Life is uncertain in many ways. The primary reasons for uncertainty which can trouble a lot to individual includes sudden discovery of a critical illness, hospitalization due to accident or illness, job loss or loss in business or profession. Many times, the cost of treatment in hospitalization can go as high as your one year’s earnings. Such a huge financial outgo may spoil your budget for several years. Moreover, if you had taken a home loan or auto loan then it further becomes burdensome to repay the loan when the health is not at your side. The better alternative to overcome such unexpected situation is to avail the insurance that can take care of such expenses. Future Generali Surakshit Loan Bima is one such policy that helps the policyholder in repaying the loan by covering their hospitalization expenses due to poor health or accident.
What is Future Generali Surakshit Loan Bima?
It is one-of-a-kind insurance policy which protects the policyholder and his/her family by covering the unexpected expenses incurred due to accidental death and hospitalization expenses for critical illness or permanent disability. The insured can also avail optional cover for job loss. In case of loss of job for the reasons beyond your control, the insurance company will pay three EMIs of your loan, so you will have immediate relief to find an alternate source of income. The overall purpose of Surakshit Loan Bima is to enable you to repay your loan, when you lose your earning capacity due to illness or accident.
Types of Future Generali Surakshit Loan Bima
There are five types of Future Generali Surakshit Loan Bima based on a number of critical illnesses the insured want it to cover. This policy comes with and without loss of job cover and accidental insurance is covered in every type of insurance uniformly. It is offered on individual sum insured basis, covering up to maximum of 4 participants.
What Future Generali Surakshit Loan Bima Covers?
This policy provides comprehensive protection and is specifically designed to guard you and your family in the event of unfortunate incidence which include:
- Listed Critical Illness
| Type | Critical Illness covered |
| Plan A | · Cancer
· Kidney Failure · Stroke · First Heart Attack · Aorta Surgery |
| Plan B | · Every Illness of Plan A Except Aorta Surgery
· Multiple Sclerosis · Organ Transplant · Open Heart Replacement · Open Chest CABG · Limb’s Paralysis |
| Plan C | · Every Illness of Plan B
· Benign Brain Tumour · Parkinson’s Disease · Coma |
| Plan D | · Every Illness of Plan C
· Liver Disease · Alzheimer’s Disease · Arota Surgery
|
| Plan E | · Every Illness of Plan D
· Loss of Speech · Major Burns · Deafness |
- Accidental Death or Permanent Total Disablement
- Loss of Job (Optional Cover and can only be opted by the salaried people)
Eligibility Criteria
| Criteria | Min- Max |
| Entry Age | 18-65 Years |
| Renewal Age | Up to 70 Years |
| Policy Term | 1 to 3 Years |
| Sum Insured | Rs.10,000 to Rs.30 Lakhs |
| Medical Examination | Necessary only after 50 years age |
| Number of Members | Maximum four members can be covered |
Claim Process
The claim process under Future Generali Surakshit Loan Bima is simple. Once you submit the documents related to critical illness, or accident, as the case may be, the insurance company pays you the amount equivalent to the sum insured or sanctioned loan amount, whichever is less. In case of job-loss, your three EMIs shall be paid to the loan account by the insurance company. Once the company pays a claim for critical illness or accident, the cover terminates, and no other subsequent claim shall be payable.
Document Required to Claim Insurance
- Claim-form, duly filled and signed.
- Competent doctor’s certificate confirming the critical illness
- Bank certificate regarding loan details – showing EMI amount and Principal outstanding
- Discharge certificate from the hospital.
- Medical examination reports.
Cases Where You Can’t Make Claim Under Future Generali Surakshit Loan Bima (Exclusions)
- Hospitalization for investigation or diagnosis
- Maternity-related expenses
- Congenital illness
- Cosmetic surgery and plastic surgery
- Cost of spectacles, dental surgery, hearing aids, and similar expenses are not paid.
- HIV/AIDS
- Injuries or death due to Hazardous sports, war, terror attack
- Disease due to exposure to nuclear or radiations
The above exclusions are only indicative in nature. For more details, refer to the prospectus given on the Future Generali website.
How Long Does It Take to Payout a Claim?
Thanks to in-house claim processing unit, Future Generali pays every legitimate claim within 15 days. However, the timeline is applicable after submission of every necessary document and duly filled claim form.
Renewal Process Of Future Generali Surakshit Loan Bima
This policy is renewable up to 70 years of age. However, policyholder have the option to migrate to their Future Criticare (standalone critical illness product) to continue the cover for Critical Illness after the age of 70 years, provided that S/he has been insured with the insurance company for the first time before the age of 65 years and has renewed continuously up to 70 years.
Advantages of Buying Future Generali Surakshit Loan Bima
- Surakshit Loan Bima is a comprehensive policy that covers the expenses related to critical illness, accident, and job-loss.
- Loss of job feature is only available to the salaried Policyholder can avail 10% discount if they are not opting for this feature at the time of inception of the policy
- No loading of premium shall be applied due to adverse claim experience.
- Free look period of 15 days is given to the insured where he can review the terms and conditions of the policy and return the same if not found suitable
- Have wide range of insurance plans to choose from for various critical illness
Points to Consider Before Purchasing Future Generali Surakshit Loan Bima
- Select Sum Insured Carefully
Unlike other insurance plans, you cannot change the sum insured at a later date. As far as your budget permits, consider taking the plan that covers maximum critical illness. If you are working professional, consider taking job loss option as well.
- Avail Early
As your age increases, the premium of policy increases drastically. At an older age, you are more prone to an illness that is not apparent at a younger age. Once the illness is discovered, no insurance company covers the claim till waiting period is over.
- Cover Earning Members of Family
Future Generali allows you to cover a maximum of four members of the family. For the benefit of the dependents, it is recommended to cover earning members first under Surakshit Bima Youjna. Such a step takes care that no burden of the loan or hospital expenses shall be passed on to family members.
FAQ’s
Q1- Is it compulsory to undergo pre-medical test?
The pre-medical test is compulsory only above the age of 50 years and if the proposal is accepted, the insurance company pays 50% costs of the medical tests.
Q2- Is every loan eligible for Future Generali Surakshit Loan Bima?
The Future Generali Surakshit Loan Bima can only be availed for the property loan and it must be located in India. The policy can be issued only after the disbursement of the loan by the bank.
Q3- Is there any waiting period associated with this policy?
The critical illness and loss of job cover is covered in this after a waiting period of 90 days.
Q4- Is Future Generali Surakshit Loan Bima is another health insurance policy?
Absolutely No!. The Future Generali Surakshit Loan Bima plan pays you lump sum amount based on the sum insured and sanctioned loan amount. In this plan, there is no reimbursement of expenses. Hence, you can utilize the amount to repay your loan in a situation like critical illness or accident so that loan burden is not passed on to your family members.
Q5-What are the exclusions in case of “Loss of Job” feature?
The claim is payable only when the permanent job is lost due to reasons beyond the control of the insured. The regular retirement, resignation, suspension or job loss to the un-confirmed employee will not be covered. Insured should know that loss of job is an optional cover and can only be opted to salaried members only.