"Spending a whole day looking for insurance is fun," said nobody, EVER!
"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Future Generali Saral Bima Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Future Generali Saral Bima is a non-participating, non-linked, endowment plan that offers the option of regular premium payment and provides life insurance coverage. It can be challenging to find and select a life insurance cover that meets your needs and requirements, provides protection, and also provides a large sum of money as a death benefit so that your family can be protected. Future Generali Saral Bima meets these needs effortlessly. Some of the benefits that are offered with this plan are listed below:

    • Policyholder can avail tax benefits
    • Maturity benefit is paid to the policyholder at the time of maturity
    • The plan provides affordable life cover which also provides complete guaranteed benefits
    • Policy term that is available is suitable for financial needs which span from medium to long-term needs

    Eligibility – Who is the Future Generali Saral Bima for?

    An individual will have to meet the eligibility criteria listed below to avail the Future Generali Saral Bima:

    Parameters Details
    Minimum Age of Entry 7 years (As of last birthday)
    Maximum Age of Entry 55 years (As of last birthday)
    Minimum Maturity Age 18 years
    Maximum Maturity Age 70 years

    Sum Assured and Premium Range – What you get and what it costs

    Sum Assured*

    The sum assured is based completely on the premiums that you will be required to pay to avail the benefits of the policy. The maximum sum assured with a Future Generali Saral Bima plan is Rs.5 crore. It should be noted that the sum assured depends on the type of policy term, age, and premium.

    Premium*

    Premiums are paid to the insurer to purchase a policy from them so that the individual can come under the benefits and coverage of the Future Generali Saral Bima Plan. The premiums that a policyholder will have to pay towards a Future Generali Saral Bima Plan is listed below:

    Parameters Details
    Minimum Premium Paid Rs.9,000 per annum
    Premium Payment Term Same as the term of the policy
    Premium Payment Frequency
    • Monthly
    • Quarterly
    • Half-Yearly
    • Yearly
    Maximum Annualised Premium No Maximum Limit

    *Premiums paid vary based on age, location, plan term and other factors

    Premiums for Future Generali Saral Bima can be made using any of the following ways:

    • With a cheque or demand draft
    • ECS/Direct Debit/Salary Deduction Scheme
    • Payment in cash at the insurer’s branch office
    • Through the use of debit or credit cards
    • Using payment gateways or internet banking

    Plan Coverage – What the Future Generali Saral Bima Plan covers

    The Saral Bima Plan offered by Future Generali Life Insurance offers a number of benefits and these are listed in the tabular column below:

    Parameters Details
    Maturity Benefit If the life assured survives till the policy matures, the policyholder will be entitled to the Sum Assured which is payable as Maturity Benefit. The policy will terminate once the Maturity Benefit has been paid.
    Death Benefit If the policyholder dies during the policy period, the higher of the following shall be payable to the nominee or beneficiary of the policy:
    • Sum Assured
    • 10 times the amount of Annualised Premiums
    • 105% of the total premiums that have been paid
    Tax Benefits As per prevailing tax laws of the Income Tax Department

    Riders/Add-Ons

    The Future Generali Saral Bima Plan can be strengthened to ensure additional protection, financial security, and insurance cover by purchasing a rider along with your regular insurance plan. The riders available to be clubbed with your Future Generali Saral Bima Plan are:

    • Future Generali Non Linked Accidental Death Rider (UIN: 133B023V01): This plan offers additional insurance cover to the policyholder in case the policyholder meets with an untimely demise due to an accident. The amount shall be payable to the nominee or beneficiary of the policy.
    • Future Generali Non Linked Accidental Total & Permanent Disability Rider (UIN:133B024V01): This plan offers additional insurance cover in case the policyholder is totally and permanently disabled after meeting with an accident. The amount that is payable will be paid after confirming the policyholders condition.

    Exclusions – What the Future Generali Saral Bima Plan covers

    If the life insured commits suicide within a year from the date of the inception of the policy, the policy will become void. 80% of the premiums that were paid to the insurance company shall be payable to the nominee.

    If the policyholder commits suicide within a year from the date of revival, the policy will become void and the higher value between Surrender Value and 80% of the premiums that were paid would be payable to the nominee.

    Other Key Features

    Parameters Details
    Free Look Period In case the policyholder is not satisfied with the “Terms and Conditions” of the policy, a 15 day (30 days in the case of distance marketing) period is provided where the insured can return the policy back to the insurer. The company will return the Fund Value after deducting any expenses incurred by the insurer such as stamp duty charges, medical expenses, etc.
    Grace Period The policyholder is provided with a grace period of 30 days if they have opted for a quarterly, half-yearly or annual mode of premium payment. 15 days is provided for monthly premiums.
    Surrender Value A policyholder can surrender their policy to avail immediate cash. This facility is available after making premium payments for three full years. The amount that is payable will be the higher value between Special Surrender Value (SSV) and Guaranteed Surrender Value (GSV).
    Revival If the policyholder wants to revive the policy, he/she should do so under the Revival Conditions of the policy within 2 years from the date of the first unpaid premium.
    Loan Facility Loan facility is not available with this plan.
    Nomination Nomination is allowed as per the prevailing tax laws under Section 39 of the Insurance Act, 1938.
    Assignment Assignment is allowed as per the prevailing tax laws under Section 38 of the Insurance Act, 1938.
    Guaranteed Surrender Value The Guaranteed Surrender Value will be 30% of the total premium that has been paid minus the sum total of any and all survival benefits that have already been paid to the policyholder. The GSV is payable if the policy is surrendered in the 3rd year of the policy.

    Tax Benefits – How you can save with the Future Generali Saral Bima Plan

    Premiums that are paid towards a Future Generali Saral Bima Plan will be eligible for tax benefits under the prevailing rules under Section 80C, 8CCC (1), 80D, 10.10D under the Income Tax Act.

    Tax benefits are subject to changes without prior notice so it is important that the policyholder consults a Tax Advisor to stay informed about any changes made.

    Why you should buy the Saral Bima Plan that is offered by Future Generali Life Insurance

    Future Generali brings a history of quality products and services which has not diminished since its time of inception in 2006. It is hard to come by an investment option that offers great benefits and helps in wealth creation. Future Generali Saral Bima Plan provides the opportunity to secure your family’s future. The customer service facility is also available to address any problems or queries that you may have.

    *The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.

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