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) | |
| 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 |
| Mail To | [email protected] |
| Call On | 1860-500-3333 and 1800-220-233 (BSNL/MTNL) |
| Annual Premium for Male and Female | |||||||||
| Policy Term (in years) | Age (in years) | ||||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | ||
| 8 | NA | NA | 2620 | 3680 | 5320 | 8120 | 12100 | 18540 | |
| 10 | NA | NA | 2720 | 3860 | 5720 | 8680 | 13080 | NA | |
| 15 | NA | NA | 3120 | 4620 | 6900 | 10480 | NA | NA | |
| 20 | NA | 2720 | 3760 | 5580 | 8360 | NA | NA | NA | |
| 25 | NA | 3220 | 4520 | 6740 | NA | NA | NA | NA | |
| 30 | 2860 | 3820 | 5440 | NA | NA | NA | NA | NA | |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax | |||||||||
