in one. The policy allows its policyholders to secure their loved ones’ future even in their absence. Policyholders may opt for a high insurance cover if they so wish.

Key Features

  • The policy is a non-participating endowment insurance plan.
  • Policyholders have the advantage of an affordable life insurance cover with fully guaranteed benefits.
  • With the policy term options available, policyholders can plan their medium to long-term financial requirements.


  • When the policy matures, the policyholder receives the Sum Assured as Maturity Benefit.
  • In the unfortunate event of the demise of the person insured, the nominee receives the Death Benefit. The Death Benefits payable is higher of the following:
  1. Ten times the annualized premiums, or 
  2. 105% of the total premiums paid, or
  3. The Sum Assured.
  • A discount is available on large Sum Assured amounts.
  • Tax benefits are available on the premium paid and Death and Maturity Benefits as per sections 80(C) and 10 (10D) of the Income Tax Act.

Product Specification:




Entry Age of the Life Assured(Last Birthday)

7 years

55 years

Maturity Age (Last Birthday) of the Life Assured

18 years

70 years

Policy Term (PT) in years

10 years

20 years

Premium Paying Term (PPT) in years


Premium Paying Frequency

Yearly, Half-yearly, Quarterly, Monthly

Annual Premium

Rs. 9000

Rs. 36,84, 500

Sum Assured

Rs. 1 lakh

Rs. 5 crores

Details About Premium


Policy Term

Premium Payment Term

Annual Premium

Sum Assured


20 years

20 years

Rs.11, 163

Rs. 3,00, 000


10 years

10 years

Rs.58, 254

Rs. 7,00, 000


15 years

15 years

Rs. 1,83, 330

Rs. 35,00,000


18 years

18 years

Rs.3, 39, 600

Rs. 75,00000

Policy Details

Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues, without interest. For premium payments through monthly mode, the Grace Period is 15 days. If premiums remain unpaid at the end of the Grace Period, the policy lapses from the due date of the first unpaid premium.

Policy Termination or Surrender Benefit: Surrender Value of the policy is acquired when the policyholder pays all due premiums for the first three policy years. Termination of the policy occurs on payment of the Surrender Value or the Death Benefit or Maturity Benefit.

Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. This timeframe is extended to thirty days if the policy was sold via distance marketing. If the policyholder does not wish to continue with the policy, then he or she has to return the policy stating their objections. The customer will receive the policy premium minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.


  • If premiums for a minimum of three years have been paid and subsequent payments have not been made, then the policy acquires “Paid–Up” Value and the Sum Assured under the policy is reduced.

Additional Features or Riders

  • The revival of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of two years from the date of the first unpaid premium.
  • There are two additional riders available with this policy, which are the Future Generali Non Linked Accidental Death Rider and the Future Generali Non Linked Accidental Total and Permanent Disability Rider.          


  • The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover or reinstatement. The company will refund the higher of 80% of the premiums paid till the date of death and the Surrender Value, as Death Benefit.

Documents Required

The policyholder has to fill up an ‘Application form’ with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof and a medical examination.

fixed deposit with life cover
Written By: PolicyBazaar - Updated: 16 March 2016