• Future Generali Loan Suraksha Plan

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    The Loan Suraksha plan from Future Generali, is a non-linked, non-participating, credit protection product. This product is designed to cover each individual group member’s outstanding loans. In the event of the policyholder’s death, this product ensures, that the burden of repaying these loans, does not pass on to other group members or dependants.

    Eligibility Conditions for Loan Suraksha Plan:

    1. The member's entry age must be between the age of 18 years - 65 years.
    2. If the policy is being taking as a group insurance, then the number of members in the group should be at least 50.
    3. The premium payment term is a single premium.

    The Features of Loan Suraksha Plan:

    1. This is a single premium term insurance plan, designed for members of financial institutions, in order for them to provide new and existing borrowers with life coverage.
    2. The policy term must be between 2 - 30 years.
    3. The minimum sum assured should be Rs. 20,000, the maximum amount for sum assured is based on underwriting considerations.
    4. The policy covers all loan products, from mortgage to auto loans, from education to even personal loans.
    5. This policy has the option of being taken as a single life policy or joint life policy. For a single policy the insured will only have insurance cover for himself, and in the event of his death, will payout any of his outstanding loans. The benefits from this policy will be provided to the policyholder’s nominee. For a joint life policy, it can be taken by the insured to include his/her spouse, business partners, etc. The joint policy can be taken as long as each members have insurable interest among them. The policy will cover only the share of the policyholder, at his/her demise.
    6. The plan will be offered to customers on a Decreasing Term Assurance plan basis, wherein, the insurance cover or the sum assured will reduce based on the interest rate of the loan.
    7. The product will have a free-look period of 15 days from the commencement of the policy, during this time, you have the option to cancel the policy if you do not agree with the policy terms.

    Benefits of Loan Suraksha Plan:

    1. Death Benefit - In the unfortunate death of the insured, the outstanding loan balance will be repaid, as per the loan schedule provided in insurance certificate. After making the payment of the outstanding amount, the policy will terminate. The benefit will be paid to the nominee of the insured. In the case of a joint life policy, the policy will cover only the insured individual’s share of the loan amount. The insurance policy will continue for the surviving member of the joint policy, and will not be affected.
    2. Maturity Benefit - With this insurance scheme, there is no maturity benefit.
    3. For any top-up or additional loans, the insurance coverage can be increased.
    4. Surrender Benefit- This policy can be surrendered at any time by the policyholder. The policyholder will be paid a guaranteed surrender value. This value will be based on the formula: guaranteed surrender value (GSV) x single premium. The policyholder will not be able to surrendered in the last year of the policy. The GSV, if lesser than Rs. 100, will not be payable.
    5. Top-up loans - You can choose to take up a top-up loan, and would like to have this as well covered under the policy, the top-up will be considered as a new loan. The added premium will be based on factors such as age, date of the top-up loan availed, the outstanding loan schedule, and the term when the top-up is repayable.
    6. Tax Benefits - The policyholder will get tax benefits for both, premiums paid and also claims made. The premium paid benefit can be claimed under section 80C, while the claims can be claimed under section 10 (10D) of the Income Tax Act 1961.
    7. Loan Facility - Policyholder will not have the facility to take up loans under this policy.
    8. Pre-closure of loan - Pre-closing a loan doesn’t affect the sum assured of the policy, as this will still be based on the loan schedule available in the certificate of insurance. However, if the policyholder repays the full outstanding balance, before the term agreed upon, then he/she can claim a surrender benefit.

    Example Scenario:

    Mr. Rajshekar, a healthy 35 year old, decides to take a coverage plan for 10 years for his outstanding loans. His sum assured value is the same as the outstanding balance on his loan which is an amount of Rs. 20 lakhs. The premium he will pay towards this will be based on the his age, the outstanding loan amount, the loan interest and duration. He starts to make payments, towards the policy, and after the 3rd year of the policy, Rajshekar unfortunately dies, the loan outstanding as of the date of death will be paid off, and the Future Generali Term policy will then be terminated. The nominee and the next of kin, will not need to make any payments towards the loans of Rajshekar.

    FAQs.

    1. Can I apply for a loan under this scheme?

      No, loans will be available under this group policy.

    2. Does this plan have a maturity benefit?

      No, there are no maturity benefit under this plan.

    3. What are the exclusions under this plan?

      If the insured member commits suicide within 12 months of the policy start date or risk commencement whichever is later, only 80% of the premiums paid will be payable to the nominee or the beneficiary of the policy. 

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Future Generali Loan Suraksha Plan Reviews

  • Page 1 of 1
    • Future Generali Life Life Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I've bought two policies from Future Generali. I pay a premium of 12000 year. This was also suggested by one of my colleague. I never had any issues with their services. Overall it has been a good experience.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 07, 2018
    • Future Generali Life Life Insurance
      "The Service needs Improvements"
      0.5 4.0/5 "Great!"
      I've a life insurance policy from the Future Genrali Insurance compay. Their Customer support needs to be improved. The way they respond to the quries of the customers should also be improved. They need to provide their customers with quality customer support.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 05, 2018
    • Future Generali Life Life Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have a life insurance with Future Generali from last 1 year and it is a long term policy. I am happy with the coverage and returns of this insurance policy. I pay my premium once in a year through net banking. The tenure of this insurance policy is 12 years.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Apr 24, 2018
    • Future Generali Life Life Insurance
      "Good policy to hold"
      0.5 4.0/5 "Great!"
      I took accidental cover from Future Generali, they are providing all the benefits and the product is good. For normal accident also I can claim from them. Yearly I make the premium around Rs. 2900 for the tenure of one year. Total sum assured value of Rs. 15 lakhs. For disability they provides good coverage.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 21, 2018
    • Future Generali Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      For more than 6years I got the Life insurance policy with future general life insurance company.This policy has the tenure of 10years. I pay the premium of Rs,24000 every year. The plan benefits and the coverage is good with this policy and I am satisfied with it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 30, 2017
    • Future Generali Life Life Insurance
      "Good insurance company"
      0.5 3.5/5 "Pretty good"
      I do have life insurance policy with the Future generali life insurance company. Coverage value is good one like its around 50 lakh Rupees and the premium is not at all the comparable one. Claim ratio is the way to choose the policy rather than he premium like Future generali do have a good claims ratio.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Future Generali Life Life Insurance
      "Flexi Online Term Plan - most competitive term plan"
      0.5 5.0/5 "Blown Away!"
      It's just the perfect solution for my need &&the flexibility of tailor making the solution/ payout options at the most competitive pricing. The entire application process didn't take more than 5 minutes and my policy got issued within 5 days
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 28, 2016
    • Future Generali Life Life Insurance
      "Cheapest term insurance with fantastic income option"
      0.5 5.0/5 "Blown Away!"
      I think the monthly income protection option is very good. It works just like salary protection, if something were to happen to me , my family would get a income till my retirement age or 10 years whichever is higher. Ensuring that my family is always protected.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 27, 2016
    • Future Generali Life Life Insurance
      "Best one"
      0.5 4.5/5 "Excellent!"
      "Future Generali life insurance is good this would best suitable for monthly income. anyone who is looking out for a cheaper plan can go ahead with this. Its less than rs15 per day . Actually I was looking out for a term plan I was looking out for a 50laksh I found this policy very attractive. They took medical test and they took my id proof and others to process my request. "
      Was this review helpful? 2
      , dehradun
      Reviewed on Apr 15, 2016
    • Future Generali Life Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      My life insurance is taken from future generali for the tenure of 15 year. The only for 10 years. After completing the maturity period will get the amount. Policy coverage offered is four lakhs . Accidental and natural death coverage is for five lakhs. Payment is done through online.
      Was this review helpful? 1
      , bangalore
      Reviewed on Apr 15, 2016
    • Future Generali Life Life Insurance
      "Very good "
      0.5 4.0/5 "Great!"
      They are collecting the annual premium for the Insurance.They have explained the plan benefits as well.I have taken a 15years plan with future generali.Its basically a life coverage plan and the options given for the payment is good with Future generali.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 13, 2016
    • Future Generali Life Life Insurance
      "Beware of fradulants "
      0.5 1.0/5 "Really Bad"
      The service provided was not good with future generali related to the life Insurance.They have sell the product to the customer with the false commitment in the Insurance provided by them.It will be good if they stop providing false commitments
      Was this review helpful? 1
      , new delhi
      Reviewed on Apr 02, 2016
    • Future Generali Life Life Insurance
      "No reply for emails "
      0.5 0.5/5 "Unacceptable"
      I requested to convert my existing policy to Paid up policy as i would not be able to pay the premium due to money issue. I have paid the premium till 5 years and do not want this money to be lapsed ,hence requested to convert it to permanent paid up . As advised by your customer care executive sunny sharma i have send email as i cannot visit the branch manually . i have send many email but even after 6 days there was no response i have escalated to gro also still there was no response . Policy number :-00791301 'FutGen=475-486' .
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 21, 2016
    • Future Generali Life Life Insurance
      "Good Services"
      0.5 5.0/5 "Blown Away!"
      Future Generali is good in their services. I get email alerts for the payments. I have taken a cash back policy from them. The premium is of 10K. I can make my payments online or through cash. They have good benefits and a policy coverage. Overall I have not faced any hassles till date.
      Was this review helpful? 1
      , faridabad
      Reviewed on Mar 19, 2016
    • Future Generali Life Life Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken my life insurance with Future Generali. The services are good from them. They send me updates. The plan benefits are good. The policy coverage is good too. The tenure is for 30 years. It is a term policy. The premium is of 50K.
      Was this review helpful? 1
      , faridabad
      Reviewed on Mar 19, 2016
    • Future Generali Life Life Insurance
      "Not good.."
      0.5 2.0/5 "Expected more"
      No good experience as I registered for mobile and address change but nothing happened til now from the Future Generali life insurance company. No online options as for each and everything we have to go to the branch. They don't have good customer support as all the times they make customer to wait.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 12, 2016
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