In a country like India where a whopping percentage of Indians stay in rural areas, Insurance is perhaps one of the most important financial products that they need to be given access to. The Government of India, since Independence, in various stages, has introduced several rural plans to empower rural individuals. Access to banking, financial and insurance products has been at the centre of the Government’s focus to enable Indians living in rural areas to ensure the security of their families in the light of unforeseen circumstances.
Rural insurance plans are offered by several companies in India. Many companies tie up with the government to make the most of their offering and enable more Indians to be benefited by privileges under Rural Insurance Plans.
Future Generali offers two rural insurance policies in India. Each of these policies have been designed keeping in mind subtle aspects of rural dynamics to ensure that they get access to the right type of financial product. The two rural insurance plans offered by Future Generali are called the Future Generali Jan Suraksha Plus and the Future Generali Jan Suraksha. Let us look at each of these plans in detail and find out how these plans are benefitting several lakhs of rural Indians.
Benefits of Future Generali Rural Plans
As mentioned earlier, Future Generali rural plans come with a host of benefits and privileges. Let us look at the advantages offered by these rural plans in slight detail:
- Future Generali rural plans help several Indians in rural areas to get much needed insurance access and provide them financial protection to their families in the event of unforeseen circumstances.
- These rural plans by Future Generali come with low premiums – as such, all rural plans attract low premiums in comparison to premiums of other plans. Usually, rural plans com with low premiums to enable rural Indians to purchase these plans and subsequently be benefited. Moreover, there is the element of affordability that goes into ensuring that the cost of premiums is low as higher premiums would hinder rural Indians from purchasing an insurance plan.
These plans are structured to achieve financial inclusion to a great extent as the penetration levels are high. With lower premium costs, more Indians will purchase these plans.
- These plans offer other benefits including tax savings benefits and savings options. An individual purchasing a rural insurance plan can, besides making arrangements to ensure his family’s financial security in his absence, can also take care of long term and short term financial commitments including medical emergencies and education.
- These plans are built differently based on the area in question. Also, Future Generali’s Rural plans offer customised solutions to individuals.
List of Rural Insurance Plans offered by Future Generali
As mentioned earlier, Future Generali offers two Rural Insurance plans in India – The Jan Suraksha Rural Insurance Plan and the Jan Suraksha Plus. Let us look at each of these plans in detail and understanding various aspects of their plan structure.
The Future Generali Jan Suraksha Plus Plan
- The Future Generali Jan Suraksha Plus requires you to pay only a small premium that can be a one-time payment.
- The plan provides individuals with a maturity benefit at the end of the plan period.
- The maturity benefit is an assured amount that the policyholder will receive at the end of the policy term.
- Premiums for the Future Generali Jan Suraksha Plus policy range from Rs. 2,500 to Rs. 5,000.
- Subscribers of the Jan Suraksha Plus policy are covered for a period of 8 years with the entry age being 18 years to 50 years.
- Policyholders will also receive a death benefit in the event of the unfortunate death of the policyholder.
- The application process is fast, simple and convenient. The entire application procedure can be completed in quick time – the entire process can be completed online.
- The policy has its exclusions in the event of the policyholder’s death by unnatural means including suicide.
The Future Generali Jan Suraksha Policy
The Future Generali Jan Suraksha Policy is another popular rural insurance policy. Let us look at the features and benefits of the policy:
- The Future Generali Jan Suraksha Policy has a policy term of 8 years. Like the Jan Suraksha Plus Policy, this policy also has the provision of paying the premium in a single, one-time payment fashion.
- The policyholder can choose to pay a premium amount of his/her choice. Usually, the premium is determined by the entry age. Higher the entry age, higher the premium.
- Like the Jan Suraksha Plus policy, the premium to be paid is quite low, considering that it is a rural insurance policy.
- The Jan Suraksha policy provides policyholders with tax benefits under sections 10D and 80C of the Income Tax Act.
- A guaranteed maturity amount more than the paid premium will be paid at the time of the policy’s maturity. This also acts like a savings option as policyholders will receive a certain amount after the 8-year policy period reaches maturity.
- Being a life insurance policy, the Future Generali Jan Suraksha plan provides policyholders with a death benefit.
The Future Generali Jan Suraksha Plus Policy
||18 years of age to 50 years of age
||Maximum maturity age is 58 years as the policy term is only 8 years.
||Rs. 2,500 - Rs. 5,000. Premiums can be made as a single, one-time payment for the Future Generali Jan Suraksha Plus Plan.
|Future Generali Jan Suraksha Policy
||18 years to 50 years
||58 years of age, as the policy has a term period of 8 years only.
||Premiums depend on the entry age.
For entry age between 18 years and 45 years is Rs. 500.
For an entry age of 46 years to 50 years, the premium payable is Rs. 750.
Why is it necessary to purchase a rural insurance policy from Future Generali?
The importance of rural insurance policies can definitely not be understated for a spate of reasons that do not show an impressive picture of rural India’s access to banking or financial products. The reasons for this are many and the government has laid a great deal of emphasis on financial inclusion and empowering vulnerable Indians in rural areas to gain much needed access to financial products.
It is in the backdrop of all these aspects that Future Generali launched its rural insurance plans to help thousands of rural Indians protect their families financially, yet also giving them maturity and savings benefits - the maturity and savings benefits are part of the features of each of the plans.
Let us go ahead and highlight some features that indicate the necessity of obtaining a rural insurance policy:
Low Premiums compare to other policies: As already mentioned earlier, low premiums are precisely the reason why these policies have risen in prominence. However, unlike returns in other insurance policies, rural insurance policies do not really offer high insurance covers against the premium paid.
Maturity benefits: Through the maturity benefits that can be obtained after the completion of the policy term, the policyholder can use the funds to tackle financial emergencies or reinvest in another plan that offers better returns and benefits.
Tax Benefits: Tax benefits are another reason why rural insurance policies offered by Future Generali are preferred. The Jan Suraksha Plus as well as the Jan Suraksha plan offer tax benefits under various sections of the Indian Income Tax Act.
In line with the government’s vision: Several governments have stressed on the significance and transformative nature of financial inclusion. These rural insurance plans are in line with the government's vision to achieve financial inclusion in various remote parts of the country.
Covers a larger section of the population: Considering the fact that this is a rural insurance policy, the main idea is to cover a larger section of the rural populace. Future Generali’s rural insurance policies have covered a large section of rural Indians and have enabled several Indians protect their families in the light of uninvited or unforeseen circumstances.
Savings plans: Future Generali savings plans offer a corpus of funds to policyholders - over the 8 years policy period, policyholders can save money and obtain maturity benefits that is more than the premium amount. The returns, however, are much lower than other policies.
Easy and simple application process: Individuals or applicants can apply for a policy from Future Generali in a very easy and convenient way. The paperwork involved is also minimal.