Future Generali Care Plus

Your financial needs are as unique as your life experiences and goals. You may be planning to buy a house, send your children for higher studies or even retire early. No matter what your milestones, you need a protection solution that is tailored to help you prepare for different life events. Presenting Future Generali Care Plus – a term life insurance plan that is designed keeping your needs and preferences in mind. So that you can secure your family’s lifestyle, today and tomorrow.

Three reasons why you should buy this plan:

1. Offers comprehensive long term protection at affordable rates
2. Customised plan to suit your individual requirements
3. Flexibility to choose your policy term and premium payment terms

Here is what you get in the plan

Two options to choose from

Depending on your protection needs, you can choose from any one of the following options: Option 1: Life Cover Option 2: Extra Life Cover (Life Cover with Accidental Death Benefit) Your premium amount will vary according to the option you have chosen. The option has to be chosen at inception and cannot be changed during the term of the policy.

Select your own Policy Term and Premium Payment Term

The plan gives you the flexibility to choose the period of protection and the period of premium payment (minimum policy term and premium payment term of 5 years).

Flexibility to receive benefits

The Policyholder can choose lump sum payout, fixed monthly payout or a combination of both payouts to receive the Death Benefit upon death of Life Assured. The policyholder can choose to change any of the payout options during the Policy Term but before the occurrence of insured event.

Lower premium rates for women

Tax benefits

Easy steps to keep yourself covered

Step 1

Choose a protection option that works for you

• Option 1 – Life Cover: Provides guaranteed death benefit in case of death of Life assured.
• Option 2 – Extra Life Cover (Life Cover with Accidental Death Benefit): In addition to the benefits under Option 1: Life Cover, this option also provides a guaranteed additional lump sum benefit (Accidental Death Sum Assured) in case of death due to accident.

Step 2

Choose the amount of insurance cover (Sum Assured) you desire under this policy.

Step 3

Choose the duration of cover (Policy Term) and Premium Payment Term as per your convenience.

Step 4

Get your premium calculated and fill the proposal form (application form). Our advisor will help you with a customised quote.

Step 5

Note:

• The above mentioned benefits are subject to policy being in force.
• The minimum and maximum criteria of Sum Assured, Policy Term and Premium Payment Term are mentioned under the eligibility conditions below (Life Insurance Plan Summed Up).

Life Insurance Plan Summed Up

Note:

1. Premiums mentioned above are excluding applicable taxes and extra underwriting premium, if any.
2. Sample premium for healthy non-smoker male lives (excluding applicable taxes, extra underwriting premium and modal loading, if any).

What are your benefits?

Death Benefit

Maturity Benefit

Death Benefit

Option 1: Life Cover

• This is a pure term plan.
• In this option, the death benefit shall be paid on Death of the Life Assured.
• The policy shall terminate on the death of the Life Assured.

Option 2: Extra Life Cover (Life Cover with Accidental Death Benefit)

• This option provides life cover as specified in Option 1 and also provides an additional Accidental Death Benefit equal to Accidental Death Sum Assured which shall be payable in case the death happens due to an accident i.e. an amount equal to the Death Benefit plus Accidental Death Sum Assured shall be payable upon accidental death.
• The policy shall terminate on the death of the Life Assured.

Note for:-

Death Benefit:-

• 10 times Annualized Premium (excluding the applicable taxes, rider premiums and underwriting extra premiums, if any), or
• 105% of total premiums paid (excluding any extra premium, any rider premium and applicable taxes) as on the date of death, or
• Sum Assured

Let us understand this benefit with the help of examples:

Ankit is a 35 years old healthy non-smoker male. He buys the Future Generali Care Plus for 25 years and chooses to pay annual premium for 25 years.

Example 1: He chooses Option 1: Life Cover with Base Sum Assured of Rs. 1 Crore

Example 2: He chooses Option 2: Extra Life Cover (Life Cover with Accidental Death Benefit) with Base Sum Assured of Rs. 1 crore and Accidental Death Sum Assured of Rs. 1 Crore.

Note: In the above example, in case of death other than due to accident under Option 2: Extra Life Cover (Life Cover with Accidental Death Benefit) only Death Benefit of Rs 1 Crore shall be payable and no Accidental Death Sum Assured shall be payable.

Maturity Benefit

There are no maturity benefits under this plan.

Definitions:

• Definitions of Terms used:-
  • Accident – An accident means a sudden, unforeseen and involuntary event caused by external, visible and violent means.
  • Injury – Injury means accidental physical bodily harm excluding illness or disease solely and directly caused by external, violent, visible and evident means which is verified and certified by a Medical Practitioner.
  • Medical Practitioner – Medical Practitioner means a person who holds a valid registration from the Medical Council of any State or Medical Council of India or Council for Indian Medicine or for Homeopathy set up by the Government of India or a State Government and is thereby entitled to practice medicine within its jurisdiction; and is acting within the scope and jurisdiction of his license, but excluding :
    • Insured/Policyholder himself or an agent of the Insured
    • Insurance Agent, business partner(s) or employer/employee of the Insured or
    • A member of the Insured's immediate family.

    LITTLE PRIVILEGES JUST FOR YOU

    Flexibility to Receive Benefits:

    In each of the policy options, the policyholder can choose to receive the Death Benefit as per the following payout options. The default payout option is Lump-sum payout. The policyholder can change to any of following the payout options during the policy term but before the occurrence of insured event.

    • Lump-sum Payout: Death Benefit amount is paid to the nominee in Lump-sum.
    • Fixed Income Payout: Fixed monthly payouts of 1.8955% or 1.0738% of the Death Benefit is paid to the nominee for a period of 60 or 120 months respectively as chosen by the policyholder with the first payout being made at the time of claim settlement and the remaining installments payable on each of the following monthly death anniversary of the Life Assured. Upon death of the Life Assured, the nominee has the option of taking these monthly payouts as lump sum at any point in time during the payout period. In such case, we shall pay the present value of all outstanding monthly payouts as lumpsum discounted at the rate of 5.5% per annum compounded yearly.
    • Mixed Payout: The policyholder can opt for any combination of the Lump-sum Payout and Fixed Income Payout for Death Benefit. The percentage of Lump-sum and Fixed Income chosen can be changed during the policy term but before the occurrence of insured event.

    Free Look Period

    • If you disagree with the terms and condition of the Policy, you can return the Policy within 15 days of receipt of the Policy Document (30 days if You have purchased this Policy through Distance Marketing Mode or in case of electronic policies). To cancel the Policy, you can send us a request for cancellation along with the reason for cancellation. We will cancel this Policy and refund the Instalment Premium received after deducting proportionate risk Premium for the period of cover, stamp duty charges and expenses incurred by us on the medical examination of the Life Assured (if any).
    • Note: Distance Marketing means insurance solicitation/lead generation by way of telephone calling/ Short Messaging Service (SMS)/other electronic modes like e-mail, internet & Interactive Television (DTH)/direct mail/ newspaper and magazine inserts or any other means of communication other than that in person.

    Grace period:

    You get a grace period of 30 days for Yearly, Half-yearly and Quarterly Premium Payment Frequency and 15 days for Monthly Premium Payment Frequency from the due date, to pay your missed premium. During these days, you will continue to be covered and be entitled to receive all the benefits subject to the deduction of due premiums. If any Instalment Premium remains unpaid at the end of the Grace Period, the policy shall Lapse.

    Flexibility to make changes:

    • Premium payment mode can be changed among Annual/ Half-yearly/ Quarterly/Monthly modes.
    • The alteration of premium mode will be applicable from policy anniversary and will be allowed subject to minimum installment premium conditions.
    • The premiums for various modes as percentage of annual premium are given below:

    Half-yearly Premium	52.0% of annual premium
    Quarterly Premium	26.5% of annual premium
    Monthly Premium	8.83% of annual premium

    Rider

    There are no riders available in this policy.

    Loan

    There are no loans available under this policy.

    Tax Benefits

    • You may be eligible for tax benefits on the premium(s) you pay and benefit proceeds, according to the provisions of Income Tax laws. These benefits are subject to Change as per the prevailing tax laws.
    • For further details, consult your tax advisor. Tax benefits are subject to change from time to time.

    TERMS AND CONDITIONS

    Premium Rate Guarantee

    Premium rates are guaranteed for the entire policy term.

    Exclusions

    Exclusion under Death Benefit:

    Suicide exclusion:

    In case of death of Life Assured due to suicide within 12 months from the date of commencement of risk under the Policy or from the date of Revival of the Policy, as applicable, the Nominee or beneficiary of the Policyholder shall be entitled to 80% of the total premiums paid till the date of death or the policy cancellation value available as on the date of death whichever is higher, provided the Policy is in force.

    Exclusion under Accidental Death Benefit:

    You will not be entitled to any accidental death benefit directly or indirectly due to or caused, occasioned, accelerated or aggravated by any of the following:

    • War, terrorism, invasion, act of foreign enemy, hostilities, civil war, martial law, rebellion, revolution, insurrection, military or usurper power, riot or civil commotion. War means any war whether declared or not.
    • Taking part in any naval, military or air force operation during peace time.
    • Any condition that is pre-existing at the time of inception of the policy. Pre-existing Disease means any condition, ailment, injury or disease:-
      1. That is/are diagnosed by a physician within 48 months prior to the effective date of the policy issued by the insurer or its reinstatement; or
      2. For which medical advice or treatment was recommended by, or received from, a physician within 48 months prior to the effective date of the policy issued by the insurer or its reinstatement.

    This exclusion will not be applicable to conditions, ailments or injuries or related condition(s) which are underwritten and accepted by Us at inception or at reinstatement

    Non Payment of due premiums

    For Regular Pay policy where premium payment term is equal to policy term:

    • If any due premium(s) have not been paid within the grace period, the policy shall lapse and will have no value. All risk cover ceases while the policy is in the lapsed status.
    • The policyholder has the option to revive the policy within five (5) years from the due date of the first unpaid premium subject to policy term not being over.
    • The policyholder has the option to revive the policy within five (5) years from the due date of the first unpaid premium subject to policy term not being over.
    • If the policy is not revived during the revival period, no benefit shall be payable at the end of the revival period and the policy stands terminated.

    For Limited Pay policy where premium payment term is lesser than policy term:

    • If any due premium(s) for the first three (3) policy years have not been paid in full within the grace period:-
      1. The policy shall lapse and will have no value. All risk cover ceases while the policy is in the lapsed status.
      2. The policyholder has the option to revive the policy within five (5) years from the due date of the first unpaid premium subject to policy term not being over.
      3. If the policy is not revived during the revival period, no benefit shall be payable at the end of the revival period and the policy stands terminated.
    • If due premium(s) for the first three (3) or more policy years have been paid in full and any subsequent premium(s) is/are not paid within the grace period:-
      1. All risk cover ceases under the policy.
      2. The policyholder has the option to revive the policy within five (5) years from the due date of the first unpaid premium subject to policy term not being over.
      3. If the policy is not revived during the revival period, Policy Cancellation Value shall be payable at the end of the revival period or maturity date, whichever is earlier and the policy stands terminated.

    Revival

    • You have the option to revive a lapsed policy within five (5) years from the date of the first unpaid due premium.
    • A policy cannot be revived once the policy term is over.
    • The revival will be considered on the receipt of the application from the policyholder along with the proof of continued insurability of life assured and on payment of all overdue premiums with interest.
    • The revival will be as per the Board approved underwriting policy.
    • On revival, the interest rate of 9% p.a. compounded yearly (applicable for FY 2020-2021) maybe charged by the company. However, the company may decide to increase the interest charged on revival from time to time with a prior approval from IRDAI.

    Paid Up

    There is no Paid Up benefit available under this product.

    Surrender Value

    There is no surrender value available under this product. However, Policy Cancellation Value shall be applicable under this product as defined below.

    Policy Cancellation Value

    For Regular Premium where premium payment term is equal to policy term: No policy cancellation value is available under regular premium policies.

    For Limited Premium Payment Term where premium paying term is lesser than policy term: We encourage you to continue your policy as planned, however, you have the option to cancel the same any time after the payment of first three (3) consecutive full policy years’ premiums i.e. after which the policy acquires a cancellation value.

    Policy Cancellation Value Factor will be as below:

    Policy Year of Cancellation	Factor
    1-2	0%
    3-5	30%
    6-9	40%
    10-14	50%
    15 and above	60%

    Policy Cancellation value will not be payable if the policy is cancelled in the last policy year.

    The policy terminates on policy cancellation and no further benefits are payable under the policy.

    Nomination and Assignment

    Nomination shall be in accordance with Section 39 of Insurance Act, 1938 as amended from time to time.

    Assignment shall be in accordance with Section 38 of Insurance Act, 1938 as amended from time to time.

    Prohibition on rebates:

    Section 41 of the Insurance Act 1938 as amended from time to time states

    • . No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
    • Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakh rupees.

    Fraud and Misstatement:

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

    • No Policy of Life Insurance shall be called in question on any ground whatsoever after the expiry of 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.
    • 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.

    Disclaimer

    Future Generali Care Plus (UIN: 133N030V05)

    For detailed information on this product including risk factors, terms and conditions etc., please refer to the product brochure and consult your advisor before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. You are advised to consult your tax consultant. Future Group’s and Generali Group’s liability is restricted to the extent of their shareholding in Future Generali India Life Insurance Company Limited

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    • Policy Document
    • Product Presentation