Future Generali India Life Insurance Company Limited is basically a joint business enterprise between the Future Group, which is one of India’s chief business houses with manifold businesses straddling across the retail space, Generali Group which is one of the most noteworthy players in the international insurance and financial products market and Industrial Investment Trust Limited (IITL), an investment firm which has been registered as a Non-Banking Financial Company with the Reserve Bank of India (RBI). Industrial Investment Trust Limited (IITL) holds 22.50% stake in the share of Future Generali India Life Insurance Company Ltd.
Future Group has its presence in numerous consumer-centric businesses like consumer finance, media, capital, brands, retail, insurance, and logistics. Future Group also owns and manages several retail foundations like Food Bazaar, Pantaloons, Central, Big Bazaar, and Home Town.
The Generali Group is majorly focused on the life segment and offers a wide range of products ranging from family protection and savings policies to unit-linked (ULIP) policies to its customers internationally.
Future Generali India Life Insurance Company Limited provides with an absolute range of easy solutions for the financial security of enterprises as well as customers, including family protection, savings, unit-linked insurance policies, in addition to group products.
Future Generali India Life Insurance Company began its operations in the year of 2007. The Company is spread across 98 branches within the country. Future Generali India Life Insurance Company also has sourced over 11 lakh policies so far. The Managing Director and CEO of Future Generali India Life Insurance Company Limited is Munish Sharda.
In 2011, for marketing efficiency throughout the Future Generali Insurance Week, the Company received the Silver EFFIE award in the financial services category. In addition to that, in 2013, the investment team of Future Generali India Life Insurance Company has received the ISO 9001:2008 certification for its ‘claims’ and ‘customer care support’ functions.
Future Generali India Life Insurance Company Limited aims to bring an assortment of life insurance products. The life insurance policies from Future Generali have been specifically designed to cater to the various requirements of the Indian consumer. These life insurance products comprise of Future Generali Life Insurance term plans, retirement and pension plans, ULIP plans, child plans and investment plans.
Term life insurance plans from Future Generali are the cheapest life insurance product. These plans have been designed to provide with financial freedom even when you are not around. The Future Generali Term Plans help safeguard the family’s financial future in case the wage earner is not capable to take care of them owing to a disability or his/her unfortunate demise.
The Future Generali Life Care Plus Plan is basically a pure term Insurance policy that has been meticulously designed to provide with a guaranteed Sum Assured on the ill-fated demise of a policyholder.
This life insurance policy from Future Generali Life Insurance comes with 2 choices:
- The Classic Option that has a Sum Assured of less than Rs. 25 lakh.
- The Premier Option that provides with an insurance cover of Rs. 25 lakh and above.
The Sum Assured under this plan begins from Rs. 10 lakh for the Classic cover and for the Premiere option, the Sum Assured begins from Rs. 25 lakh. Under this Future Generali term life insurance plan, there is no highest cover for the Premier plan.
The term of the policy is from 5 to 30 years. The maximum coverage age is 65 years for both the options offered. No maturity benefit or surrender benefit is offered under this Future Generali Life Insurance plan.
Under this plan, the premium has to be paid all the way through the plan tenure on monthly, half-yearly or yearly basis. The Future Generali India Life Insurance Company provides a rebate on the premium to non-smokers.
The Future Generali Life Care Plus Plan is available for all individuals between the ages of 18 & 60 years. The premiums paid under this Future Generali Life Insurance Plan meet the criteria for tax benefits under the Indian Income Tax Act. In addition, the Future Generali India Life Insurance Company also offers a non-linked accidental death rider with this term plan.
Future Generali Flexi Online Term Plan has been specifically designed to provide with flexible coverage options. The policy facilitates individuals to create their own plan which can be either of the following two:
- A Fixed Income Protection + Basic Life Cover plan from Future Generali Life Insurance.
- An Increasing Income Protection + Basic Life Cover policy.
An insured can decide between increasing income protection and fixed income protection under this Flexi Online Term Plan. In the later case, the nominees will receive a fixed income per month until a time an insured reaches 60 years of age.
On the other hand, under the increasing income protection option, the nominees will receive an increased sum of money over a period to stay secured against any rise in costs. Under this Future Generali term life insurance policy, the insured has an alternative to choose for both basic cover as well as the income protection cover.
Opting for such a Future Generali life insurance plan will make sure that the nominees get a Lump Sum benefit under the basic cover plus the regular monthly payments.
For Future Generali Life Insurance Basic Life Cover, the entry age is 18 to 55 years. On the other hand, the entry age for the Income Protection Cover is 25 to 55 years.
For the Basic Life Cover under this plan, the maturity age begins from the age of 28 years and goes up to the age of 65 years (for smokers) and 75 years of age for (non-smokers).
The income protection cover has a maturity age of 45 to 65 years. The policy term for this Future Generali life insurance policy can range from 10 years to 65 (for smokers) and 75 years (for non-smokers) for the basic cover.
The unit linked insurance plans (ULIP) from the Future Generali India Life Insurance Company have been designed to provide you with life cover apart from facilitating savings at regular intervals of time. The policy also gives you the benefit of market- linked returns.
Future Generali India Life Insurance Company Limited provides with a variety of fund options from aggressive ones that invest chiefly in equity to balanced funds that invest in debt above and beyond equity and income funds that principally invest in money market or gilt investments.
Now let’s have a look at some of the unit-linked insurance plans on offer from the Future Generali India Life Insurance Company Limited :
Future Generali Pramukh Nivesh ULIP is basically a onetime premium payment plan. The policy has been designed to provide and insurance cover from 5 to 20 years. The plan also comes with a surrender benefit following 5 years of starting with this plan.
Future Generali Pramukh Nivesh ULIP policy permits individuals between ages of 7 to 70 years to turn into policyholders. This ULIP from Future Generali Life Insurance offers a maturity benefit that is equivalent to the fund value of the plan. On the other hand, the death benefit comprises of the fund value and Sum Assured.
Future Generali Life Insurance policy provides a systematic fund transfer alternative which lets the insured to switch their policy from aggressive equity-oriented funds to more balanced debt-oriented funds during the previous 3 years of a policy. Investors may choose to surrender a policy following 5 years and they will be offered the value of their fund investments in such a case under this plan.
Investors are offered an alternative to opt for a Sum Assured of up to 5 times their premium amount. They are offered fund options that are the most suitable them. This Future Generali Life Insurance plan provides policyholders with 6 funds to opt for their investments.
These funds basically comprise of funds from low risk Future Secure Fund which invests in money market, cash instruments and short-term debt, to high-risk Future Opportunity Fund which invests 80-100% in equity and rest in money market instruments and fixed income.
The Future Generali Wealth Protect Plan has been meticulously designed to provide with guaranteed loyalty addition at maturity plus fund value as well as a high cover that can be up to 30 times of the yearly premium amount.
Under this Future Generali life insurance plan, the death benefit is the amount which is higher of Sum Assured less any withdrawals, fund value or 1.05x the premium payable less any withdrawals. The life insurance plan from Future Generali has a policy term of 15 to 40 years. The policy is open to people between the ages of 7 to 60 years.
The Sum Assured under this plan varies on the basis of the age and ranges from 30x of the annualized premium for policyholders falling between the ages of 7 and 44 years and 10x the of yearly premium for investors in the age group of 56 to 60 years.
For the Platinum Annual Premium payment option, the premium under this plan is payable all through the policy term on monthly, quarterly, semi-annual and annual payments. For the Gold Annual Premium payment option, the company offers half-yearly and annual premium payment alternatives. People buying this plan can surrender a policy after 5 years in order to get the fund value.
The Future Generali India Life Insurance Company also provides with an alternative to switch between funds through the tenure of a policy. The policyholders of Future Generali Life Insurance policy can to choose opt from 6 different fund options that invest across a number of asset classes including money market securities, debt, equity and fixed income instruments, among others.
Future Generali Bima Advantage Plus plan has been designed to provide with a policy term of 10 to 30 years. The insured will be receiving the fund value at maturity under this plan. This Future Generali life insurance policy offers the death benefit which is parallel to the Wealth Protect Plan that is higher of Sum Assured less any withdrawals, fund value or 105% of the paid premium.
A settlement option and premium redirection option is offered under this Future Generali Life Insurance plan. Any individual in the age group of 7 to 65 years may choose to purchase this Future Generali Life Insurance plan without any hassle.
The Future Generali life insurance policy comes with a lock-in period of 5 years although the policyholders can get their money back prior to the end of 5 years following the discontinuance charges have been deducted from the fund value. Surrender after 5 years involves a policyholder to receive fund value at its current Net Asset Value (NAV).
The Future Generali Dhan Vridhi is basically a unit-linked, limited premium payment term insurance policy. This Future Generali Life Insurance policy offers customer policy tenure of 10, 15 and 20 years. The Company also offers a premium payment tenure which ranges from 5 to 17 years as per the tenure of a policy.
The maximum Sum Assured under this Future Generali ULIP plan is higher of 10 times the yearly premium or half of policy tenure multiplied by yearly premium for people less than 45 years.
For people above 45 years of age, the premium is higher of 7 times the yearly premium or a quarter of a policy tenure multiplied by the yearly premium.
This Future Generali life insurance plan is obtainable for people in the age group of 18 to 70 years. However, the premium paying tenure of 5 years is only offered to individuals falling under the age group of 8 to 50 years
Future Generali Bima Gain plan is basically a unit-linked insurance plan that comes with a policy term of 10 years. This Future Generali life insurance plan is open to all the people falling under the age ages group of 8 and 65 years.
Under this plan, the highest age at maturity is 18 to 75 years. The Sum Assured under this Future Generali ULIP plan can be 1.25-10 times of the premium paid for people aged between 8 to 47 years. On the other hand, the Sum Assured is 1.25 times the premium paid for people falling under the age group of 48 to 65 years.
The child plans from Future Generali India Life Insurance Company has been designed to help you to make sure that your children are sufficiently supported when it comes to financial matters and all their financial requirements are well taken care of even when you will no longer there.
Future Generali Assured Education Plan is basically a guaranteed income child plan. This life insurance policy from Future Generali lets a parent plan for their child’s future education. The life insurance cover offers 3 options to receive the guaranteed payouts and parents can make their choice on the basis of their child’s education milestones.
- Option A: Offers 40% of Sum Assured at end of the policy term when a child is 17 years. After that, this option pays 30%, 20% and 10% of Sum Assured in each following year.
- Option B: Offers 10% of Sum Assured for the first 2 years following the ending of the policy tenure and the remaining 70% in the 4th year.
- Option C: Provides the full amount at end of the policy tenure.
Future Generali Assured Education Plan also covers parents who are between 21 and 50 years given that their child is between 0-10 years. The policy term for this Future General Child insurance plan is of 17 years less age of a child. It means, for a child of 10 years, the policy will be for 7 years whilst it will be for 15 years for a child of 2 years.
Under this Future Generali Child Insurance plan the minimum and maximum ages for a parent at maturity of the policy are 35 and 67 years. The premium under this plan needs to be paid all through the policy tenure.
The investment plans from Future Generali India Life Insurance Company Limited has been specifically designed to provide you with protection as well as savings and also with additional protection by the means of riders.
Future Generali Assure Plus plan is basically a multiple term option savings-plus-insurance plan. This investment plan from Future Generali offers numerous terms options of 15, 20 and 25 years.
Any person falling under the age group of 3 and 55 years can choose to opt for this Future Generali Life Insurance policy. Under this Future Generali life insurance plan, the Sum Assured begins from Rs. 1 lakh and goes up to as high as Rs. 5 crore. This policy comes with a limited premium paying tenure from 7/ 10 or 12 years for a 15 year policy to 12/ 15/ 17 or 20 years for a 25 year policy.
The Future Generali Triple Anand Advantage plan offers triple benefits:
- Money back
- Lump sum payout
- Insurance cover until the age of 80 years
Under this Future Generali life insurance policy, the insured receives 10% of the Sum Assured each year for 5 years following the policy term along with a lump sum amount which is equivalent to 50% of the Sum Assured plus terminal bonus and compounded reversionary bonus, as declared by the Company.
Future Generali New Saral Anand plan has been designed to offer maturity benefits as well as an extensive life cover benefit. The maturity benefit under this plan comprises of Sum Assured and any voluntary compounded reversionary or terminal bonus, if declared by the company.
The comprehensive life cover offered under this Future Generali Life Insurance plan resides in place until a person reaches 100 years of age. And if an insured reaches 100 years of age, then he/she will receive another 100% of the Sum Assured. In the event of demise of a person prior to the age of 100 years, his/her nominee shall receive the Sum Assured amount from Future Generali India Life Insurance Company.
Future Generali New Saral Anand plan has a term of 15-20 years. This policy is available to people falling under the age group of 3 and 50 years. The policy comes with the maturity ages from 18 to 70 years.
Under this Future Generali Life Insurance plan, the premium must be paid all through the policy tenure. Future Generali India Life Insurance Company also provides with additional riders such as Future Generali Life Insurance Non Linked Accidental Total & Permanent Disability Rider and Future Generali Life Insurance Non Linked Accidental Death Rider.
Future Generali Pearls Guarantee plan is mainly a limited premium payment tenure plan. This life insurance policy from Future Generali India Life Insurance Company Limited has been designed to offer coverage for 16 or 18 years.
This Future Generali life insurance plan offers guaranteed cash back of 10% of the Sum Assured each year for the last 5 years of a policy and 70% of Sum Assured on the maturity of the policy.
The policyholders of the Future Generali Life Insurance have an alternative to opt between monthly, quarterly, half-yearly and yearly premium payments. Any person falling under the age group of 7 and 55 years can purchase this Future Generali Life Insurance plan without any hassle.
Future Generali Assured Income Plan is essentially a guaranteed income plan which has been designed to offers a guaranteed payout every year for 11 or 15 years after the premium under this plan has been paid for 11 or 15 years respectively.
In addition to that, the policyholders under this Future Generali Life Insurance plan can get up to 4.5 times their annualized premium in the last payout in a 15 year policy and up to 1.5 times the annual premium at end of the last payout time in an 11 year policy.
Future Generali Assured Income Plan also provides with a death benefit of 17.5 to 34.5 times of the annual premium paid. Under this policy, an 11 year plan has an entry age of 7 to 50 years whilst a 15 year policy has an entry age of 5 to 50 years. The maturity age of this Future Generali life insurance plan is from 18 to 65 years.
The Future Generali Saral Bima plan has been crafted to offer a guaranteed life cover through policy tenure of 10 to 20 years. This life insurance plan from Future Generali comes with the maximum Sum Assured of Rs. 5 crore.
The policy also offers tax benefits as per the Indian Income Tax Act. The company provides with a Non Linked Accidental Total & Permanent Disability Rider and a Non Linked Accidental Death Rider for people seeking to get coverage against other risks.
The Future Generali Assured Money Back Plan is principally a limited premium payment plan. This life insurance plan from Future Generali has been designed to provide you with guaranteed maturity benefits plus money back, as well as life cover.
A policy term under this Future Generali Life Insurance Plan can be of 15/ 17/ 20 and 22 years with the premium payment term ranging from 5 years for a 15 year policy to 12 years for a 22 years policy. The Sum Assured for this Future Generali Life Insurance plan begins from Rs. 58,215/- and no upper limit is imposed upon it by the Company.
The Future Generali India Life Insurance Company Limited has a number of effective pension plans on offer. These pension plans from Future Generali have been designed to help the insured to build up a retirement corpus along with providing an insurance cover for themselves.
The Future Generali Immediate Annuity Plan basically offers lifetime coverage. The plan provides an alternative to receive annuities by the means of yearly or monthly payments. This pension plan from Future Generali India Life Insurance Company Limited is open for anyone falling under the age group of 40 to 80 years.
The policy fundamentally comes in 2 variants:
- Life Annuity
- Life Annuity With Return of Purchase Price
For this Future Generali Life Insurance plan, policyholders can pay a single premium and start receiving annuities after that.
Future Generali Pension Guarantee plan has been meticulously designed to provide the policyholders with an alternative to create a retirement corpus for themselves. This pension plan from Future Generali India Life Insurance Company Limited provides a minimum return guarantee of 101% of all premiums paid along with any bonus that are declared during the term of the policy.
The policyholders of Future Generali Life Insurance can opt between a single pay, limited pay and regular pay alternatives for their premium. The vesting age under this plan begins from 40 years and the age of entry is 20 to 70 years. The term of this Future Generali life insurance policy is of 10 to 20 years.
It is always advisable that you compare all Future Generali life insurance plans with other providers of life insurance plans in India to avail the best life insurance plan as per your unique requirements.