In a bid to further strengthen its health insurance portfolio, Future Generali India Life Insurance (FGILI) today launched its new Heart and Health Insurance Plan, aimed at providing a comprehensive coverage against 59 critical illnesses, including 18 heart ailments & cancer-related conditions. The plan provides coverage till 75 years of age with the flexibility to choose the sum assured, policy term as well as the premium paying term.
According to the company, its Heart and Health Insurance Plan will be the first insurance product in India to introduce customers to a modular combination of four distinct types of coverage options, allowing them to choose from an exclusive heart cover, a heart cover with return of premium, a critical illness cover (related to heart, cancer and other illnesses) and a critical illness cover with return of premium.
All the options will have critical illness benefits diversified among 3 severity groups, i.e. minor, moderate and major, benefit payout for which will be 25%, 50% and 100%, respectively. Furthermore, the product has an inbuilt waiver of premium benefit for 5 years or at the end of the policy term, whichever is nearer (only once, on the occurrence of first minor claim or first moderate claim).
In addition to offering a maturity benefit whereby the policyholder (of option 3 and 4) can get back the sum of all premiums paid in case of survival till maturity, the plan also has an in built death benefit (25 % of sum assured) on all the 4 cover options.
|Heart cover||Critical illness cover||Heart cover with return of premium||Critical illness cover with return of premium|
(As on last birthday)
|Minimum: 18 years
Maximum: 65 years
|Maximum Maturity Age||75 years (as on last birthday)|
|Policy Term (in years)||10, 15, 20, 25, 30 and (75 minus age at entry)
|Up to age 50 – 10, 15, 20, 25, 30 and (75 minus age at entry)
For age 51 to 65 years – 10 years
|Premium Payment Term||Equal to policy term|
|5 Lac/ 10Lac /20Lac /30Lac /40Lac/ 50Lac|
|Minimum Annual Premium||INR 614
|Premium Payment Frequency||Half-yearly Premium- 52% of annual premium
Quarterly Premium- 26.5% of annual premium
Monthly Premium) – 8.83% of annual premium
Talking about their new health insurance plan, Munish Sharda, MD and CEO, Future Generali India Life Insurance, said, “Health insurance is a fast-growing segment and with the government’s thrust on the sector in the recent budget, we believe there is tremendous potential for growth of all kinds of health insurance plans in the coming years. This is a comprehensive defined benefit plan that provides financial protection against 59 critical illnesses, including 18 Heart ailments. With a modular design to cater to specific requirements of our customers, it offers flexibility to choose between 4 types of coverage options, including option to receive the premiums back on survival of the policy term. The plan offers a lumpsum benefit upon the diagnosis or treatment of a disease as the case may be and allows for multiple claims to be made.”