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Future Generali

Future Generali Loan Suraksha

  1. Future Generali Loan Suraksha is a Single Premium Term Assurance plan which is designed specifically for the new/existing customers. The plan aims to provide a life cover to all borrowers which in turn secures the credit/loan.
  2. The plan can be taken on a single life as well as on a joint life. On a joint life cover, a discount of 10% is applicable on each joint-life premium.

Plan Summary

Entry Age18 – 65 years
Maximum Maturity Age70 years
Sum Assured RangeINR 20,000 to INR 50 lakhs (subject to underwriting considerations)
Policy Term Range Corresponds to loan term between 2 to 30 years
Premium Payment TermSingle Premium only

In case of Death of Borrower:

Single Life: – outstanding loan amount as per the Loan Schedule

Joint Life: – Both lives are covered for 100% of loan amount on first death basis

Amount payable on death of the member In case of death of any one the joint borrowers, where both the borrowers are insured on the entire loan amount, the outstanding loan amount as per the loan schedule is payable, subject to terms and conditions of the master policy.
Life cover for surviving member Insurance cover will cease to exist on the life of the surviving borrower.

Free Look period:    In case you disagree with any of the terms and conditions of the policy/coverage, you can return the policy/Certificate of Insurance to the Company within 15 days of its receipt, for cancellation, stating your objections. Future Generali will refund the policy premium after the deduction of proportionate risk premium for the period of cover, stamp duty charges, cost of medical examination, if any.

Tax Benefits

Premium paid is eligible for tax benefit under Section 80C and death claim amounts qualify under section 10 (10) D of the Income Tax Act, 1961.

Note: The above tax benefits are applicable as per current tax regulations and are based on our interpretation of such regulations. These may change in future. Please contact your tax advisor for any further query.

Exclusion

In case the insured member commits suicide whether sane or insane, within 12 months from the policy inception date or from the date of inception of the member under the group insurance scheme, whichever is later, then 80% of the premiums paid value in respect of concerned insured member is payable to the nominee/beneficiary.

Non – Disclosure

Section 45 of the Insurance Act 1938, as amended from time to time, states

  1. No Policy of Life Insurance shall be called in question on any ground whatsoever after the expiry of 3 years from the date of the policy i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.
  2. A policy of Life Insurance may be called in question at any time within 3 years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud. For further information, Section 45 of the Insurance laws (Amendment) Act, 2015 may be referred.
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