Future Generali is a popular insurance providers that offers a wide range of insurance products to Indian citizens. The company offers Unit Linked Insurance Plans, Term Life Insurance Plans and Whole Life Insurance Plans, Car Insurance, Travel Insurance, Group Insurance, and Health Insurance Plans. These plans offer flexibility and can be customised to suit requirements of individual customers.
The company is a joint-venture between Future Group, the Generali Group and Industrial Investment Trust Limited. Generali Group is one of the largest companies in the world and operates in the financial markets and insurance domain. Established in Trieste, Italy, Generali is among the top 50 largest companies in the world and has its operations in several of the world’s leading markets. The Future Group is a popular company that runs famous retail chains in India including Food Bazaar, Big Bazaar, eZone and Home Town.
The group company operates in the investment and financial products space and aspires to provide customers with comprehensive and customised investment solutions, and has risen to become one of the most popular players in the Indian market.
|Future GeneraliTerm Plans||Future Generali ULIP Plans||Future Generali Savings/Investment Plans||Future Generali Pension/Retirement Plans||Future Generali Group Plans||Future Generali Guaranteed Plans|
|The Future Generali Flexi Online Term Plan||Future Generali Easy Invest Online Plan||Future Generali Assured Plus Insurance Plan||Future Generali Immediate Annuity Plan||Future Generali Group Superannuation Plan||Future Generali Big Income Multiplier|
|Future Generali Care Plus Plan||Future Generali Dhan Vridhi Plan||Future Generali Triple Anand Plus Plan||Future Generali Pension Guarantee||Future Generali Group Leave Encashment Plan||Future Generali Pearls Guarantee|
|Future Generali Wealth Protection Plan||Future Generali New Saral Anand||Future Generali Group Gratuity Plan||Future Generali Assured Income Plan|
|Future Generali Bima Advantage Plus||Future Generali Group term Life Insurance Plan||Future Generali Saral Bima|
|Future Generali Bima Gain||Future Generali Loan Suraksha||Future Generali Assured Money Back Plan|
|Future Generali Pramukh Nivesh ULIP||Future Generali Assured Education Plan|
|Percentage of Grievances Solved||99.70%|
|Claim Settlement Ratio||89.53%|
|Group Death Claims||99.40%|
|Percentage of Claims Rejected||0.02%|
|Solvency Ratio||1.61 (for the quarter ended March 2017)|
There are many general insurance providers in India, each offering an array of insurance plans ranging from life insurance, health insurance, term insurance and more. Future Generali is known to offer customised plans to its customers, along with flexibility in premium payments and higher returns against premiums. Let us look at the common benefits under various plans offered by Future Generali:
|Plan name||Key features|
|Future Generali Guaranteed Savings Plan||
|Future Generali Premier Income Plan||
|Future Generali Premier Life Plan||
|Future Generali Single Invest Plus||
|Future Generali Sampoorn Bima Micro-Insurance Plan||
|Future Generali Assured Income Accelerator||
|Future Generali Premier Moneyback Plan||You will get a lump sum maturity addition with this plan and you will get an enhanced death cover. You will receive bonuses from the 1st year itself.|
|Future Generali Classic Endowment Plan||This plan gives coverage up to age 75. You can pay the premiums as per your convenience.|
|Future Generali Assured Income Plan||You will receive assured annual income for 15 years and an additional lump sum after maturity. You will get protection for 30 years.|
|Future Generali Platinum||
|Future Generali Single Invest Advantage||
|Future Generali Ace Investment||
|Future Generali Wealth Insurance||This plan will give you a tailor-made fund portfolio for your risk returns.|
|Future Generali Invest Maxima||
|Future Generali e-Assured Savings Plan||
|Future Generali Gramin Bima Yojana||
When it comes to making a claim, there are multiple ways in which claims can be initiated. This is that process that can be followed to make a claim against a Future Generali policy:
Once you have informed the company, you will be requested to fill out the form to make that claim and informed about the documents that will be required to process the claim.
Claim settlement process in Future Generali is simple, and it can be initiated simply by calling the company’s customer service department. Its claim settlement ratio for the fiscal year 2016-17 is as follows:
|No. of claims received||No. of claims approved||Claim settlement ratio|
Claim settlement ratio trend over the years:
In order to purchase a life insurance policy from this company, you will have to provide certain documents. You will also have to comply with the KYC requirements of the company. While the documents needed for each individual policy can differ, a general list of documents that could be needed would include:
You can check the policy status online or offline. These checks will require you to either log into the company website or call the customer care.
Online: To check the status of the policy online, you can log into your E-Insurance Account. There you will be able to see everything related to your chosen policy. You will also be able to use this facility to purchase a new policy, if you wish to.
Over the phone: To check the policy status over the phone you will have to contact the company’s customer care department. You can do that using a toll free number 18001022355.
In person: If you are unable to use the online and telephonic facilities, you can alway approach the closest Future Generali office and ask them to help you check the status of your policy.
In order to make payments easier and more convenient, Future Generali allow for payments to be made online. To that end it offers two online payment options:
Auto Pay System: This is an auto debit facility that can be used to authorise the company to automatically debit your account for the sum of the premium. It can also be linked to a credit card that will then be charged when it's time to pay the premium.
Quick Pay: This is the quicker method that can be used to pay the premiums. This method will allow you to pay the premiums using your debit or credit cards. You can even use net banking to pay premiums through this facility.
Future Generali provides two calculators; the Human Life Value Calculator and the Premium Calculator or the Benefit Illustration.
Human Life Value Calculator: This is a tool that allows you to calculate how much money you need to put aside for the future. It can be used to calculate how much you would need for situations like retirement or the education of your children. It uses your current income and expenses to tell you how much more you will need by the time the planned events arrive.
Premium Calculator: Also known as the Benefil Illustration, this calculator allows you to calculate the premium that you will have to pay for the ULIP and traditional plans offered by the company.
Q. I want to open an E-Insurance Account. Do I need to buy an insurance policy first?
A. No you will not have to buy a policy to get an E-Insurance Account.
Q. What do I do if I have lost my Policy document?
A. If you have lost your policy document and would like another copy, you will have to provide an indemnity document on a non judicial stamp paper following the format prescribed by the company.
Q. How does the claim process actually work?
A. Once you have informed the company about the claim and submitted the documents needed, it will take about 10 days for the company to come to a decision about your claim. If all goes well the payout should be completed at the earliest possible.
Q. How will I receive the payment?
A. Once a claim has been approved, the payment can be made directly to your bank account or you can opt for a cheque for the benefit amount.
Q. What if I am not happy with the decision the company has take regarding my claim?
A. If you are not happy then you can approach the Claims Review Committee, which is an independent body that will review the claim.
Q. I got my policy documents but I don’t want it anymore? Can I surrender the policy?
A. If you are not going to keep the policy, you will have 15 days from the date on which you received the document to surrender it. If you got the policy through distance marketing, then you will have 30 days to surrender it.
Q. What happens if I miss my premium payments?
A. If you miss your premium payments, depending on the policy in question, you will have up to 2 years to make the payment, from the date of the last missed payment. You cannot reinstate a policy if you don’t pay the premium within this term.
Q. What if I can’t afford the annual premiums?
A. If you feel that you won’t be able to pay the annual premium as a lump sum, you can opt to pay it on a monthly basis too. However, this option is not available for all policies so you might want to check before you buy the policy.
Extending their life insurance portfolio, Future Generali India Life Insurance has recently rolled out a new Unit Linked Insurance Plan. Called Big Dreams Insurance Plan by the life insurer, the plan comes with the benefit of having a life cover as well as being treated as an investment for the policyholder. Based on the details of the plan as announced by Future Generali India Life Insurance, for every premium payment made by the policyholder, he/she gets an additional asset allocation, a way of getting the policyholder to stay invested in the plan for a long period by Future Generali India Life Insurance. Along with the premium payment for the Big Dreams Insurance plan rolled out by Future Generali India Life Insurance, the policyholder will have to pay for the fund management fees and mortality charges. Other than the two aforementioned charges and the premium payment, the Big Dreams Insurance Plan by Future Generali India Life Insurance does not have any other charges.
5 December 2018
Future Generali Life Insurance has launched its digital initiative #YehDiwaliLessSugarWali which urges father in India to give importance to their health and cut down on their intake of sweets during Diwali.
This is a strategic move by the insurance company to focus on fathers health. The initiative tries to drive home the point that fathers in their bid to provide for their family do not give that much importance to their health.
The insurer through its previous campaigns on Father’s Day and Rakshabandhan has been targeting fathers and asking them to give primary importance to their health as they work hard to provide for their family. The previous campaign #AapkiHealthMereLiye was a huge success as it garnered a reach of 50 million and 15 million views.
8 November 2018