People often fail to decide whether to buy a Life Insurance plan or a mediclaim policy or both. As per a Bloomberg report, over 75 per cent of Indians are not covered by any form of life insurance. The insurance companies and the government have been trying to bridge the gap. In one such move, Future Generali India Life Insurance Company Limited (FGILI) has launched a new term plan, called Future Generali Express Term Life Plan. 

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"The plan is a comprehensive long-term protection plan with four options to choose from. In addition to life insurance coverage, the plan also provides an inbuilt terminal illness benefit and total and permanent disability benefit caused by an accident. With the Future Generali Express Term Life Plan, customers can tailor the plan to suit their individual requirements," said the company.  With this, a customer can have Life Insurance plus Health Cover in a single plan itself. The options that Future Generali Express Term Life Plan provides are:

Option A: Life Cover
The life cover option provides customers a lump sum benefit on death or terminal illness, whichever happens, earlier. In case of total and permanent disability caused by an accident, all future premiums under the policy are waived off. 

Option B: Extra Life Cover (Life Cover with Accidental Death Benefit)
In addition to the benefits offered under option A, the ‘Extra Life Cover’ provides an additional lump sum benefit of Accidental Death Sum Assured, in case of death caused due to an accident. 

Option C: Life Plus Health Cover (Life Cover with Accelerated Critical Illness Benefit)
In addition to the benefits under Option A, the ‘Life Plus Health Cover’ provides a critical illness benefit, if the life assured is diagnosed with or undergoes any one surgical procedure out of the listed 34 Critical Illnesses

Option D: All in One Cover (Life Cover with Accidental Death Benefit and Accelerated Critical Illness Benefit)
In addition to the benefits under Option A the ‘All in One Cover’ provides-

1) An additional lump sum benefit in case of death caused by an accident 

2) Critical illness benefit, if the life assured is diagnosed with or undergoes any one surgical procedure out of the listed 34 Critical Illnesses.

"In addition to the above four options, the plan also offers the flexibility to choose a period of protection and a period of premium payment. However, the minimum period of protection and the period of premium payment term should be 5 years," said the company.

Also, FGILI is offering lower premium rates under this plan, exclusively for women.

Additional Highlights of Future Generali Express Term Life Plan:

* Long term life cover till 85 years of age and critical illness cover till 80 years of age

* Waiver of all future premiums under the policy, in case of total and permanent disability caused by an accident

* Provides lump sum benefit (Sum Assured) on death or terminal illness, whichever is earlier

* Offers comprehensive long term protection at affordable rates

* Comprehensive protection solution where a customer can customize the cover for death, accidental death and critical illness

* Convenience to pay premiums for a limited period or regularly over the entire policy term

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* Provides lump sum benefit in case of diagnosis within the listed critical illnesses or undergoing a surgical procedure

* Offers lower premium rates for women

* Avail tax benefits under Section 80C, Sec 80D and Sec 10(10D) of the Income Tax Act of 1961