Future Generali India Life Insurance Company:
Future Generali India Life Insurance Company is one of the reputed insurance companies in India. Future Generali India Life Insurance Company Limited is a joint venture between three leading groups: Future Group and Generali Group and Industrial Investment Trust Limited (IITL).
Future Generali India Life Insurance Company was established in 2007, and the company has 136 branches all over India. Future Generali Life Insurance aims towards becoming one of the leading insurers in India. Future Generali Life Insurance provides a complete range of products and services for the financial security of customers.
Future Group is a leading retailer in India with multiple businesses spanning across the retail space. It was established 25 years ago. Future Group manages multiple retail formats such as Pantaloons, Big Bazaar, Central, Food Bazaar, and Home Town, etc. The company has consumer-centric businesses such as media, retail, insurance, etc.
Generali Group is a global insurance group that features among the top 50 smartest companies in the world. It was established in 1831. It is a group player in the global insurance and financial products market. Generali Group provides a wide range of products ranging from savings and family protection policies to unit-linked policies to its customers.
Industrial Investment Trust Limited (IITL) is a leading investment company. IITL was established in 1933. The investment firm registered as a Non-Banking Financial Company with the Reserve Bank of India (RBI). It holds a 22.50% stake in the honesty of Future Generali India Life Insurance Company Ltd.
The company launched a self-servicing application for its customers. It will help customers manage their policies, buy and renew their insurance policies, report the claim, and even track claims. The company has tie-ups with many banks such as UCO Bank, Bank of Maharashtra, Lakshmi Vilas Bank, and Nainital Bank, etc.
Key Features of Future Generali Life Insurance
Claim Settlement Ratio:
An insurance company that has a good claim settlement ratio as a higher ratio indicates better claim credibility of the company. The Claim Settlement Ratio indicates how many claims have been settled out of the total number of claims submitted in a given year. As per the IRDAI, the claim settlement ratio of Future Generali Life Insurance was 95.28% which means your family doesn't have to go through any inconvenience while getting claims. It helps customers to compare quotes and get the best life insurance policy.
The solvency ratio of Future Generali Life Insurance helps an individual to know the company's ability to meet its long-term financial duty. The solvency ratio provides financial year information about the company. IRDAI declared that every life insurance company to maintain a solvency ratio of 1.5. As per IRDAI Annual Report 2019-20, the solvency ratio of Future Generali is 1.58 that fulfils the set standards of IRDAI.
Market share is the percentage of total sales in the market produced by an insurer. It is calculated by taking sales of the company and helping in analyzing the growth of a company and financial framework and business position of any insurance company is important to estimate its market share. Future Generali life insurance Company the annual premium of Rs. 399.87 Crores during 2016-17 which has increased to Rs. 767.5 Crores in 2019-20.
Future Generali Life Insurance Company operates across the country with 136 branch offices. The company provides excellent insurance products with affordable premium rates. Future Generali Life & General Insurance aims towards becoming one of the leading insurers in India.
Future Generali Life Insurance Plans
Future Generali India Life Insurance Company provides a wide range of plans to their customers. It consists of child insurance plans, retirement plans, term insurance plans, saving plans, guaranteed plans, traditional plans; Unit linked insurance plans, group insurance plans, etc.
1. Term Insurance Plans:
Term life insurance plan is a type of life insurance plan which pays the claim to the nominee of the insured in case of death of the insured. The life insurance coverage is provided for a particular period which is known as the “term”.
The term insurance plan offers maximum life coverage and helps you in difficult situations. Term life insurance protects your family’s financial needs & lifestyle in your absence. Term insurance is providing financial security to the family in case the policyholder meets with any unexpected event.
Term insurance plans offered by Future Generali Life Insurance Company:
Future Generali Flexi Online Term Plan: Flexi Online Term Plan is a pure risk premium life insurance plan. It is an online term plan that offers life cover as well as a monthly income and the choice to change the plan based on the policyholder’s requirements.
Future Generali Care Plan: Future Generali Care Plan is a pure Term Plan that Provides a high life cover at a low premium and provides coverage in case of the sudden death of an insured person
Future Generali Express Term Life Plan: Future Generali Express Term Life Plan is an individual, non-linked, pure risk premium life insurance plan. This term Plan provides high life cover at a low premium and provides coverage in case of the sudden death of the policyholder.
Future Generali Jan Suraksha: Future Generali Jan Suraksha plans to help you and your family against your loans and liabilities and it requires only a one-time premium to get life insurance coverage.
Future Generali Saral Jeevan Bima: Future Generali Saral Jeevan Bima plan is a non-linked, individual pure risk premium life insurance policy. This plan secures you and your loved ones. This policy covers only death due to accidents.
|Type of Plan
|Term Insurance Plan
||Min 18 to Max 60 years
|| Min 28 to Max 65 years
||Min 10 to Max 75 years
||Yearly, half-yearly, and quarterly, monthly
- The best term insurance plan is the one that offers the maximum coverage at affordable premiums and with all the possible add-ons.
- Term Insurance Plans Provides Financial protection for you and your family.
- Term plans offer various premium payment options such as Monthly, quarterly, half-yearly, yearly.
- Term plans provide maturity benefit at the end of the policy term in case of an insured person survives the policy term
- Term insurance plans offer tax benefits under sections 80C and 10(10D) of the income tax Act 1961.
2. Unit Linked Insurance Plans:
A Unit Linked Insurance Plan is a term insurance policy with Insurance coverage and Investment. ULIP policy provides death benefit- in case the policyholder expires within the policy period and also Survival benefit- in case the policyholder survives the policy term. The death benefit provided is with the premium collected under the insurance portion of the policy and the survival benefit is paid with the premium collected and invested by the insurance company.
ULIP Plans have the investment component where a part of the premium collected from the customer is invested into the debts to purchase units which over some time develop in conjunction with the market and generate revenue to the policyholder.
ULIP offered by Future Generali Life Insurance Company:
Future Generali Big Dreams Plan: Future Generali Big Dreams Plan is a comprehensive unit linked insurance plan. It is a non-linked, non-participated, individual life insurance plan. It provides life cover and secures your family’s future against the uncertainties of life.
Future Generali Dhan Vridhi: The Future Generali Dhan Vridhi is a ULIP and it is a limited premium payment term insurance cover. In this policy, the investment risk is borne by the policyholder. The plans ULIP do not offer cash in the first 5 years of the contract.
Future Generali Bima Advantage Plus: Future Generali Bima Advantage Plus offers a policy term of 10 to 30 years with an insured receiving the fund value at maturity. The death benefit is similar to the Wealth Protect Plan which is higher of sum assured less any withdrawals, fund value, or 105% of the premium paid.
Future Generali Easy Invest Online Plan: Easy Invest Online Plan provides life cover along with the benefit of wealth creation. This plan gives you the option to switching funds.
Future Generali Wealth Protect Plan: Future Generali Wealth Protect Plan provides comprehensive protection of 7 to 30 times of annual premium depending on customer requirement and it guaranteed loyalty addition at maturity in addition, to fund value in addition to a high cover that can be up to 30 times the annual premium amount.
|Type of Plan
|Unit Linked Insurance Plan
||Min 7 to Max 70 years
|| Min 18 to Max 75 years
||Min 5 to Max 40 years
||Yearly, half-yearly, and quarterly, monthly
- The ULIP is the one that offers flexibility in the payment frequency of term insurance premiums. The premiums can be paid on a monthly, quarterly, half-yearly, or annual basis as per the product terms and conditions.
- Unit Linked Insurance Plans Provides Financial protection for you and your family.
- ULIPs allow investors to keep track of their investment portfolio and are also regularly updated with the changes in the invested percentage of the premium.
- ULIPs also offer additional life cover for your loved ones through rider options such as accidental death rider and critical illness rider, etc.
3. Child Insurance Plans:
A child plan is a type of life insurance plan that is a combination of both the investment and the insurance to ensure a safe future for your child. The child plans are typically classified into two types- Market linked and Non-market-linked plans. The market-linked plans are similar to that of the ULIPs where the final maturity benefit depends on the performance of the funds selected by the policyholder/the parent.
Non-market-linked plans are a form of Endowment plans which offer a fixed rate of return to the customer as a maturity benefit after the completion of the policy period. These plans also provide flexible pay-out options at certain intervals of the policy period which can be used for the different stages of education of your child.
Child Plans offered by Future Generali Life Insurance Company:
Future Generali Assured Education Plan: Future Generali Assured Education Plan is a guaranteed income child plan; the plan allows a parent to plan for their child's education. This insurance plan offers three options to receive guaranteed pay-outs and parents can take their pick depending on their child’s education goals.
|Type of Plan
|Child Insurance Plan
||Age of the Parent: 21 - 50 years and
Age of the Child: 0 - 10 years
|| Min 35 to Max 67 years
||17 years - entry age of the child(years of age)
- Get maturity benefit of 100% of sum assured is paid.
- Get death benefit of sum assured is paid immediately to the nominee on death of the insured.
4.Retirement Insurance Plans:
Retirement plans are insurance plans which help people meet their expenses after their retirement with periodic payments by the insurance company. Retirement plans can generally be of two types: One is where the policyholder will invest the amount over a while to attain a corpus and after which the insurance company will pay periodic instalments to the policyholder after his/her retirement.
The other is where the policyholder can purchase an annuity plan by paying a lump sum amount and the insurance company will start paying the monthly amount immediately or after some time as selected by the policyholder.
Retirement Plans offered by Future Generali Life Insurance Company:
Future Generali Immediate Annuity plan: Future Generali Immediate annuity plan offers fixed income for your lifetime. In this plan, you get the flexibility of choosing payout options and offers annuity cards.
Future Generali Saral Pension Plan: Future Generali Saral Pension Plan is a single premium plan and it is a non-linked, non-participating individual immediate retirement plan.
|Type of Plan
|Retirement Insurance Plan
||Min 20 years to 70 years
|| 80 years
||Yearly, half-yearly, quarterly, monthly
- The retirement plan is the one that offers flexibility in the payment frequency of term insurance premiums. The premiums can be paid on a monthly, quarterly, half-yearly, or annual basis as per the product terms and conditions.
- Retirement Insurance Plans Provides Financial protection at retirement age.
5. Saving Plans:
Future Generali life insurance saving plans provide a huge range of insurance policies that helps the customer to accumulate wealth in the long term and also provide an opportunity to create financial support for the family of the insured person. The proceeds help finance your future goals like children’s education, marriage, and retirement funds, etc.
Future Generali life insurance saving plans offers 3 types of saving plans.
i.) Traditional Plans:
Traditional plans are the oldest insurance plans which provide benefits such as risk cover, fixed income return, tax benefit, etc. Traditional plans provide sum assured and guaranteed bonuses at the time of maturity.
a) Future Generali Triple Anand Advantage: Future Generali Triple Anand Advantage plan provides the policyholder with a life cover until the age of 80. On maturity, the insured gets a lump sum pay-out.
- Entry Age: Min 7 years to Max 50 years.
- Maturity Age: 27 to 75 years
- Premium payment: yearly, half-yearly, monthly
- Premium Payment Term: 15, 20 years
- Policy Term: premium payment term+5 years
- Sum Assured- Rs. 2 lakhs to No limit
b) Future Generali New Assure Plus: Future Generali New Assure Plus plan provides the policyholder with the flexibility of choosing their premium payment term and their policy term.
- Entry Age: Min 3 years to Max 55 years.
- Maturity Age: 18 to 70 years
- Premium payment: yearly, half-yearly, quarterly,monthly
- Policy Term:10, 30 years
- Sum Assured- Rs. 1 lakh to No limit
c) Future Generali Lifetime Partner Plan: Future Generali Lifetime Partner Plan provides financial protection to your loved ones, along with a regular income for the whole of your life, up to age 100.
- Entry Age: Min 1 year to Max 60 years.
- Maturity Age: 100
- Premium payment: Limited pay
- Policy Term:100- entry age
- Sum Assured- Rs. 1 lakh to No limit
ii) Guaranteed Plans:
Guaranteed plans provide sum assured benefit to the policyholders. The traditional insurance plan provides life cover, together with guaranteed pay-outs. Guaranteed Plans protect you and your loved ones with a comfortable life now and in the future.
a) Future Generali Money Back Super Plan: Future Generali Money Back Super Plan is a non-linked, non-participating, savings money back plan. This plan provides money back in regular intervals along with life cover.
- Entry Age: Min 0 year to Max 55 years.
- Maturity Age: 18 to 65 years
- Premium payment: Regular pay
- Policy Term:10,12,15,20 years
b) Future Generali New Assured Wealth Plan: Future Generali New Assured Wealth Plan is a non-linked, non-participating, savings plan. This plan provides benefits of Guaranteed Additions and Guaranteed Sum Assured on maturity along with life cover.
- Entry Age: Min 0 year to Max 60 years.
- Maturity Age: Min 18 to Max 76 years
- Premium payment: yearly, half-yearly, quarterly, monthly
- Policy Term:12,16,18, 20 years
- Sum Assured: Rs. 90,000 to No limit
c) Future Generali Term with Return of Premium Plan: Future Generali Term with Return of Premium Plan is a non-linked, non-participating, savings life insurance plan. This plan provides maturity benefits, death benefits along life cover.
- Entry Age: Min 18 to Max 55 years
- Maturity Age: Min 28 to Max 75 years
- Premium payment: 10-15 years
- Policy Term:10 to 35 years
- Sum Assured: Rs. 2 lakhs to No limit
d) Future Generali Jan Suraksha Plus Plan: Future Generali Jan Suraksha plus Plan provides life insurance cover through the term and gets assured maturity amount more than the premium paid.
- Entry Age: Min 18 to Max 50 years
- Premium payment: single pay
- Policy Term:8 years
e) Future Generali Big Income Multiplier Plan: Future Generali Big Income Multiplier Plan provides the policyholder with a maturity payout over 12 years.
- Entry Age: Min 4 to Max 50 years
- Maturity Age: 18 to 64 years
- Premium payment: Annual, Monthly
- Policy Term:14 years( fixed)
f) Future Generali Assured Income Plan: Future Generali Assured Income Plan is a limited premium insurance plan where you pay premiums only for 11 or 15 years and get the guaranteed payout for an equivalent number of years.
- Entry Age: Min 7 to Max 50 years
- Premium payment: 11/15 years
- Policy Term:11/15 years
g) Future Generali Assured Money Back Plan: Future Generali Assured Money Back Plan is a non-linked, non-participating money back plan that offers a choice of 4 policy terms and a guaranteed 10% of the Sum Assured as cashback annually.
- Entry Age: Min 18 to Max 55 years
- Premium payment: monthly, quarterly, half-yearly, Yearly
- Policy Term:10/12/15/17/20/22
- Sum Assured:Min Rs.58,215/-, Rs.49,425/-
Documents required for claiming Future Generali Life Insurance Plans
Step1: The first step is to fill the claim form
Step2: Original death certificate is given by local authority and original policy document.
Step3: Photocopy of passbook, bank statement, or canceled cheque.
Step4: Birth certificate of the policyholder.
Step5: Attach the photo ID of the policyholder and Identification proof of nominee such as PAN, Aadar Card, Voter ID, Passport, etc.
Step6: Proof of relationship between Nominee and the Policyholder.
Step7: If required additional documents copy of FIR/ post mortem, hospital treatment certificate, employer’s certificate, and copy of police final statement report.
Claim Process of Future Generali Life Insurance
The first step is to intimate the insurance company by calling on the customer service number 1800-102-2355 Download the Future Generali Life insurance claim form from the website or collect the death claim intimation form from the nearest Future Generali Life insurance branch office and fill in the details and attach the documents required.
The filled-in claim form along with the required documents has to be submitted to the nearby branch of Future Generali. The claim officer will contact the nominee for further verification.
After the submission, the company will verify the documents and assess the claim. You will be kept in the loop through regular messages and emails. The term insurance claim, if it is genuine the claim amount will be transferred to the registered bank account within 10 working days. In case investigation is required, the investigation has to be completed within 90 days.