(UIN: 133N005V01)

Future Generali Group Credit Suraksha is a product specially designed to help keep your debts from becoming a burden to your family.thereby providing financial security to the family members. In simple terms, in the event of the death of the loanee, the financial burden of the loan is met by the insurance policy and does not pass on to the dependent family members or their estate.

Key Features:

• Future Generali Group Credit Suraksha is a Single Premium Term Assurance plan which is designed specifically for financial institutions to provide life coverage to their new as well as existing borrowers.
• A wide range of loans, which includes mortgage, auto loan, education loan, personal loan, credit card group, etc can be covered under the scheme.
• The plan can be taken on single life as well as on joint life.
• The plan will be offered in two forms – (i) Decreasing Term Assurance Plan (ii) Level Term Assurance Plan.
• Increased Insurance coverage can be opted for in case of top-up/additional loans.
• Right age to take this plan - 18 to 60 years with coverage upto a maximum of 65 years.
• Sum Assured starting from Rs. 20,000 onward based on individual underwriting considerations.
• Policy Term ranging from 2 to 30 years.

Advantages:

• The outstanding loan balance is repaid by the claim amount, in the event of death of the Insured member during the term of the policy.
• The plan is customized as per the needs and requirements of an individual and is offered as (i) Decreasing Term Assurance Plan (Reducing Cover) (ii) Level Term Assurance Plan (Level Term).
  • Decreasing Term Assurance – In the event of death of the insured member, the Sum Assured which is the outstanding loan amount will be paid to the Financial Institution / Group Policyholder. The outstanding loan amount is the outstanding loan on the month of death as specified in the loan schedule given at the start of the insurance cover in the ‘certificate of insurance’ issued to each insured member. The policy terminates thereafter.
  • Level Term Assurance – In the event of death of the insured member, Sum Assured will be paid to the financial Institution / Group Policyholder. The balance amount if any, after complete discharge of the loan, will be paid in turn to the nominee or estate of the insured member. The policy terminates thereafter.

  In certain instances, depending on the nature of the scheme, the benefits will be directly payable to the nominee / estate of the insured member.

• Joint-life / Co-borrowers can be covered either for their respective share of loan amount or each can be covered for 100% of the loan amount on first death basis.
  • In case of death of any one of the joint borrowers (first death), where both the borrowers are insured on the entire loan amount, the outstanding loan amount is paid and the insurance cover will cease on the lives of the surviving borrower.
  • In case of death of any one of the joint borrowers, where both the joint borrowers are covered for their respective loan share, the insurance cover on the life of the surviving borrower will continue for his/her respective outstanding loan amount and for the balance repayment term
• Attractive discounts offered for Large Sum Assured.

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Benefits:

• Maturity Benefit - There is no maturity benefit under this plan
• Surrender / Paid-up Value - The insured member can surrender his/her insurance cover from the commencement of second year onwards by making a request in writing to Future Generali India Life Insurance Company. Details of the Surrender Value will be available on request. The Surrender Value available under the policy will be reviewed from time to time and is subject to change.

Large Sum Assured Rebate

Sum Assured	Large Sum Assured Rebate per 1000
	Single Premium
>= 2,00,000	1.50
>= 5,00,000	2.40
>= 10,00,000	2.70
>= 15,00,000	2.80
>= 25,00,000	2.90
>= 50,00,000	3.00

Note :

(i) A flat policy fee will apply for SA below Rs. 1 lakhs

(ii) The policy fee or Large SA rebate would however be adjusted based on the size and profile of the group

(iii) The premium rates, large Sum Assured Rebates / Policy Fee and Underwriting Rules etc will be based on the size and risk profile of the scheme and will be quoted on request.

Tax Benefits

Premiums paid under the plan is eligible for benefit under Section 80C and Death claim qualify under section 10 (10) D of the Income Tax Act, 1961.

Note: The above tax benefits are applicable as per current tax regulations and are based on our interpretation of such regulations. These may change in future. Please contact your tax advisor for any further query.

Exclusions under Credit Suraksha

• If during the first 45 days from the date of commencement of the cover for an insured member, the Company shall not be liable to pay any claim amount except for claim arising out of death due to accident. For death due to causes other than accident, full premium paid will be refunded without interest.
• In case the insured member commits suicide whether sane or insane, within one year from the date of commencement of the insurance cover for that member, then the benefits under the plan would not be paid and insurance cover for that member will automatically cease.

Nomination and Assignment

The insured member may, at any time before the policy matures for payment, nominate a person or persons as per Sec 39 of the Insurance Act 1938, to receive the policy benefits in the event of his / her death.

No further assignment is possible if the benefits under the the policy is assigned to the Group Policyholder.

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