Future Generali India Life Insurance T&Cs

Here are the general terms and conditions of the Future Generali India Life Insurance Term Insurance Policy.

1. Policy Termination: The payment of premium ceases on the basic contingent of the event happening during the policy. On paying the claim, no further premium is required to be paid.

2. Grace Period: The grace period in the Future Generali India Life Insurance policy varies on the basis of your premium payment. If the premium is paid on an annual, half-yearly and quarterly basis, then the grace period for renewal is 30 days. If the premium payment is done on a monthly basis, then the grace period provided is 15 days. For all the Unit Linked Insurance Plans (ULIP) the grace period provided is 75 days.

3. Free-Look Period: Policyholders are allowed to return the insurance policy to the insurance company within a 30-day free-look period if they disagree with any of its features or terms and conditions. In such cases, the policyholders are required to appeal for cancellation, stating their objections.

4. Change in Premium Mode: Policyholders can change the premium payment mode from annual to monthly or from monthly to annual. However, the monthly premium amounts can be paid only by Electronic Clearing System (ECS). The change in the mode of premium payment can be altered at any time during the term of the policy.

5. Rebates or Discounts: Future Generali India Life Insurance does not offer any rebates, directly or indirectly to any person for sourcing the policy. The commission paid to insurance agents is out of the purview of this condition.

6. Nomination: The policyholder can make a nomination under this term loan insurance policy before the expiry date of the policy. The nominee can receive the policy benefits on the death of the policyholder. If the nominee is a minor, the policyholder has to appoint another major person to act on behalf of the nominee. If the nominee dies before the policy has expired, the policyholder can change the nominee. If the nominee dies, and the policyholder is also not there to make changes, or due to some other reasons, the changes cannot be made then the legal heir of the nominee or the succession certificate holder will receive all the policy benefits.

7. Jurisdiction: The Future Generali India Life Insurance term insurance policy is subject to Indian law.

8. Taxation: Service tax and other taxes payable for the basic policy and rider benefits will be charged separately by the company. All the implied taxes by the government have to be paid by the policyholder with his premium. The premium up to Rs. 1,50,000/- is exempted from income tax under section 80 C of the Income Tax Act. The benefits reaped from the policy is also exempted from income tax under section 10 D of the Income Tax Act.

9. Grievance Redressal: The policyholder should follow the stipulated grievance redressal mechanism in the case of any disputes.

10. Currency: All amounts payable by and to the policyholder will be in Indian rupees.

11. Switch: Under the plans of Future Generali India Life Insurance, policyholders are allowed to make twelve free switches every policy year. Making more than the allowed number of switches in a policy year can make you penalise with Rs. 100 for every switch. However, unused free switches are not allowed to be carried forward.