Objective

This is an online term insurance policy, not available through any other distribution source.

What does it do?

This is a pure risk term insurance plan that pays policy benefits to nominees when a claim is made.

Pros

High sum assured policies can get a rebate on premium.
A lapsed policy can be revived within 3 years from the date of lapse, unlike most of its peers which provide a revival term of 2 years.
With the combination of accident and dreaded disease rider; the policyholder can maximise deductions under Section 80C and Section 80DD on premiums paid.

Cons

The policy is available online only. The premiums can only be paid annually. There are no rider options available with this plan.

Suited for

Those who prefer online purchase over agents' assistance can buy this policy.
A pure risk term plan is a definite buy for everyone.

Our View

By eliminating intermediaries on sale of the policy, the insurer is able to provide lower premium rates.
The scope of enhancing the risk cover with the plan is limited as there are no riders.
The discount on premiums for large sum assured policies can make a meaningful difference to the cost.

Eligibility

Entry Age (years)

Minimum

18

Maximum

60

Maximum Maturity Age (years)

68

Policy Term (years)

Minimum

8

Maximum

30

Sum Assured (Rs)

Minimum

1500000

Maximum

4999999

Minimum Premium (Rs)

Yearly

2500

Premium Payment Frequency

Yearly

Premium Payment Term

Regular, equal to policy tenure

Policy Cover

Cover remains fixed for the tenure of the policy

Other Features

Free Look Cancellation

In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered

Grace Period

You are allowed to pay premiums within 30 days from the due date. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated

Lapsed Policy Reinstatement

You can reinstate your lapsed policy any time (within 3 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any

Tax Benefits

Section 80C and Section 10 (10D) of the Income Tax Act, 1961 would apply

Exclusions

In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable

Surrender Value

There is no surrender benefit in this plan

Customer Service

Address

Future Generali Life Insurance, Indiabulls Finance Centre, Tower 1, 12th & 15th Floor, Senapati Bapat Marg, Elphinstone (W), Mumbai - 400 013