Future Generali Group Term Life Insurance Plan and Policy
Future Generali Group Term Life Insurance Plan and Policy - Human beings are social creatures and our survival often depends on how we function in a group. Today, work involves interaction with a number of people, and every individual is unique and important for an organisation. The Group Term Life Insurance Plan from Future Generali is a specialised plan created for groups who wish to stay protected without having to shell out exorbitant amounts. It is ideal for work spaces or organisations who wish to offer life insurance to their invaluable members.
Eligibility Criteria - Future Generali Group Term Life Insurance Plan
Groups which intend to utilise the benefits of this Group Term Life Insurance Plan need to keep the following eligibility criteria in mind.
- Minimum entry age – The minimum entry age for members is 18 years.
- Maximum entry age – The maximum entry age is 69 years.
- Policy Term – These policies come with a 1 year term and can be renewed annually.
- Maximum maturity age – The maximum maturity age for members is 70 years.
- Minimum premium – The minimum premium is Rs 2,500 per group, per annum.
- Minimum group size – There should be a minimum of 25 members in the group for it to be eligible for this scheme.
Features - Future Generali Group Term Life Insurance Plan
Some of the unique features which set this Group Term Life Insurance Plan apart from others are mentioned below.
- Umbrella plan – This plan is akin to an umbrella, offering protection to a number of participants through one single scheme.
- Affordable – The premiums for this plan are affordable, making it light on the pocket and economical for everyone involved.
- Flexible group size – Organisations have the option to add or remove members from the plan on a monthly basis, ensuring they implement necessary changes without having to worry about impacting the performance of this plan. Also, this helps them save money on premiums by adequately choosing the number of members who are protected.
- Builds healthy relationships – This plan helps create a healthy work atmosphere, leading to a strengthened bond between the employees and the employer. This helps members focus on their work without having to worry about the future, increasing productivity and creating strong grounds for employee retention.
- Age flexibility – This group plan allows individuals from the age of 18 years upwards to be included under the protection scheme.
- Renewable policies – This is an annual policy which can be renewed every year, helping employers make decisions with time.
- Sum assured – An employer can choose the sum assured they think is suitable for the group, with the minimum being Rs 1,000 per member for groups with over 5,000 members and Rs 5,000 per member for other groups.
Benefits - Future Generali Group Term Life Insurance Plan
Some of the major benefits of this Group Term Life Insurance Plan are mentioned below.
- Death Benefit – In the unfortunate event of demise of any member of the group covered under the plan, a death benefit equivalent to the sum assured will be provided to his/her nominee.
- Additional benefits – An employer can choose to add additional riders to the basic plan, thereby increasing the overall cover. Riders ranging from accidental death to core critical illness, terminal illness and accidental partial disability are offered by Future Generali, with a total of 9 options available to employers.
- Tax Benefits – Individuals are entitled to tax benefits under the provisions of the current income tax laws on the premiums paid and any sum received as an outcome of death.
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