How Does Group Term Life Insurance Work?
From premiums to claims understand the how a group term life insurance work.
By Pazcare
April 30, 2023
Key Insights
Future Generali life insurance offers various insurance plans to cater to the clients needs. These can range from Term insurance plans health insurance plans, ULIPs, retirement plans, child plans to group plans. The company was established in the year 2000 and is a joint venture between Future Group and Assicurazioni Generali.
Future Generali Group Term Life Insurance Plan is a cost-effective way of providing immediate financial protection to the respective nominee in case of death of an employee or member. Future Generali believes that by providing the employees or member with peace of mind, organization or group, it will promote greater loyalty from the members.
With Pazcare, employers can provide their employees with a group term life insurance policy from Future Generali Life Insurance company. You can get the best quotes for the Future Generali group term insurance policy and manage the policy using Pazcare’s tech-enabled dashboard.
These simple steps allow you to purchase Future Generali group term life insurance policy online from Pazcare.
Step 1: Visit https://www.pazcare.com/ and click on the products drop down and choose group term life insurance.
Step 2: You will see a form that asks for details like your name, phone number, work email address and the number of employees you wish to purchase Future Generali Life group term life insurance.
Step 3: Once you submit this form, our insurance consultants will get back to you to understand what policy you want to offer your employees. We will also ask for the active employee data like the employee ID, the CTC, the designation, etc. to give you quotes.
Step 4: Once the data is submitted, we will get back to you with the best quotes for the group term life insurance policy from Future Generali Life Insurance company.
Step 5: You can accept the terms and conditions of the policy and pay the premium quoted for that particular year. The policy gets activated immediately after the purchase.
Step 6: Our team will help you with the whole process and also take you through the Pazcare dashboard where you can manage the Future Generali group term life insurance policy.
For further information, write to us at support@getpaz.com or call our customer care at +91 78291 11300. Alternatively, connect with us on Whatsapp using the number +91 81973 79596.
Future Generali group term insurance for employees is a fully customisable term life insurance plan. The premiums paid are much lower than those of other retail term insurance plans. The plan comes with optional rider benefits like
These are some of the rider options available for your Future Generali group term insurance policy. The riders can be claimed according to the terms and conditions of the policy.
The Future Generali group term insurance can be renewed easily with Pazcare at end of the policy term. Here is how you can renew your group term life insurance policy.
Step 1: Get in touch with Pazcare. Submit the form containing details like your name, name of the company, number of employees you wish to insure, work email address and phone number.
Step 2: Once the form is submitted, our life insurance consultants will get in touch with you and request you to submit the following documents.
Step 3: After submitting these details you can choose any additional riders to the policy at your convenience. These riders are critical illness riders, accidental death benefit riders, accidental death and dismemberment rider etc. Once you decide, we will get back to you with the best quotes for your Future Generali group term insurance policy.
Step 4: The next step is to agree to the terms and conditions of the policy and pay the premium for your Future Generali group term life insurance policy.
Step 5: The policy gets activated immediately after paying the premium. Our team will guide you through the whole process and help you with the onboarding process too.
We make sure that your Future Generali term insurance experience will be seamless using our Pazcare dashboard. Your employees can access their policy using Pazcare’s employee app which is available on both the app store and the play store.
The claim settlement ratio is the percentage of the claims settled by the Future Generali Life insurance company during a particular financial year. Hence, the higher the claim settlement ratio, the better chances of the claims getting settled.
In the financial year 2021-22, the claim settlement ratio of Future Generali Life Insurance is 94.86%.
The Future Generali group term insurance premium depends on various factors like
Purchasing your group term life insurance policy for employees from Future Generali Life Insurance company has the following benefits.
Tax benefits
As employers, when you pay the premium towards the Future Generali group term life insurance policy, you are eligible to avail of tax benefits under Section 37(1) of the Income Tax Act of 1961.
Options for riders
Your Future Generali group term life insurance policy comes with customizable riders like core critical illness rider, terminal illness rider, accidental death rider and accidental partial disability rider.
Death benefits
The Future Generali group term life insurance policy comes with death benefit. Death benefit is nothing but an event when the member or employee dies, the sum assured is paid to the designated beneficiary.
Here are the documents that you require to claim the Future Generali group term insurance policy.
Why buy a group term life insurance
policy online from Pazcare?
Future Generali Life Insurance customer care services are available 24X7 for any group term life policy related queries and assistance.
For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
No, Future Generali Group Term Life Insurance does not provide any maturity benefits.
Future Generali group term life insurance offers the following riders -
No, Future Generali Group Term Life Insurance does not provide surrender benefits.
The payment frequencies in Future Generali Group Term Life Insurance are yearly, half-yearly, quarterly and monthly.
You can now easily renew your Future Generali life insurance policy with Pazcare. Reach out to our insurance consultants. Make sure you submit all the required documents and decide on the riders you need. Team will get back with the best quote shortly. After you agree with terms & conditions, just pay the premium and your policy shall get activated.
You can call customer care department 24x7 at 1800-102-2355 or even mail them at care@futuregenerali.in
For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
1800-102-2355
care@futuregenerali.in
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