Future Generali Life Insurance is a joint venture between the Future Group, Generali Group and Industrial Investment Trust Limited (IITL).
Future Generali Life Insurance offers a complete range of solutions for the financial security of customers and enterprises including savings, family protection, Unit Linked Policies and group products.
Established in 2007, the company is spread across 98 branches all over India and has sourced over 11 lakh policies since its inception. With assets over Rs 2,600 crore and capital of over Rs 1,400 crore, Future Generali Life Insurance aims towards becoming one of the leading insurers in the country.
Key Highlights of Future Generali Life Insurance
Claim Settlement Ratio
Claim-settlement ratio of 90.26% for year 2015-2016
99.31% Grievances Settled for year 2015-2016
To be eligible for Future Generali Life Insurance
You should be at least 18 years old
You should be less than 56 years old
You should be either Salaried, Self- employed, a professional or have your own business
Future Generali Life Insurance at a Glance
A maximum tenure upto 75 years
Min Sum Assured: Rs 50 Lakhs
Max Sum Assured: No limit subject to underwriting
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an Future Generali Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
Future Generali Life Insurance Plans
- Future Generali Term Plans
Future Generali Care Plus:This is a pure term plan that offers a high life cover at low premium and provides coverage against life’s uncertainties.
- Future Generali Guaranteed Plans
- Future Generali Pearls Guarantee :The plan offers multiple term options, flexibility of paying for a limited period and regular returns compounded reversionary bonuses throughout the Policy Term. Your family gets a lump sum amount as well as the vested and terminal bonus (if any) at the end of policy tenure.
- Future Generali Saral Bima :A single premium policy offering six different fund options between equity, debt and balanced, ability to switch funds forms the highlights of this policy. The fund offers withdrawal any time after 5 years without any charges.
- Future Generali Assured Income Plan :This is a limited premium insurance plan where you pay premiums only for 11/15 years and get guaranteed payout for an equivalent number of years. Additional Benefits may include up to 4.5 times your annualized premium along with the last payout along with death benefits to the nominee of the insured.
- Future Generali Group Plans
- Future Generali Group Superannuation Plan : This plan offers a guaranteed return with a minimum floor rate of 1% p.a. on the contributions made plus subscribers get additional returns declared in the form of annual bonuses over and above the minimum floor rate. After 5 years a residual addition is also added to the fund.
- Future Generali Group Leave Encashment Plan :This is a group plan that offers guaranteed returns with a minimum floor rate of 1% per annum which is credited quarterly in advance. The subscribers also get an additional interest rate which is over and above the minimum floor rate which is declared in advance for each quarter. This helps companies manage their leave encashment liabilities.
- Future Generali Group Gratuity Plan :This is a group plan specifically designed for companies that offer gratuity benefit to their employees.
- Future Generali Group Term Life Insurance Plan :This is a plan designed for groups that want to provide affordable life insurance coverage to their members.
- Future Generali Loan Suraksha :As the name suggests, this is an insurance policy that has been designed specifically for companies/groups that offer loans to their members.
- Future Generali Traditional Plans
Future Generali Assure Plus :This plan offers flexibility of paying for a limited period and regular returns compounded reversionary bonuses throughout the Policy Term. Your family gets a lump sum amount as well as the vested bonuses and terminal bonus (if any) at the end of policy.
- Future Generali Unit Linked Insurance Plans
- Future Generali Bima Gain : This is a ULIP plan where a single payment helps you meet dual objectives of wealth creation and life protection. It also offers monthly/quarterly/half-yearly payment options, and an option to switch between six funds. The policy also offers partial withdrawals any time after 5 years as one of its other features.
- Future Generali Pramukh Nivesh :This is a ULIP where all the premiums you pay are invested in the funds of your choice without any Allocation Charges. It safeguards your returns at maturity through systematic funds transfer options from equity-oriented funds to a debt oriented funds during the last 3 years. Options to switch between six funds, and withdrawals any time after 5 years are its other features.
- Future Generali Wealth Protect Plan :This plan offers you high cover (up to 30 times the annual premium), guaranteed loyalty addition, monthly/quarterly/ half-yearly payment frequencies, and option to switch between debt, equity and balanced funds. After 5 years, you can avail partial withdrawals.
- Future Generali Bima Advantage Plus :The plan offers you monthly/quarterly/half-yearly payment frequencies, and options to switch between debt, equity and balanced funds. After 5 years, you can avail partial withdrawals which makes it a good plan to cover medium to long term gains.
- Future Generali Dhan Vridhi :The plan offers the flexibility of paying limited premiums and staying invested for a longer tenures, targeting higher returns to meet your medium and long-term financial goals. Monthly/quarterly/ half-yearly payment frequencies, and option to switch between six funds, and partial withdrawals after 5 years are its other features.
- Future Generali Retirement Plans
- Future Generali Immediate Annuity Plan : This is a retirement plan that offers a fixed income for the rest of the life of the insured. They have the flexibility to choose a monthly or yearly payout mode or to choose between ‘Life Annuity’ and ‘Life Annuity with return of Purchase Price.’ It also offers an annuity card that ensures convenience in withdrawing the annuity amount.
- Future Generali Pension Guarantee :This is a retirement plan that helps you create a savings corpus for your retirement. At maturity, the policy returns a minimum guaranteed 101% of all premiums paid and additionally, bonuses, if declared, are added throughout the term.
Future Generali Life Insurance FAQs:
- Q. What are the modes of premium payment available with Future Generali Life Insurance?
A. Premiums for your life insurance policy with this company can be paid using auto debit facilities, cash payments, cheques, net banking and payments via phone.
- Q. What are the documents required to register a death claim?
A. If a death claim has to be registered, you will require the following documents:
- Claim Forms:
- Part 1: Application form for death claim.
- Part 2: Physician’s statement.
- Death certificate issued by a competent authority.
- Cause of death certificate issued by the attending physician.
- Attested copy of indoor case papers of the hospital.
- If necessary, a post mortem (autopsy report) and chemical viscera report.
- KYC documents of the claimant.
- A cancelled cheque with the claimant’s name, or the claimant’s passbook.
- Declaration from master policyholder on the letterhead of the master policyholder.
- Q. What are the documents required to register a claim for death due to accident?
A. In case of the death being the result of an accident, you will have to file an FIR and final investigation report from the police station and a proof of the accident, newspaper cutting, etc., if available. These documents will be submitted in addition to all other documents mentioned above.
- Q. When does a Future Generali Life Insurance policy lapse?
A. If premiums are not paid on time, the policy can lapse. The premiums under quarterly, half-yearly, and yearly payment modes must be paid within the extra 30-days grace period that’s given from the date the premiums are due. In the case of monthly premium paying modes, the grace period is 15 days, and the payment of outstanding premiums must be made within this time.
- Q. What is the process to set up the ECS facility?
A. In order to activate this facility, an ECS Mandate form must be duly filled up, signed, and submitted to Future Generali Life Insurance Co. along with a cancelled cheque.
- Q. What is the process of availing a loan against the policy?
A. Once your policy acquires surrender value, a loan can be taken against it. Different policies have different loan clauses, so it’s advisable to thoroughly go through your policy document and check what the case is for your individual policy.
- Q. Can the premium paying frequency be changed?
A. The premium paying frequency can be changed at any time by downloading, filling out, and submitting a Payment Frequency Change Form at the nearest branch office.
- Q. What is the claim settlement process?
A. To apply for a claim, the first step is to inform the company at 1800-102-2355. Once you submit the necessary documents, the company will settle the claim within 7 working days.
- Q. What is the process to renew a policy?
A. The policy can be renewed by making the payment of the premium via a cheque or online through the company’s website.
News About Future Generali Life Insurance
New Saral Anand launched by Future Generali Life Insurance
New Saral Anand provides extended life cover and the policyholder will also get the sum assured along with bonus at the end of the term and will get extended cover till the age of 100. Policyholder will receive lump sum amount on attaining the age of 100. The entry age of the policy is 3 to 50 years. The maturity age is 18 – 70 years. The term of the policy is 15 – 20 years. The minimum sum assured is Rs.1 lakh, there is no maximum limit. The policyholder will get compounded reversionary bonus and terminal bonus. Terminal bonus is paid on maturity or death, compounded reversionary bonus is given at the end of each financial year.
30th March 2016
Future Generali partners with GIC Housing Finance to offer Future Generali Loan Suraksha Plan
To offer group credit to its customers through its Future Generali Loan Suraksha Plan, the Future Generali India Life Insurance Company has tied up with GIC Housing Finance limited – one of the financial institutions engaged in offending direct lending to individual and corporates to carry on housing activities in India.
The Future Generali Loan Suraksha Plan is a single premium term insurance plan. The plan is particularly meant for financial institutions to provide life insurance coverage to their existing as well as new borrowers.
The plan also provides cover for home loan amount, in case something unexpected happens with the borrower. It also provides the provision of increased insurance coverage in the form of top-ups or additional loans.
22nd January 2016
Assured Education Plan launched by Future Generali India
Assured education plan has been launched by Future Generali India. This is a simple education plan which provides customers with a platform to save for their child’s education needs. The plan also offers an option for premium waiver in case of any unforeseen event. Future Generali is a joint venture between the Future Group of India and Assicurazioni Generali which is a global insurance player.
The company strongly believes that education of children is one of the most prominent matters on an individual’s mind and hence the need for such education plans. The cost of education has been on the rise and in such a scenario savings for your child’s education has become an important aspect of protecting your family.
6th July 2015
Future Generali Life Insurance Says Budget 2015 set to take India’s growth to double digits
CEO & MD of Future Generali Life Insurance has stated that the reforms being brought in by Budget 2015 will help India see substantial economic growth this year. They have said that the growth might even go into double digits with new schemes being introduced and deduction limits being raised on pension plans and health insurance.
The government has stuck to its focus on ease of doing business to which end they have streamlined project approvals and made bankruptcy laws and dispute settlements more comprehensive. The government has also introduced composite caps for foreign investments and rationalization of corporate tax structures. To increase capital flow in productive sectors they have also created a sovereign gold fund which will help monetize gold.
The Pradhan Mantri Suraksha Bima Yojna and Pradhan Mantri Jeevan Jyoti Bima Yojna have been introduced to increase penetration of life insurance in India. While the first scheme provides insurance covers of Rs. 2 lakhs for accidental deaths, the second scheme provides the same cover for natural and accidental deaths at very low premiums. Higher deduction limits have also been introduced to encourage spending on health insurance. Deductions limits on contributions to pension funds have also been raised from Rs.1 lakh to Rs.1.5 lakhs. All of this has been done to increase the penetration of insurance in India.
3rd March 2015
CIO of Future Generali Life Speaks On Tax Exemption Limits for Insurance
Dr. Nirakar Pradhan, the CIO of Future Generali Life Insurance Co. suggests better tax breaks on life insurance policies to promote insurance and savings in the country. Not unlike many other industry leaders, Dr. Pradhan feels an increase in the current exemption sub-limit for premiums paid towards life insurance policies will help in making insurance an attractive savings channel in the country. This would help enhance national savings which could be used to finance various projects for economic benefit. It would also encourage consumption as higher tax exemptions translates to greater personal disposable incomes. As with other industry leaders, he is of the opinion that a separate tax slab should be created for those investing in insurance. He also expressed his thoughts on other aspects such as investment, capital, infrastructure and inflation and how the budget should address all these areas in such a way that economic growth is stimulated over the next fiscal year i.e. 2015 - 2016.
24th February 2015