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Future Generali’s Flexi Online Term Plan is an online term insurance plan which can be bought easily. The plan provides a high level of protection at low rates of premiums. The death benefit is flexible in the sense that the policyholder can choose to receive the benefit in lump sum or in monthly incomes.
Step 1 – the policyholder chooses the death benefit option required. He can choose to receive the death benefit in two options–
Step 2 – then the policyholder chooses the Sum Assured for basic life cover where lump sum is paid. If he wants income protection cover which pays monthly incomes, the policyholder would have to choose the level of fixed or increasing monthly payout.
Step 3 – the next step is to choose the policy term. Premiums are paid for the entire plan duration
Step 4- in case of death within the term of the plan, the death benefit is paid. The benefit would depend on the option chosen by the policyholder when the plan was bought. If lump sum option is selected, the Sum Assured would be paid entirely in lump sum. If monthly income option is selected, the chosen monthly income is paid for a higher of 120 months or till the time the insured would have attained 60 years. In case of increasing monthly incomes too, the payout tenure of the income is same. The level of monthly income chosen by the policyholder would increase every year by 10% (simple interest).
Step 6 – If the plan matures, no benefit is paid.
Rahul buys the Flexi Online Term Plan for a term of 30 years. Rahul is aged 35 years so the plan covers him till 65 years of age.
Option 1 – Rahul chooses the Basic Life Cover of Rs.50 lakhs. He pays a premium of Rs.5789 and in case of his premature death during the plan term, Rahul’s nominee gets Rs.50 lakhs in lump sum.
Option 2 – Rahul chooses the Fixed Monthly Income benefit and selects a monthly income of Rs.25, 000. The premium charged is Rs.4361. If Rahul dies during the 10th policy year, a monthly income of Rs.25, 000 would be paid to his nominee for 15 years till which time Rahul had attained 60 years of age. If Rahul dies later, the monthly incomes would be paid till Rahul would have reached 60 years or for a minimum of 10 years whichever is higher.
Option 3 – Rahul chooses the increasing monthly income of Rs.25, 000. This income would start after Rahul’s death and would increase to Rs.27, 500 in the next year. In the year after next it would be Rs.30, 000 and so on. The income would be paid till Rahul would have reached 60 years or for 120 months whichever is higher.
Option 4 – if the plan matures and A is alive on maturity, no benefit is payable
Death benefit the death benefit is paid in case of death of the life insured during the plan tenure. The benefit paid would depend on the benefit option selected by the policyholder when buying the plan. It can be availed in lump sum or in monthly instalments. Both fixed and increasing monthly instalments can be chosen by the policyholder. The death benefit is called the Death Sum Assured which is higher of the following:
Sum Assured - The Sum Assured would be equal to the following:
Maturity Benefit – there is no maturity benefit payable under the plan
|Age at entry (in completed years)||Basic Life Cover - 18 years
Income Protection Cover – 25 years
|Age at maturity (in completed years)||Basic Life Cover - 28 years
Income Protection Cover – 45 years
|Basic Life Cover - 65 years for smoker and 75 years for non-smokers.
Income Protection Cover – 65 years
|Term of the plan||10 years||Basic Life Cover – for smokers – 65 years – entry age
For non-smokers – 75 years – entry age
Income Protection Cover – 65 years – entry age
|Premium paying options||Regular pay|
|Premium Paying term||Equal to the plan tenure|
|Sum Assured||Basic Life Cover – Rs.50 lakhs
Fixed income protection cover:
For ages 25-43 years – Rs.25,000 per month
For ages 44-48 years – Rs.35,000 per month
For ages 49-55 years – Rs.42,000 per month
Increasing income protection cover:
For ages 25-48 years – Rs.25,000 per month
For ages 49-55 years – Rs.35,000 per month
If the life insured dies due to suicide within one year of plan commencement or within one year of revival of a lapsed policy, 80% of the premiums paid are refunded.
Below are the sample rates of premium payable by a non-smoking male at different ages for different combinations of death benefit opted. The Sum Assured for the Basic Life Cover is taken to be Rs.50 lakhs and the plan term is 30 years. Regular premiums are paid annually throughout the term.