Future Generali Group Term Life Insurance Plan is designed to benefit groups that are looking to provide affordable life insurance protection to its members. The plan can be enhanced through the use of optional riders that can be purchased from the insurer at an extra cost. Members can be added and deleted on a monthly basis.
The plan is predominantly used as an incentive by employers to improve employee retention. Since this is a term insurance product, there are no maturity or surrender benefits.
A customer has to fulfill certain eligibility conditions in order to purchase the Future Generali Group Term Life Insurance Plan. These factors are listed in the table below:
|Minimum Entry Age||18 years|
|Maximum Entry Age||69 years|
|Maximum Maturity Age||70 years|
|Policy Term||1 year|
|Minimum group size||25 members per group|
The policy offers the sum assured under the plan as death benefit. The minimum sum assured per member for social groups with 5,000 or more members is Rs.1,000. For other groups, the minimum sum assured is Rs.5,000.
The premium for the policy is calculated by Future Generali Life Insurance based on the coverage chosen by the customer. The premium can be paid on a yearly, half-yearly, quarterly, or monthly basis.
|Minimum premium per group per scheme||Rs.2,500|
|Maximum premium per group per scheme||No limit|
The Future Generali Group Term Life Insurance Plan works in the following manner:
|Maturity/Surrender Benefit||As mentioned above, there are no maturity/surrender benefits under this plan.|
|Death Benefit||If the life assured faces death during the policy term, the sum assured under the plan is paid to the designated beneficiary.|
Suicide Clause - If the insured member commits suicide within 1 year from the date of risk commencement, his/her nominee will be offered 80% of the paid premiums. No further benefits will be offered. This clause is not applicable for compulsory employer-employee groups and renewed policies.
Additional features of the Future Generali Group Term Life Insurance Plan are described below:
|Free-look period||The policyholder will get a 15-day period within which he/she will have to review the terms and conditions in the policy documentation. If he/she is not satisfied with these details, there is an option to withdraw or cancel from the plan and return the policy to the insurer. Reasons for the objection should also be clearly stated. The insurer will perform the cancellation and refund the paid premiums after deducting the expenses incurred for medical examination and stamp duty. The free-look period for policies that were bought through distance marketing channels like emails, telephonic sales, etc. is 30 days.|
|Grace period||In the case of a policy with monthly premium payment mode, a grace period of 15 days from the due date is provided to pay outstanding premiums. The life cover during this interval will remain unchanged. For policies with quarterly and half-yearly premium payment frequencies, the grace period is 30 days. There is no grace period for policies with annual premium payment frequency.|
|Policy revival||If the policyholder does not pay due premiums within the grace period, the policy will move into lapsed status. The policy can be revived before the next renewal date, based on board-approved guidelines.|
|Policy termination||The policy may be terminated by the policyholder on the policy anniversary by giving the other party a prior notice of 3 months.|
|Policy renewal||The policy will be automatically renewed when the insurance company receives the premium from the policyholder. The premium should be paid before the policy anniversary or within the grace period.|
|Loan||Customers cannot avail loans under the policy|
The policy offers tax benefits as applicable.
Additional benefits of buying the Future Generali Group Term Life Insurance Plan from the insurer include the following:
Future Generali India Life Insurance Company Limited is a prominent insurance provider in the Indian insurance market today. It is an ISO 90001:2008 certified company, providing comprehensive insurance solutions to more than 12.6 lakh customers through an extensive network of 132 branch offices and 6,000 insurance agents throughout the country. The company has settled more than 1,80,000 claims in a year. Future Generali Life had a robust claim settlement ratio of 90% in the financial year 2015-16.
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