Jeevan Bima Policy Plan
Future Generali India Life Insurance
Our Verdict
Future Generali Saral Jeevan Bima is ideal for individuals seeking straightforward, low-cost life coverage. It offers flexible premiums and lower rates for women but lacks maturity benefits and has a 45-day waiting period.
About the Plan
Future Generali Saral Jeevan Bima is a pure term insurance plan providing financial security to the policyholder’s family in case of untimely death. It offers flexible premium payment options (Single, Limited, and Regular Pay) with a policy term of 5 to 40 years. The plan has no maturity, surrender, or loan benefits. A 45-day waiting period applies, covering only accidental death. Women get lower premiums. It ensures affordable protection with a lump sum payout to the nominee upon death.
About the Plan
Eligibility
• Entry Age :
18 to 65 years
• Maturity Age :
23 to 70 years
• Policy Term :
5 to 40 years
• Premium Payment Term :
Single Pay
Limited Pay: 5 or 10 years
Regular Pay
• Sum Assured :
Minimum: ₹5 lakh
Maximum: ₹25 lakh (in multiples of ₹50,000)
• Premium Payment Frequency :
Yearly, half-yearly, and monthly (only under NACH/ECS)
Eligibility
Features of the Product
Premium Payment Customizations
Single Pay: One-time lump sum payment.
Limited Pay: Premiums paid over a limited period of 5 or 10 years.
Regular Pay: Premiums paid throughout the policy term.
Tax Benefits
Premiums paid and death benefits are eligible for tax benefits under Section 80C and 10(D) of the Income Tax Act, 1961 (subject to prevailing laws).
Revival Option
If the policy lapses due to non-payment of premiums, it can be revived within 5 years by paying all outstanding premiums with interest.
Policy Cancellation Value (For Single and Limited Pay Plans)
Single Premium: 70% of the premium paid, multiplied by the unexpired policy term.
Limited Premium (5/10 years): Available if at least 2 full years of premiums have been paid.
Exclusions
If the policy is revived after lapsing, the waiting period does not reapply.
If the life assured commits suicide within 12 months from the date of commencement of risk or revival, the policy becomes void. In such cases, 80% of the premiums paid (excluding extra amounts due to underwriting, taxes, and rider premiums) are refunded.
If suicide occurs within 12 months from the date of commencement of risk, 90% of the single premium paid (excluding extra amounts due to underwriting, taxes, and rider premiums) is refunded.
Exclusions
Accidental Death - Covered from the date of policy commencement.
If death occurs due to an accident during the 45-day waiting period, the full sum assured is paid.
After the waiting period, accidental death is covered under the standard death benefit.
Add-ons
If you are a woman
Lower premium rates for female policyholders (3-year age setback for premium calculation).
If you smoke
Smokers are not eligible for lower premium rates and are categorized separately for premium calculations.
Note :
Suicide Clause : Regular/Limited Premium Policy: If the life assured commits suicide within 12 months from the date of commencement of risk or from the date of revival, the policy becomes void. In such cases, 80% of the premiums paid (excluding taxes, extra premiums, and rider premiums) till the date of death will be refunded.
Single Premium Policy: If the life assured commits suicide within 12 months from the date of commencement of risk, 90% of the single premium paid (excluding taxes, extra premiums, and rider premiums) will be refunded.
Free look up period: Policyholders have a 15-day free look period (30 days if the policy is sourced through distance marketing) from the date of receipt of the policy document to review the terms and conditions. If not satisfied, the policyholder can return the policy stating the reasons for objection. Upon such cancellation, the company will refund the premium after deducting proportionate risk premium for the period of cover, stamp duty charges, and medical examination costs (if any).
Grace Period: For regular and limited premium payment policies, a grace period of 30 days (15 days for monthly mode) from the premium due date is provided. During this period, the policy is considered in force with risk cover. If the premium is not paid within the grace period, the policy will lapse, and all benefits will cease.
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About the Company
Future generali India life insurance company Ltd. was established in 2006, It is a joint venture between Generali group and future group. Presently, Generali is the largest shareholder in the company with a stake of 73.99% in the company.
The Generali group, founded in 1831, is a prominent international asset management and insurance firm with offices in more than 60 nations.
Future Generali India provides a wide range of insurance products, such as life, house, auto, and health insurance, in addition to customised options for rural communities and enterprises. Offering value-added services like wellness programs and telecounseling together with full coverage is its main goal.
To provide families and businesses with financial security, the organisation blends innovation with customer-focused services. With a dedication to clear and easily accessible insurance solutions, its products are centered on long-term security and cover topics including wealth-building, retirement, savings, and child education.