The Future Generali Saral Bima Plan
The Future Generali Saral Bima Plan is a traditional endowment plan that offers life insurance cover. It is a simple life insurance option for policyholders that has a regular premium payment term and offers protection and savings for a medium to lengthy period, all in one. The policy allows its policyholders to secure their loved ones future even in their absence. Policyholders may opt for a high insurance cover if they so wish.
The policy is a non-participating endowment insurance plan.
Policyholders have the advantage of an affordable life insurance cover with fully guaranteed benefits.
With the policy term options available, policyholders can plan their medium to long-term financial requirements.
Details About Premium
Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues, without interest. For premium payments through monthly mode, the Grace Period is 15 days. If premiums remain unpaid at the end of the Grace Period, the policy lapses from the due date of the first unpaid premium.
Policy Termination or Surrender Benefit: Surrender Value of the policy is acquired when the policyholder pays all due premiums for the first three policy years. Termination of the policy occurs on payment of the Surrender Value or the Death Benefit or Maturity Benefit.
Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. This timeframe is extended to thirty days if the policy was sold via distance marketing. If the policyholder does not wish to continue with the policy, then he or she has to return the policy stating their objections. The customer will receive the policy premium minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.
If premiums for a minimum of three years have been paid and subsequent payments have not been made, then the policy acquires “Paid-Up” Value and the Sum Assured under the policy is reduced.
Additional Features or Riders
The revival of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of two years from the date of the first unpaid premium.
There are two additional riders available with this policy, which are the Future Generali Non Linked Accidental Death Rider and the Future Generali Non Linked Accidental Total and Permanent Disability Rider.
The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover or reinstatement. The company will refund the higher of 80% of the premiums paid till the date of death and the Surrender Value, as Death Benefit.