Future Generali Life Term Insurance Plans

4 / 5 based on 24 User Reviews
*Please note that the quotes shown will be from our partners

Future Generali Life Insurance Company Limited was incorporated on September 2007 as 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 counted among the top 50 companies of the world and Industrial Investment Trust Limited (IITL) which is an investment company. As on September 2015 the company has total assets under management of the value of Rs.2600 crores. The company offers various types of plans to suit the requirement of every individual.

What are Term Insurance Plans?

Term insurance plans are insurance plans which promise to pay the family of the insured a chosen amount in case of uneventful demise of the insured. The plan has no maturity benefit but is priced very low so that a common man can afford the cover at lower premiums.

Why Term Insurance Plans?

Term Insurance, being the basic insurance plan, is the cheapest plan in the market where by paying a minimal amount of premium one can avail a high coverage for protection purposes. Life is uncertain and everybody faces the risk of untimely death. On the death of a family member, the family suffers both emotional and financial loss. While emotional loss cannot be compensated, the financial loss suffered can be compensated considerably through insurance. Term insurance, at the same time, offers high coverage at lower costs thus making it affordable to have a high coverage. A high coverage ensures that the family is properly taken care of in the absence of the bread-winner without any financial hiccups.

Future Generali Term Plan Insurance

Future Generali Life Insurance offers two types of term insurance plans to its customers. While one plan is available online, the other can be bought through other channels. Let us take a look at the term plans available with the company.

Future Generali Flexi Online Term Insurance Plan

An online term insurance plan which provide flexible benefits. The features and benefits of the plan are as follows:

  • The plan can be bought thereby reducing unnecessary hassles
  • Premiums under Future Generali term insurance plan are required to be paid for the entire duration of the plan
  • The death benefit can be chosen from among the multiple benefit options available with the company.
  • The policyholder may choose the Basic Life Cover option in which case a lump sum payout will be paid on death of the insured during the tenure
  • Under the Income Protection Option, the policyholder may further choose either Fixed Income Protection option or Increasing Income Protection Option. Under this option, in case of death, a fixed monthly amount is paid to the family till the policyholder would have attained 60 years of age. This amount is fixed under the Fixed Income Option or increases by 10% annually in the Increasing Income Protection Option.
  • The policyholder may also choose to create his customized plan under the My Protection Plan Option. There are two death benefit options under this variant namely Fixed Income Protection + Basic Life Cover and Income Protection Option + Basic Life Cover. Under these options, a lump sum benefit will be paid on death and monthly incomes will start either at a fixed rate or at an increasing rate as chosen.
  • Preferential premium rates for non-smokers and lower rates for female lives
  • Discount in premiums for choosing higher Sum Assured levels
  • Tax exemption is available on the amount of claim and amount of premium

Eligibility Details                                                                    

 

Minimum

Maximum

Entry Age

Basic Life Cover - 18 years

Income protection – 25 years

55 years

Maturity Age

Basic Life Cover - 28 years

Income protection – 45 years

65 years

Non-smokers – 75 years

Policy Term

10 years

65 – age at entry

Non-smokers – 75-age at entry

Sum Assured

Rs.50 lakhs

No limit

Premium Payment Term

Equal to policy term

Premium Payment Frequency

Yearly

 

Future Generali Term Insurance - Care Plus

A term insurance plan at cheap rates of premiums. The features and benefits of the plan are as follows:

  • Premiums under the plan are required to be paid for the entire duration of the plan
  • The plan has two variants of Classic and Premier depending on the level of Sum Assured. The Classic Option is for Sum Assured ranges up to Rs.24, 99, 999 and the Premier Option is for ranges of Rs.25 lakhs and above
  • In case of death of the insured during the tenure of the plan the death benefit is payable which is higher of 10 times the annual premium or the Sum Assured or 105% of all premiums paid till the date of death.
  • Discount in premiums for choosing higher Sum Assured levels of Rs.15 lakhs and above
  • Future Generali Non-Linked Accidental Death Rider is available to enhance the protection under the plan
  • Policyholder can enjoy tax exemptions on the premium outgo and also on the claim

Eligibility Details                                                                    

 

Minimum

Maximum

Entry Age

18 years

60 years

Maturity Age

-

65 years

Policy Term

5 years

30 years

Sum Assured

Classic Option – Rs.10 lakhs

Premier option – Rs.25 lakhs

Classic Option – Rs.24, 99, 999

Premier Option – No limit

Premium Amount

Classic Option – Rs.2500

Premier option – Rs.5000

 

Premium Payment Term

Equal to policy term

Premium Payment Frequency

Yearly, half-yearly or monthly

 

How much Decreasing Term Life Insurance coverage do you need?

Decreasing term life insurance, also known as mortgage life insurance, is a kind of insurance that you buy to cover your loans and mortgages. As a result, the value of your decreasing plan should be equal to the loan amount and the term of the policy should be similar to the loan repayment term. Since a decreasing term plan doesn’t have a return component and the sum assured keeps decreasing throughout the policy period, it makes no sense to buy such a plan if you do not have a loan or a mortgage. These kinds of life insurance policies are also considerably cheaper and so it becomes easy for people from all walks of life to buy decreasing term life insurance plans.

Applying for a Term Plan from the company:

Online

Future Generali 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 Term Insurance through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Term 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.
  8. This will take you to the insurer’s website. You will have to 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 Term Insurance 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 term insurance 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 term insurance 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.

4. What is the company’s process to settle claim for Future Generali Life term insurance 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 or by email.


5. What is the policy cancellation process for Future Generali Life term insurance 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 Term Insurance Plans Reviews

TOTAL REVIEWS (24)
Divya
Gadag
August 22, 2016

Fine Insurance

This is very good insurance policy i purchased from future generali insurance. Service you provided is fantastic and on time too. Claims are good and policy coverage is approx. 89%. Updates are mailed regularly and online renewals option is very beneficial which can be done through online portal.

Rahul
Gurdaspur
July 19, 2016

Manageable Policy

Future generali life insurance is one of the best insurance company. The term plan of it is very convenient and very beneficial too. Services you provide is fabulous and it always on time. Policy coverage is high as claims are which is easy to sanctioned.

Lokesh
Jhumri_tillaiya
July 08, 2016

Term plan

The term insurance plan of mine is great with low premiums and claims are the best which easily sanctioned due to fast service facilitate by the executives and the staff members go the company. The updates and renewal of the policy can be done by online portal service.

Prabhjot
Ajmer
June 28, 2016

Good Deal

I have term insurance plan which I purchase in very low premium. The service is good and claims are high. Online portal service is nice with easy interface, anyone can access it easily. Policy coverage is high and claims are sanctioned easily due to fast service provided by you guys.

Bhavya
Ratnagiri
June 06, 2016

Awesome

My future generali life term insurance plan is awesome. The policy coverage is high ~92% and the claims are high after policy get mature. Claims are easily sanctioned because of fast services provided by the executives. Fantastic policy which provides good terms and conditions. Daily updates mailed to me timely. I like the plan.

Nitin
Ooty
June 06, 2016

High Returns

Great term insurance policy I got from future generali India life insurance. They has good speed and responsive for any query and for any help. Policy coverage is 86% and the claims are good with easy claiming process. The investment is good and it saves taxes also. Good investment.

Manish
Nagpur
June 06, 2016

Manageable

Policy coverage is less ~67% and the premiums are high paid quarterly. Service is bit slow provided by staff members of the company. The claims are cleared due to good response from the executives. Please improve your policy coverage for better performance. My future life term insurance plan is satisfactory for me. I like the policy.

Rudhir
Mumbai
June 06, 2016

Responsive Faculty

The future generali life term insurance plan is fantastic. Policy coverage is good ~89% and claims are high with low investments. The executives and staff members behave well with calm nature. The daily updates are mailed and texted to me regularly. It saves taxes. Good investment for future, I like the plan.

Tanishk
Lonavla
June 06, 2016

Quality Investment

My future generali life term insurance plan is wonderful with huge benefits like low premiums and the policy coverage is high 91%. Claims are are good and the payback amount is around Rs.38 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Good future investment with tax savings. I like it.

Yashwir
Kalyan
June 06, 2016

Great Policy

Future generali India life insurance is one of the perfect insurance providers, I took term insurance policy plan from them. The policy is good in service and it can be buy and accessed online also. The web service is awesome and 5% less for women on premiums. Policy coverage and the claims are high. Due to online facility, it reduces the paper work and the waiting part is erased. Daily send updates to my email id regarding policy.

Ishita
Jodhpur
June 06, 2016

Perfect Plan

My future generali life term insurance plan is nice. The policy coverage is high and the claims are high too. Claims are easily sanctioned because of fast services provided by the executives. Fantastic policy plan which provides good terms and conditions and service is fast and on time. Good investments which reduces taxes. I like my policy.

Piku
Itanagar
June 06, 2016

Trustworthy

I have term insurance policy plan from future generali India life insurance. The policy is good and the premiums are very less. The best investment and the taxes are reduced. Policy coverage and claims are good and the services is super. Good behaviour shown by executives and staff members. Updates are mailed regularly.

Lalit
Hapur
June 06, 2016

Super Plan

I have term insurance policy plan from future generali India life insurance. Policy coverage is good ~88% and the premiums are low approx. 38 K. Claiming is easy and the waiting time is very less due to fast and on time services facilitate by executives and the staff members. Good future investment which reduces tax also.

Kabir
Greater_noida
June 06, 2016

Poor Policy

The future generali life term insurance plan I have is not working for me. The policy coverage is low 65% and the claims are less. The premiums is high as compare to returns. Services is fast and the behaviour of the executives and staff members is okay. Some improvement needed in the web site. Please do something.

Jiten
Firozabad
June 06, 2016

Power Plan

Future geneali life term insurance plan is one of the best policy. The policy coverage is 90% and the claims are good even the the claiming procedure is easy because the service provided by the company members and even the web site is easy to operate. The premiums are low and for women get 5% less extra benefits on premiums. I like the policy.

Hemant
Ernakulam
June 06, 2016

Coverage Is Good

I purchase future generali India life insurance and the product is term insurance plan. The premiums is ~Rs.35 K. The claims are good and easily sanctioned. Service facilitate by executives and staff members are very nice and fast. The policy saves taxes and it is really very good investment for future. Daily updates regarding policy are send to me regularly.

Gaurav
Dwarka
June 06, 2016

Above Average

I got future generali life term insurance plan. The policy is above average and the premiums are low. Policy coverage and the claims are high with high payback returns. Services provided by you guys is appreciable with good behaviour of your staff members and the extra good treatment provided by the executives is very nice. Good policy which has nice terms and conditions.

Dinesh
Chaksu
June 06, 2016

Very Nice Policy

Future generali life term insurance plan is wonderful with huge benefits like low premiums and the policy coverage is high 87%. Claims are good and the payback returns are high. The updates of the policy is regularly mailed to me. Web service is nice and easy to access. Good future investment with tax savings.

Saurabh
Bhubaneswar
June 06, 2016

Not Satisfactory

The future generali life term plan I have is not that good as I expected. The policy coverage is 69% and the claims are less. The premiums are high. Services is fast and the behaviour of the executives and staff members is good. Some improvement needed in the web site. Manageable plan but not perfect one. Please increase the coverage and services. Not satisfactory.

Abhishek
Agra
June 06, 2016

Good Plan

The future generali life term insurance plan is wonderful with huge benefits like low premiums and the policy coverage is high 89%. Claims are are good and the payback amount is high. Internet services is great with easy interface and vast variety of policies are there with full descriptions. Good investment, good policy.

Vikrant
Bengaluru
March 03, 2016

Nice term plan.

I have term policy plan from future generali india life insurance. Policy coverage is 80% and the claims are Rs.16 L. Service is fast enough that the work is done on time. Behaviour of the staff and executives are really nice. Keep it up guys.
Plan Name: Future Nivesh Plan (Single Premium)
Agent Code: BPW01312

BABUBHAI
Mumbai
March 02, 2016

Fantastic plan.

I buy future generali india life insurance term policy plan. Policy coverage is high and the premium is low. Claims are easily get because of fast service provided by executives. Nice policy i like it.
Plan Name: Future Nivesh Plan (Single Premium)
Agent Code: BPW00251

Khushboo
Agra
February 27, 2016

Average...

I buy term policy plan from future generali india life insurance. My policy plan was an average one. Policy coverage is 70%, Claims are around 21 L and the service is slow that's why the claims take time to sanctioned.
Plan Name: Future Generali Flexi Online Term-Level Income
Agent Code: BPW00251

Deepak
Rajsamand
February 23, 2016

"Superb Policy"

I own term policy plan from future generali india life insurance. Policy coverage is good and claims are around Rs.21 lakh. The service is super sonic fast with on time availability. Nice policy plan, i like it.
Plan Name: Future Generali Flexi Online Term-Lumpsum
Agent Code: BPW00251