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Future Generali Accident Suraksha Plan

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Future Generali Accident Suraksha Plan Review

Future Generali Accident Suraksha is a Personal Accident Plan which covers the individual against accidental death and disability. Thus, the plan provides benefits for accidental damages a person might incur.


Highlights of the Future Generali Accident Suraksha Plan

  • This is a Personal Accident policy which has both Primary and Additional covers in the plan. 
  • The plan can also be taken for family which includes self, spouse and dependent children.
  • The Primary covers provide coverage against death, permanent total disablement and permanent partial disablement and temporary total disablement. The death and disablement should occur as a result of an accident. 
  • Additional cover provides coverage for repatriation benefit and funeral expenses which are inbuilt in the plan.
  • The policyholder might also choose from a gamut of optional coverage options by paying an additional premium. Such features include child education support, life support benefit, accidental hospitalization, accidental medical expenses, hospital cash allowance, loan protector, adaptation allowance and family transport allowance.   
  • The plan is renewable lifelong 
  • The proposer’s risk class is categorized based on his occupation. Doctors, lawyers, teachers, accountants or individuals engaged in administrative and sedentary jobs come under Risk Class I. builders, contractors, supervisory engineers and all individuals engaged in manual labor fall under Risk Class II. Individuals occupied in hazardous occupations like miners, jockeys, sports instructors, circus personnel, etc. fall under Risk Class III. 
  • Dependent children can be covered from 5 years to 25 years.


Working of the Future Generali Accident Suraksha Plan

  • The Sum Assured depends on the individual’s risk class, income and the coverage opted. It is expressed as a factor of the monthly income. The Sum Assured factors available under the plan are as follows:
Coverage option Risk Class I Risk Class II Risk Class III
Accidental Death 144 120 96
Permanent Total Disablement 72 60 48
Permanent Partial Disablement 36 36 24
Temporary Total Disablement 24 to a maximum of Rs.10 lakhs 24 to a maximum of Rs.5 lakhs NA


For Non-working spouse, the Sum Assured is 50% of the primary insured up to a maximum of Rs.10 lakhs with a Temporary Total Disablement of Rs.1 lakh.

For dependent children the Sum Assured is 25% of the primary insured up to a maximum of Rs.5 lakhs without Temporary Total Disablement 

For individuals aged above 70 years, if the policy is renewed continuously, the Sum Assured is as follows:

Ages 71-75 years – 50% of the above-mentioned factors to a maximum of Rs.25 lakhs

Ages 76-80 years – 25% of the above-mentioned factors to a maximum of Rs.10 lakhs

Ages 80 years and above – maximum of Rs.5 lakhs

For individuals not employed aged 71-80 years maximum Sum Assured would be Rs.5 lakhs and Rs.2.5 lakhs for higher ages.
  • The premium is then determined based on the coverage options and the Sum Assured.
  • On any contingency, the compensation would be paid depending on the nature of the injury and the coverage availed.


Benefits and Features of Future Generali Accident Suraksha Plan

  • Compensation Benefit –Compensation is paid to the insured or his nominee, as the case maybe, depending on the nature of injury sustained due to the accident and the Sum Assured chosen by the policyholder. The table shows the benefits payable, expressed as a percentage of the Sum Assured, corresponding to the nature of the injury:
Nature of injury/loss Compensation payable (as a % of Sum Assured)
Accidental Death 100%
Permanent Total Disablement 100%
Permanent loss of sight of both eyes 100%
Loss of sight of one eye and loss of one limb 100%
Loss of both limbs 100%
Loss of one hand and one foot 100%
Permanent Partial Disablement
Arm at shoulder joint 75%
Arm above elbow joint 70%
Hand at the wrist 50%
Arm beneath elbow joint 60%
Loss of thumb 25%
Loss of index finger 10%
Loss of any other finger 5%
Loss of leg above mid-thigh 75%
Loss of leg up to mid-thigh 60%
Loss of leg up to beneath the knee 50%
Loss of leg up to mid-calf 45%
A foot at the ankle 40%
A large toe 5%
Any other toe 2%
Permanent loss of sight in one eye 50%
Hearing in one ear 25%
Hearing in both ears 75%
Sense of smell 10%
Sense of taste 5%
Shortening of legs by a minimum of 5% 7%
Temporary Total Disablement 1% per week for a maximum of 100 weeks.



Eligibility Criteria of Future Generali Accident Suraksha Plan

The plan can be bought only by Resident Indians. The other eligibility criteria of the plan includes:
  Minimum Maximum
Entry age (Last Birthday) of the insured 5 years 70 years
Entry age (Last Birthday) of the proposer 18 years 70 years
Plan tenure 12 months or 1 years
Premium payable Depends on the Sum Assured and coverage option selected.
Premium payment mode Annually
 


Additional Benefits of Future Generali Accident Suraksha Plan

  • Premium rebates – A 10% discount in premium is allowed if family members are included in the cover. 
  • Free Look Period – A cooling off period or a free look period of 15 days is granted to the policyholder after the policy issuance to review the policy terms and conditions. If found unsatisfactory, the plan can be cancelled within this period and the premium paid would be refunded after deducting the relevant mortality charge, service tax, cess and stamp duty paid.
  • Plan cancellation –Either the insurer or the insured can cancel the policy by sending a 15-day notice. On cancellation, the premium after being adjusted for the pro-rated cover would be refunded back to the policyholder. The amount of premium retained would depend on the period of risk for which the policy was in-force. The rate of premium retained corresponding to the risk period is mentioned in the table below. The remaining premium is refunded.
Period of risk the policy covered Premium refunded
Up to 1 month 20% of the annual premium
Up to 3 months 40% of the annual premium
Up to 6 months 75% of the annual premium
Up to 9 months 90% of the annual premium



Premium Rate

The premium under the plan would depend on the Sum Assured and the nature of the injury sustained. Here is the table showing the applicable premium rates:
Cover Option Category
Normal Heavy Very Heavy
Accidental Death 0.40 0.60 0.90
Permanent Total Disablement 0.1 0.20 0.35
Permanent Partial Disablement 0.25 0.45 0.75
Temporary Total Disablement 0.5 0.75 NA
Child Education Support 0.5 0.8 1.25
Life Support Benefit 0.1 0.2 0.35
Accidental Hospitalization 1.5 2 3
Accidental Medical Expenses 20% loading on premium of primary covers 20% loading on premium of primary covers 20% loading on premium of primary covers
Hospital Cash Allowance Rs.300 Rs.300 Rs.300
Loan protector 2 2.8 4.25
Adaptation Allowance 0.7 0.75 0.8
Family Transportation Allowance 0.3 0.3 0.3
 


Exclusions in Future Generali Accident Suraksha Plan

  • Death, injury or disablement due to suicide or self-inflicted injury, alcohol or drug abuse, participation in hazardous sports and activities, criminal act, war, commotion, consequential loss, pregnancy and related causes, defense related operations, curative treatments, aviation, radioactive contamination, STD or HIV would also be excluded. 
  • Existing disability before buying the policy would also be excluded.


 

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