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Future Generali Smart Life

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) 
Minimum18
Maximum60
Maximum Maturity Age (years)68
Policy Term (years) 
Minimum8
Maximum30
Sum Assured (Rs) 
Minimum1500000
Maximum4999999
Minimum Premium (Rs) 
Yearly2500
Premium Payment FrequencyYearly
Premium Payment TermRegular, equal to policy tenure
Policy CoverCover remains fixed for the tenure of the policy
Other Features 
Free Look CancellationIn 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 PeriodYou 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 ReinstatementYou 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 BenefitsSection 80C and Section 10 (10D) of the Income Tax Act, 1961 would apply
ExclusionsIn 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 ValueThere is no surrender benefit in this plan
Customer Service 
AddressFuture Generali Life Insurance, Indiabulls Finance Centre, Tower 1, 12th & 15th Floor, Senapati Bapat Marg, Elphinstone (W), Mumbai - 400 013
Mail To[email protected]
Call On1860-500-3333 and 1800-220-233 (BSNL/MTNL)
Annual Premium for Male and Female
Policy Term (in years)Age (in years)
2530354045505560
8NANA26203680532081201210018540
10NANA272038605720868013080NA
15NANA31204620690010480NANA
20NA2720376055808360NANANA
25NA322045206740NANANANA
30286038205440NANANANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax