Future Generali general Insurance Company is a joint venture between the Future Group of industries, an Indian Company and Generali group, an Italy based Company. Future Generali offers a wide spectrum of general insurance products like Motor Insurance, Health Insurance, Travel Insurance, Personal Accident & Home Insurance.
Key Benefits of Future Generali Car Insurance
Cashless Claim Networks
Cashless claim service over 1000+ authorized network of garages across India
For policyholders buying large sum assured discount/rebate is available upto 4 lakhs.
Accidental Cover /Customer Support
Personal Accident of Rs 50 lakhs Death only for registered owner.
Add-on Covers for Future Generali Car Insurance
This cover offers full claim without any deduction for depreciation on the value of parts replaced.
Third Party Cover
Liability for third party injury/death, third party property and legal expenses you might incur to defend this claim for a maximum of 7,50,000
Personal Accident Cover
Personal accident cover for passengers (named or un-named) up to a maximum Capital Sum Insured of Rs. 2 lacs per person
Inclusion & Exclusion in Future Generali Car Insurance
This cover encompasses protection against any damage caused to your vehicle while in transit by road, rail, air, elevator and lift
Loss of cash from safe using duplicate key, unless the key is obtained by threat or force.
Future Generali Car Insurance Policy Highlights Updated on 25 Jul 2017
|Third Party Cover||Upto 7.5 L|
|Cashless Network Garages||1000|
|Incurred Claim Ratio*||79.19|
|Net Earned Premium*||74106|
*For Year 2015-2016
Future Generali Car Insurance Overview
Future Generali is a giant in the Indian financial and insurance market. It provides a host of insurance products for it’s customers including all types of major insurance that may be needed by an individual. It is a joint venture between Future Group of India and Generali group of Italy.
Future Generali also offers one of the most comprehensive car insurance policies for the Indian customer . To give you a brief idea, given below is an overview of the Future Generali Motor Insurance policy.
- Coverage Provided
This insurance policy covers damage caused not only during transit by rail, road, air, elevator and lift but also due to natural causes, malicious acts and hooliganism. It also covers any third party liability which may arise due to an accident and result in the vehicular damage/loss and other fatalities.
- Add-on Cover Plans
This insurance policy features some well-thought of Add-on Cover plans which include Zero Depreciation, Loss of Keys, Loss of Personal Belongings, Roadside Assistance. Additional cover plans include Personal Accident Cover of Rs 1 lakh for individual owner of the vehicle while driving and cover for Additional Legal Liabilities.
- Bonus & Discounts
If you are a member of the Automobile Association or have installed an ARAI(Automotive Research Association of India) approved anti-theft device in your car, you are eligible for an additional discount on your Future Generali Car Insurance policy. Additionally, you can also avail a voluntary excess discount, along with a No Claim Bonus(NCB) or even transfer your No Claim Bonus from another company to Future Generali.
How To Apply Future Generali Car Insurance Online?
Key Benefits Of Future Generali Car Insurance
- Convenient policy processing with minimal documentation
- Instant issuance of your policy
- Cashless transactions in approved workshops
- Towing assistance for your vehicle during an emergency
- Toll-free facility for assistance by customer care executives when you need it
- Claim finalisation or settlement will be reported within 7 working days from the date of receipt of all the documents
- Hassle-free experience getting your car insured
- Transfer of ‘No claim bonuses’ to any other insurance provider
- There you have it - features and benefits that evidence this insurance giant’s dedication to it,s customers.
Future Generali Car Insurance Coverage
Let’s discuss what Future Generali provides in it’s car insurance coverage :
- Vehicle Damage Coverage: This coverage is provided especially for an ‘Own Damage’ category where the loss is in terms of damage to your own vehicle. This damage can be caused due to any kind of mishap. Future Generali covers the following causes for any damage incurred to your own vehicle:
- Damage caused due to any accident,
- House breaking,
- Malicious acts,
- While on transit by road, rail, air, lifts etc.
- In all such cases, the insurer will provide compensation for your loss and other expenses related to the damage of your car based on the car’s IDV (Insured’s Declared Value) and depreciation related to the age of a car.
- Any person as a paid driver, cleaner or conductor, who is employed in operation of a vehicle is covered under this additional cover.
- Any employees who are travelling in the vehicle or driving the vehicle other than the paid driver are also covered under this plan.
- Any passengers who are not paying any fare for travelling in the vehicle.Therefore, these are the details of coverage provided by Future Generali in it’s car insurance.
- All these coverage and additional covers seem advantageous as they cover almost everything in terms of own damage, third-party damage, personal accident cover etc.
Now, moving towards some bonuses and discounts that may keep your premium on the lower side.
Benefits Of Applying Car Insurance Online With Future Generali
Applying for insurance online is beneficial in more ways than you can imagine. Now, you too can enjoy those benefits by applying for Future generali Car Insurance online.Instant Policy Issuance
Being an online process, policy issuance is almost instant. What’s better, you get an e-copy of your car insurance policy delivered right into your email inbox.Minimum Documentation & Paperwork
Unlike the conventional application process which requires you to furnish a multitude of documents, the online application process requires minimal documentation and paper work.Save Precious Time & Money
You no longer need to take a trip to the insurance company’s branch office to apply for a policy. Now, the same can be done right from the comfort of your house. Also, you can save on the broker or agent’s fee which would otherwise have to be paid.Information at Your Fingertips
All the information you need about your car insurance policy will be available to you, just a click away, anytime, anywhere.Automatic Policy Renewal Reminders
Forgot to renew your insurance policy? Don’t worry. Future Generali will send you timely automated reminders to renew your car insurance policy and stay protected.
Future Generali Car Insurance Add On Covers With Pre Defined Bundles
In order to simplify the claim process, Future Generali India motor insurance has launched Future Express and Future Express+. Future Express is ideal for those who place priority on repair service, reduced costs and a more customized service. Future Express+, on the other hand, is ideal for those who want instant loss assessment and claim finalization, along with the option of choosing the workshop for repairing vehicles.Apart from these two options, Future Generali India motor insurance offers insurance add-on covers with 3 different pre-defined bundles. These bundles are:
Silver – It offers Depreciation Cap, IDV and Consumables add-on covers.
Gold - In addition to the add-on covers offered under the Silver bundle, Gold offers Personal Accident, Loss of Personal Belongings and Loss of Keys add-on covers.
Platinum - In addition to the add-on covers offered under the Gold bundle, the Platinum bundle offers Inconvenience Allowance and Personal Liability add-on cover. These add on covers included in the bundles offered by Future Generali motor insurance are described below:
- Depreciation Cap – This add-on protects you against the depreciating value of vehicular parts and ensure that you get the full amount claimed.
- IDV – Through this cover you can get access to IDV (Invoice value + Registration + Road Tax of the vehicle).
- Consumables – You will be reimbursed (maximum amount of Rs 3000) the cost incurred in purchasing consumables for the vehicle.
- Personal Accident – This add-on provides a personal accident coverage of Rs 50 lakhs to the registered owner.
- Loss of Personal Belongings – This add-on with protects you against the loss of your personal belongings kept in your vehicle, up to an amount of Rs 50,000.
- Loss of Keys – You are insured against the loss of keys of your vehicle, up to an amount of Rs 50,000 by this add on.
- Inconvenience Allowance – When your vehicle breaks down, you will not have to worry about transportation as this add-on entitles you to a daily allowance of Rs 3,000 on a daily basis for 15 days.
- Personal Liability – This add on offers personal liability coverage of Rs. 5 lakhs to registered owners.
Bonus and discounts Given By Future Generali Car Insurance
- If in any year you have not claimed your bonus, you’ll get a ‘No claim bonus’ that will offer you a discount of up to 50% on your own damage premium, if you renew your policy within 90 days of expiry date.
- If you voluntarily take any excess to the damage expenses, it will reduce your premium amount.
- In case you are a member of a recognised automobile association, you’ll get some good discounts on your premium amount.
- If you have installed anti-theft device recognised by the ARAI (Automotive Research Association of India) in your vehicle, you’ll get a discount of 2.5% on your own damage premium, subject to the maximum of Rs.500.
What’s not to love with such discounts on offer? Enrol today and get your discounts right away!
Remember, it is mandatory to have car insurance in India as specified by the Indian Government. So, please follow the law and get your car insurance done right away!
‘Drive safe and drive secure’.
Documents Required For Future Generali Car InsuranceDocuments Required For New Car Insurance
- Original/Copy of the Registration Certificate.
- Copy of Invoice and proof of payment (for new car purchase).
- Original/Copy of Driving License issued by competent authority.
- Proof of address and contact details.
- Copy of PAN and/or identity proof.
Before making a claim with Future Generali , its very important to know the claims procedure and documentation required to ensure hassle free processing at minimal turnaround time. Below is the list of documents required when you make a claim.
- Copy of the car insurance policy.
- Duly filled claim form and claim intimation letter in the required format.
- Original/Copy of the the Registration Certificate.
- Copy of Driving License.
- Copy of F.I.R if there was damage to a third party property/person.
- Survey report issued by authorised surveyor.
- Estimate of repairs of the work carried out at the garage.
- Invoices copies for both reimbursement and cashless claims, along with proof of cash receipt.
- Ad hoc reports like Supplementary Report / Re-inspection report if required.
Future Generali Car Insurance Claim Process
The claim process for Future Generali car insurance is very simple and involves only a few steps. These are listed below:
- Contact Future Generali – The first step is to contact the insurance company and inform them of the accident.You can also raise your claim through SMS . If you are trying to make your claim online, you will need to download the Future Generali car insurance claim form from the website.
- Keep your details handy – Once you have contacted Future Generali, you will require the following details:
- Policy number
- Your name and contact number
- Name of the person who was driving at the time of the accident
- Registration number, type and model number of the vehicle
- Description of the accident and where it took place
- Time and date of the accident
- Location of your vehicle
- Copies of the insurance policy, RC book and driving license
- Photos of the vehicle
- Estimate of the damage
- Bills of survey fees
- Survey reports
- Re-inspection report and supplementary report
- Invoice of final repair
For commercial vehicles and theft claims, you will need to submit additional documents that are mentioned on the website. Once you have followed these steps, the claim will be processed. Since the claim involves multiple stakeholders such as company officials, surveyor, repairmen, etc. you must take the center stage, and ensure sound coordination until settlement of claim. Note down key contact details which includes the phone number for claims service center, and follow up at regular intervals(if required).
FAQ- Future Generali Motor Secure Car Insurance
- Can the Future Generali Car Insurance be purchased online?
Yes. Infact, this is one of Future Generali’s biggest selling points. Limited documentation and cut-down on turnaround time.
- What are the highlights of the Future Generali Online Car Insurance Policy?
- Option to buy online, with instant policy issue.Robust, 24x7 accessible customer support including claims registration.
- Cashless repairs at network of approved garages.
- Claims survey given top priority with fixed and quick timelines.
- Claims finalized within 7 working days from receipt of all concerned documents.
- Never forget to renew your Future Generali motor insurance policy with the Automated Reminder Service.
- Towing services in case of accidents within the city limits.
- What to do in case my vehicle meets with an accident?
In case your vehicle meets with an accident or has caused damage to a third party, then you can call up the customer care instantly to report the matter and register a claim. You will be guided by a Future Generali executive who will take you through the process of raising an insurance claim.
- According to Future Generali car insurance, what is the meaning of ‘Total Loss’?
The entire insured vehicle is considered as Constructive Total Loss, if the total cost of the repair or retrieval of the car subject to the terms and conditions laid out in the car insurance policy is more than 75% of the Insured Declared Value (IDV).
- What are the additional add-on covers available?
Future Generali Motor Secure Car Insurance offers a number of add-on covers that take into account the various misfortunes that could potentially befall your cherished vehicle. These are as listed below-
- Zero Depreciation- Covers full claim without any deduction for depreciation on the value of parts replaced.
- Loss of Keys- Reimbursement of costs incurred for replacement of vehicle keys.
- Loss of Personal Belongings- Covers personal belongings that are robbed from your locked vehicle.
- Tyre Damage- Covers damage to tyres, including the air valve.
- NCB Protection- Allows you to retain your existing NCB (No Claim Bonus) at the time of renewal.
- Engine Protector- Covers superficial and critical damage suffered by the vehicle’s engine.
- Return to Invoice- If the vehicle is deemed a ‘Total Loss’, then this cover pays the difference between the ‘claim amount receivable’ and the ‘purchase price of vehicle’.
- Inconvenience Allowance- This allowance, worth Rs.3000/ day for upto 15 days, as payable to you daily in case your vehicle is parked in the garage for extended repairs.
- Roadside Assistance- Covers a number of conditions wherein roadside assistance will be required. Including, towing, breakdown, flat tyre, dead battery, keys locked in, running out of fuel, etc.
- What are the things to remember when making a call to register a claim?
Keep these details handy when calling in to report a claim-
- Policy number with details of Insured.
- Details of the driver who was driving at the time of accident.
- Vehicle type, model and registration number.
- Place, date and time of accident.
- A brief description of the accident including current whereabouts of the vehicle.
News About Future Generali Car Insurance
Future Generali India Insurance Partners With UCO Bank To Extend Customer Base
Future Generali India Insurance Company Limited (FGII), one of India’s premier insurance companies has recently joined hands with UCO Bank, one of India’s foremost Government owned commercial banks. Following this tie-up, Future Generali is aiming to extend the reach of its insurance products. People will now be able to enquire about and purchase Future Generali health insurance, Personal Accident insurance, motor insurance, travel insurance, home insurance and rural insurance products at any of the 3050 UCO Bank branches across India. The corporate agreement for the tie-up was exchanged on March 15 by Mr. K.G. Krishnamoorthy Rao, MD and CEO, Future Generali India Insurance Company Limited with Mr. Ravi Krishan Takkar, MD and CEO, UCO Bank.
At the moment, about 5% of Future Generali’s business comprises of bancassurance. The company also recently entered into a similar agreement with the Bank of Maharashtra. Beside this, Future Generali also has tie-ups with more than 100 banks across India. With this partnership, Future Generali aims to strengthen their business with the help of their partner banks. With the inclusion of UCO Bank, the insurance giant aims to drive their business growth to reach 80 per cent by the end of the financial year 2018.
17th March 2017
Future Generali about heavy loss faced by auto insurance industry
The escalation of third-party claims has led to a whopping yearly loss of over INR 500 crore. This is because the recovery procedure can be quite unpredictable. General insurance carriers such as Future Generali India are sustaining a hard hit in their automobile insurance profile, owing to their being requested to shell out for third-party (TP) mishaps by past customers. According to Mr. K G Krishnamurthy Rao, MD of Future Generali, it is a lot stress-free to tell the insurer to pay off. Law of the land insists on third party vehicle insurance for every motor vehicle. For instance, cases in which the victim is poor and the car owner doesn’t show up, court often directs the company to pay out even if the policy is expired. Though the insurance firm is allowed to get back the money thus spent from the owner, it is a tedious procedure consisting of sending notice, attaching the vehicle and so on.
29th September 2015
Future Generali Insurance Eying 20-25% Growth this Fiscal
In light of the fact that the Indian economy is picking up pace, popular general insurer, Future Generali India Insurance Company is expecting to record a satisfactory 20-25% growth through the fiscal year 2015-16. The company’s CEO and MD, Mr. KG Krishnamoorthy Rao, is quick to point out that this hike surpasses the 15% growth that is expected off the Indian general insurance sector through the same time frame. The company is pinning its hopes on some crucial regulatory changes and a rejuvenated economy to attain these ambitious numbers- with particular emphasis on motor insurance that has traditionally contributed about 55% of the company’s overall revenue.
30th July 2015
Fiscal Year 2014-15 Witnesses Significant Rise in Profits for Future Generali India
Future Generali India Insurance (FGII), one of the leading insurance providers in India, has reported an astounding profit of Rs 60.29 crore for the fiscal year that ended on March 31st, 2015. The company has consecutively achieved good profits for the past two years. FGII has recorded a 14% hike in profits compared to the last financial year and its net worth has increased as well from Rs. 395 crore in the past fiscal to Rs. 456 crore in the current fiscal year. However, since the company has faced higher claims ratio with Motor third party claims and claims due to Hud Hud cyclone in South India, the Net combined ratio (COR) has not improved.
24th May 2015
Future Generali Mulls Over Usage - Based Auto Insurance Policies In India
Future Generali, a leading general insurer, has been testing the feasibility of introducing telematics or usage-based car insurance plans in India. Having arrived at possible price points, the auto insurer is of the opinion that these products will not work well given the current market scenario of low-cost policies and low levels of insurance penetration.
Usage-based policies aim to determine premiums for individual policyholders by tracking their driving statistics. Premiums would then be aligned according to the risk the insurance company would have to bear in relation to an insured vehicle. Through a tracking device installed in the insured vehicle, data pertaining to vehicle usage would be transmitted directly to the insurance company. As per an analysis of the data, premiums will be set at higher levels for those evincing higher risk while those showing lower risk will benefit from lower premiums.
However, in India, auto insurance is not as expensive as in other countries where lowering insurance premiums offers policyholders cost advantages. The cost of the tracking device is the main obstacle in implementing these policies.
Some insurers are considering smart phones with tracking devices as an alternative and possible resolution.
16th December 2014
GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017