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  • Future Generali Term Insurance

    Future Generali Term Plan

    Future Generali Term Insurance offers you the chance to protect your family from financial woes in your absence, providing them the ability to lead their lives, without worry about finance and making any compromises. With Future Generali Term Insurance, you have 2 different term plans available. One plan, that is available online, and the other is available through other channels.

    Types of Future Generali Term Insurance Plans:

    1. Future Generali Flexi Online Term Plan
    2. Future Generali Care Plus

    Future Generali Flexi Online Term Plan: With this plan, you can take care of your family even in your absence, and not let them make any compromises in their lifestyle. You can get the basic sum assured, income protection, and have the choice to create a plan best suited for you and your family. Filling out an application form is all it takes, and you can do this in the comfort of your home.

    Future Generali Care Plus: This is basic term plan, that will provide your nominee, in the event of your unfortunate death the sum assured. Since it’s a pure term plan there is no survival or maturity benefit. The plan can be purchased from agents, brokers, banks, etc.


    Flexi Online Term Plan

    Care Plus

    Entry age

    Basic cover - 18 years

    Income protection - 25 years

    18 years

    Maximum age

    56 years

    60 years

    Maturity age


    Basic cover - 28 years

    Income protection - 45 years


    65 years

    Non-smokers: 75 years

    65 years

    Policy term

    Minimum entry age

    10 years

    Basic cover and Income protection options

    Maximum entry age

    Basic cover:

    Smoker - 65 years Non-smoker - 75 years

    Income protection: 65 years

    Minimum: 5 years

    Maximum: 30 years

    Sum Assured

    Minimum: Rs.50 lakhs

    Maximum: No limit


    Classic – Rs.10 lakhs

    Premier – Rs.25 lakhs


    Classic – Rs.24, 99, 999

    Premier – No limit

    Premium payment mode


    Annually, semi-annually, or monthly

    Term of payment

    Same as policy term

    Same as policy term

    The key features and benefits of the Flexi Online Term Plan:

    1. This is a plan which can be bought online.

    2. The policy provides you, and your family with basic life cover, income protection wherein a monthly income will be paid to your nominee, for a maximum period of 10 years.

    3. With this policy, you have the option to choose and create your own customized plan, under the My Protection Plan option. You can choose between, the Fixed Income Protection + Basic Life Cover or Increasing Income Protection + Basic Life Cover

    4. Premium payments for this policy, will be will need to be made, throughout the term of the policy.

    5. The policy provides life cover up to the age of 75 years.

    6. Under this policy, policyholders will be given discounts for higher sum assured.

    7. Women will also enjoy lower premium rates when they apply for this plan.

    8. You have the option to cancel the policy within 30 days’ time, if you disagree with any of the terms and conditions.

    9. Enjoy the benefit of a 30 day grace period, when it comes to your premium payments for this policy.

    10. All premiums paid, will get a tax benefit under Section 80C of the Income Tax Act 1961.

    The key features and benefits of the Care Plus Plan:

    1. Under the Care Plus plan, you can choose from two types of plans, Classic and Premier. These types will be based on the level of sum assured chosen by you. The Classic option sum assured is to a maximum of Rs.24, 99, 999, while the Premier option can be Rs.25 lakhs and above.

    2. All premium payment for this policy, need to be paid for the entire duration of the policy.

    3. If you choose a sum assured of Rs.15 lakhs and above, you will enjoy discounted rates of premium.

    4. Any premiums payment towards this plan, will get tax benefits under Section 80C of the Income Tax Act 1961.

    5. You can also enhance your protection plan, by adding riders to it. The rider available for you to add, to this plan will be the Future Generali Non-Linked Accidental Death Rider.

    6. If during the tenure of the policy, the insured dies, the death benefit will be paid to his nominee. The sum payable will be the higher of either, 10 times the annual premium or the sum assured chosen, or 105% of all premiums paid until his/her unfortunate death.

    How do these plans work?

    Flexi Online Term Plan:

    Option: Basic Life Cover:

    Richard a healthy, non-smoker, 35 years of age has just purchased this plan. He has chosen a life cover of Rs.1 crore, for a policy term of 30 years. Richard will pay a premium of Rs.9, 263 (not including any taxes or cess) annually, on his death, his nominee will be paid the sum assured amount of Rs.1 crore, as a lump sum amount.

    Option: Fixed Income Protection Cover:

    We’ll use the same example, Richard a healthy, non-smoker, aged 35, and buys the Flexi Online Term Plan for a period of 30 years. He has chosen the option of Fixed Income Protection Cover. Wherein, he has chosen a payout option for his nominee. Due to this option, the nominee will receive an amount of Rs.50,000 on a monthly basis, after his death, for a maximum of 120 months from the date of death. The nominee will also have the option, to take all instalments at one go. All the monthly payments will be discounted at a rate 6.5% per annum. If the monthly payments have already started with payouts, then the nominee will not be able to take all instalments as a lump sum.

    Option: Increasing Income Protection Cover:

    Say hi to Richard again, a non-smoker, aged 35, healthy male, who buys the Online Term Plan for a 30 year period. Choosing the option of Increasing Income Protection Cover. He has chosen an amount of Rs.50,000 to be paid to his nominee on a monthly basis, after his death. Say that Richard dies in the 7th year of the policy, after paying the 7th premium. His nominee will receive an amount of Rs.80,000. The monthly payout will increase by 10% on a simple interest basis, since Richard has chosen the Increasing Income Protection Cover. These payments will be made for a maximum of 120 months from the date of death of the insured or till Richard turned 60 years of age. The nominee has option to take all instalments as a lump sum payment as well. Monthly payments will be discounted at 6.5% per annum. But, if the payment of monthly payments has begun, then the nominee can’t take all instalments as a lump sum.

    Option: My Protection Plan:

    Let’s take Richard again, 35 years, a non-smoking, healthy male, who takes up the Online Term Plan for a 30 years. Choosing the option My Protection Plan. Richard dies during the 7th year of the policy, after he has paid the 7th premium. Now, his nominee will receive the basic sum assured of Rs.1 crore after his death and will receive an amount Rs.80,000 per month. Which will increase at a simple rate of 10% per annum. The monthly payments will be made, for a period of 120 months from the date of death or till Richard turned 60 years of age. The nominee will also have the option to take a lump sum payment of all instalments. These payments will get discounted at a compounded rate of 6.5% per annum. If the nominee has started to receive monthly payments, then he/she will not be able to take a lump sum payment.

    Care Plus Plan:

    This is the simplest form of life insurance. You will get protection under this at very affordable premiums. All you need to do is, choose the sum assured, and option associated with it, either Classic or Premier (this will be based on the sum assured chosen by you). After this, you need to choose the policy term and the mode with which you will make the premium payments. Once you have provided these details, you will receive a standard quote for premiums payable. Choose one that suit your requirements and finances, fill in the application and make the premium payment.

    Future Generali Term Plan FAQs:

    1. Q. Are non-smokers given any premium benefits under both plans?

    1. Yes, non-smokers will enjoy premium discounts under both these plans.

    2.Q. What if I don’t agree with the terms and conditions of the policy?

    1. Not a problem, the company will provide you with a free-look period of 15 days for the Care Plus Plan (30 days if the plan is purchased through distance marketing), and 30 days for the Flexi Online Term Plan under which you can terminate the policy if you don’t agree with any terms and conditions . The premiums paid, will be refunded after deductions of stamp duty charges, costs of medical examination, proportionate risk cover, etc.

    3. Q. What if I am unable to make my premium payments on time? What will happen to the policy?

    1. Both plans, Flexi Online Term Plan and Care Plus Plan have a grace period of 30 days within which you can make your premium payments. Even during these 30 days, you will be entitled to the benefits of the policy, if payment has not been made, within the 30 days grace period the policy will lapse.

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