Future Generali India Life Insurance Company Limited introduces guaranteed savings solution with health cover

Press Release

• 07-07-2021

Mumbai: Future Generali India Life Insurance Company Limited (FGILI), announced the launch of their latest life insurance solutions which offers comprehensive financial coverage with a combination of existing Health and Savings plans.

The three new solutions are ‘Future Generali Health and Assured Wealth Solution’, ‘Future Generali Health and Assured Income Solution’ and ‘Future Generali Health and Assured Money Back Solution’

These solutions can be used to take care of different financial milestones plus it offers financial protection against a sudden health condition which otherwise may wipe out your entire savings.

Key Benefits:

• Life and Health benefits combined to ensure health exigencies do not derail your savings made for the planned financial milestones

• Choose from one of the three savings plan option for your planned financial milestones:
  • Future Generali Health and Assured Wealth Solution: Get a guaranteed lumpsum amount that can help to take care of your planned financial goals. You can also opt for in-built waiver of premium upon death of the insured to secure the financial milestone by receiving a lump sum immediately upon death plus waiver of future premiums (no need to pay premiums) and family receives full maturity benefit as planned.
  • Future Generali Health and Assured Income Solution: Guaranteed income for a defined period and an additional benefit along with the last income payment. You can pay for 15 years and get double of premiums every year for next 15 years plus an entry age-linked benefit along with the last payout.
  • Future Generali Health and Assured Money Back Solution: Get guaranteed money back along with a lumpsum amount at maturity. Moneyback starts after the premium payment, thus providing you help to meet your planned milestones.

• The health benefits that can be attached to the savings plan have following exclusive benefits:
  • Option of Lump sum benefits upon diagnosis of a Heart condition or on any of the covered 59 health conditions (including defined heart conditions).
  • This benefit can be claimed over and above Mediclaim benefits, in case you have a Mediclaim policy. The lump sum thus received can be used for recuperation expenses.
  • The health plan offered covers minor, moderate and major health conditions – multiple claims are permitted till you exhaust 100% of the Sum Assured under health plan. Premiums related to health policy are not required to be paid for next 5 years (onetime benefit) if health condition that is classified as minor or moderate happens.
  • You can also opt to get the premiums back at maturity which are paid towards health plan after deduction of any health claim availed.

• Tax benefits u/s 80C of Income Tax Act 1961 for premium paid towards life insurance and saving benefits and u/s 80D for premium paid towards health benefit.
• The combination solution allows customers to select a suitable saving plan option with most appropriate health cover after carefully going through the coverage and premium payable.

Policyholders look at an insurance company for their needs around life cover, health cover and long term saving and sometimes, one product is not able to cater to the need that the customer could have. Future Generali India Life Insurance recently launched a Combo Platform to offer combination of multiple products to meet the customer needs which may not be met using a single product.

Announcing the launch of three new combination solutions, Bikash Choudhary, Appointed Actuary and Chief Risk Officer, Future Generali India Life Insurance Company Limited, said, “With these solutions, our customers will be able to financially secure their planned milestones and will also stay financially prepared for any expense arising from unexpected contingencies covered under this solution.

Our combination solutions are specifically curated as per customer needs and comes with ease of buying the entire solution at one go ”

.

FUTURE GENERALI INDIA LIFE INSURANCE COMPANY LTD

Future Generali India Life Insurance Company Ltd. is headquartered in Mumbai and was established in 2006. The company operates across 118 locations in India and offers total insurance solutions across both the individual and group front. The company clocked GWP of INR 1,322 crores in FY21, ended the period at an Assets Under Management of INR 5,142 crores, and have an Individual claim settlement is 94.9% for FY21. The company is backed by Generali, Future Group and Industrial Investment Trust Limited

.

THE GENERALI GROUP

THE GENERALI GROUP Generali is one of the largest global insurance and asset management providers. Established in 1831, it is present in 50 countries in the world, with a total premium income of € 70.7 billion in 2020. With more than 72,000 employees serving 65.9 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. Commitment to sustainability is one of the enablers of Generali’s strategy, inspired by the ambition is to be the life-time partner to its customers, offering innovative and personalized solutions thanks to an unmatched distribution network.

FUTURE GROUP

Future Group operates some of India’s most popular retail chains including Central, Big Bazaar, Food Bazaar, Hometown and eZone. Apart from its allied businesses in Life and General insurance, the Group is also present in the domain of logistics infrastructure and supply chain and brand development. The group operates

over 17 million square feet of retail space in over 90 cities and towns and 60 rural locations across India. The group’s retail formats connect over 300 million customers to over 30,000 small, medium and large enterprises that supply products and services to its retail chains. Future Group believes in developing strong insights on Indian consumers and building businesses based on Indian ideas, as espoused in the group’s core value of ‘Indianness.’ The group’s corporate credo is, ‘Rewrite rules, Retain values’.

IITL GROUP

IITL was incorporated in the year 1933 as an investment trust Company. It has made bonus issues thrice and has been consistently paying dividend to shareholders over the years.

Previous News