Future Generali Group Term Life Insurance Plan

FUTURE GENERALI Group Term Life Insurance Plan

1. About Designed for groups that want to provide affordable life insurance coverage to their members

2. Death BenefitsSum Assured

3. Member's Age at Entry18 to 69 years

4. Policy Term1 year (renewable)

5. Minimum Sum Assured Per MemberFor social groups with 5000 members or above - Rs 5000/- per member.
For other groups - Rs 5000/-.

6. RidersYes

7. Minimum Group Size25

8. Tax BenefitYes

WHY BUY GROUP TERM PLAN?

1. You can provide life insurance cover to all your members under a single plan.

2. Sum Assured is paid on the death of a member covered under the plan.

3. You can add and delete members on a monthly basis.

4. It is a tool for providing employee incentive and improving employee retention.

HOW DOES GROUP TERM PLAN WORKS?

The term insurance plan is ideal for employers or groups that wish to monetarily secure the families of their employees or members. Here are the steps to get the Future Generali Group Term Life Insurance plan:

Step1Decide the amount of cover

1. Choose the amount of term insurance cover you want for each of your members.

Step2Choose the benefit option (basic term cover)

Decide the benefit option or basic term cover from these:

1. Flat Coverage (outstanding loan, size of bank deposit, etc.)

2. Graded Coverage (based on employee grades in corporate/ company)

3. Salary Multiple (based on multiple of salary)

4. Others - (outstanding loan/ liability amount/ size of bank deposit, etc.)

Step3Get a premium quote

The premium for the group insurance coverage is calculated by FGLI and can be paid in Yearly/ Half-Yearly/ Quarterly/ Monthly terms.

Step4Pay the premium

1. You can pay the premium and start the cover.

KEY BENEFITS OF GROUP TERM PLAN

Death Benefit

In the event of an employee's or a member's death during the group insurance Policy Term, the Sum Assured under the policy is payable to the designated beneficiary.

Maturity Benefit

There are no Maturity Benefit under this group insurance plan.

Surrender Benefit

There are no Surrender Benefit under this group insurance plan.

Target Group

For employer who want to provide term life term insurance cover to their employees



EXCLUSIONS

Suicide Clause: In case an insured member commits suicide within 12 months from the risk commencement date of the member, his/her nominee will receive 80% of the premiums paid in respect of the insured member. This clause is not applicable for renewed policy and compulsory employer-employee groups.

FREE LOOK CANCELLATION:

You have a period of 15 days (30 days if the policy is sold through Distance Marketing Mode) from the date of receipt of the group insurance Policy document to review the terms and conditions of the Policy. If you are not satisfied with or disagree with any of the terms and conditions, you have the option to Cancel/withdraw and return the term insurance Policy along with a letter (dated and signed) stating your intention to cancel the Policy and reasons for the objections/Cancellation, within this period. Cancellation of the term insurance Policy and refund of premium is allowed under this provision, whereby the amount payable on such cancellation will be equal to the total premium paid less a proportionate cost of insurance for the period of cover and expenses towards group insurance Policy stamp duty and medical examination, if any.