Closing Future Generali Life Insurance: A Step-By-Step Guide

Future Generali Life Insurance offers a range of insurance products to meet various life needs, including protection, savings, investments, and health. While the company aims to provide financial security and peace of mind to its customers, there may be circumstances where policyholders need to surrender or cancel their Future Generali Life Insurance policy. This process can be initiated by visiting the nearest Future Generali life insurance branch with the required documents, including the original policy documents, a cancelled cheque, ID proof, and a policy surrender form. It's important to carefully consider the implications and ensure sufficient alternative coverage before making the decision to cancel your life insurance policy.

Cancelling Future Generali life insurance outside the cooling-off period

If you want to surrender your Future Generali Life Insurance Plan, you will need to initiate the process through the branch. The surrender value that will be paid to you will be determined by Future Generali. It is important to note that no refunds will be made if the policy is canceled outside of the cooling-off period.

Documents required to surrender your Future Generali Life Insurance Policy:

• Original policy documents
• Cancelled cheque with the policyholder’s name on it
• Policy surrender or cancellation form
• A passbook copy or bank statement with the pre-printed name and account number. This is necessary if the canceled check lacks a pre-printed name or account number or mentions a new account.
• ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
• Latest contact details
• NRE bank statement reflecting any premiums paid from the NRE account

Steps to surrender your Future Generali Life Insurance Policy:

• Visit the nearest branch of Future Generali life insurance (along with the documents mentioned above).
• Proceed to the counter and request the surrender form from the Future Generali life insurance customer service agent, whom you will inform of the cancellation of the policy. They will provide alternate options and solutions, but you can ask them to surrender your policy.
• Present the above documents to the counter. After receiving your request, Future Generali will proceed to cancel your insurance plan.

Things to ensure before canceling your Future Generali Life Insurance Policy:

Make sure you have enough life insurance. It is advised to purchase a term insurance policy with a 10-year term that is at least 10 times your annual salary. This will serve as a tool to replace your family’s income in case of your absence.

Documents required to cancel Future Generali life insurance

To cancel your Future Generali life insurance policy, you will need to submit the following documents to your nearest Future Generali life insurance branch:

• Original policy documents
• Cancelled cheque with the policyholder's name on it
• Policy surrender or cancellation form
• A passbook copy or bank statement with the pre-printed name and account number (if the cancelled cheque lacks this information or mentions a new account)
• ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
• Latest contact details
• NRE bank statement reflecting any premiums paid from the NRE account

You will also need to provide the reason(s) for cancelling your policy.

If you are unable to visit a branch, you can download the surrender form and send it to any Future Generali branch or to the corporate office.

It's important to note that no refunds will be made if you cancel your policy outside of the cooling-off period.

Where to send the documents to cancel Future Generali life insurance

To cancel your Future Generali life insurance, you will need to submit the following documents:

• Original policy documents
• Cancelled cheque with the policyholder’s name on it
• Policy surrender or cancellation form
• A passbook copy or bank statement with the pre-printed name and account number (necessary if the cancelled cheque lacks a pre-printed name or account number or mentions a new account)
• ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
• Latest contact details
• NRE bank statement reflecting any premiums paid from the NRE account

You will need to submit these documents in person at your nearest Future Generali life insurance branch. You can find your nearest branch by visiting the Future Generali website or by contacting their customer service team.

Once you have gathered all the required documents, follow these steps to cancel your policy:

• Visit your nearest Future Generali life insurance branch.
• Go to the counter and request the surrender form from the Future Generali life insurance customer service agent. Inform them that you would like to cancel your policy. They will provide alternate options and solutions, but you can let them know that you would like to proceed with the cancellation.
• Submit the completed surrender form and all the required documents to the customer service agent.
• Future Generali will then process your request and cancel your insurance plan.

Please note that if you cancel your policy outside of the cooling-off period, you will not be eligible for any refunds.

Surrender value of Future Generali life insurance

Surrendering your Future Generali life insurance policy is a simple process. To do so, you must initiate the process through your nearest Future Generali branch. The surrender value that will be paid to you will be determined by Future Generali.

Visit the nearest Future Generali life insurance branch with the following documents:

• Original policy documents
• Cancelled cheque with the policyholder’s name on it
• Policy surrender or cancellation form
• A passbook copy or bank statement with the pre-printed name and account number (if the cancelled cheque lacks this information)
• ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
• Latest contact details
• NRE bank statement reflecting any premiums paid from the NRE account

• Proceed to the counter and request the surrender form from the Future Generali life insurance customer service agent, informing them of your intention to cancel the policy. They will provide alternate options and solutions, but you can ask them to proceed with the surrender of your policy.
• Present the completed surrender form and the required documents to the counter. After receiving your request, Future Generali will proceed to cancel your insurance plan.

Note that no refunds will be made if the policy is canceled outside of the cooling-off period. Before surrendering your policy, ensure that you have adequate life insurance coverage, especially if your family depends on your income.

The surrender value is the amount the policyholder receives if they terminate or surrender the policy before maturity. A regular premium policy acquires surrender value after the policyholder has paid premiums continuously for three years. The Insurance Regulatory and Development Authority of India (IRDAI) fixes the surrender value for the first seven years of the policy. From the third year, the surrender value is up to 30% of the paid premium, and between the fourth and seventh years, it falls to up to 50%. After the seventh year, the surrender value is at the discretion of the insurance provider but must be consulted with the policy regulator.

The sum that the insurance company pays after you surrender the policy is called the cash surrender value. This value is typically less than the premiums paid for the policy, and surrendering the policy before maturity attracts a penalty.

To know the exact surrender amount of your term insurance policy, it is best to contact Future Generali directly.

Things to ensure before cancelling Future Generali life insurance

Before cancelling your Future Generali life insurance policy, there are a few things you should keep in mind and take care of. Here are some important points to consider:

Sufficient Life Cover

Ensure that you have adequate life insurance coverage to meet your needs. It is recommended to have a term insurance policy that is at least 10 times your annual income. This will provide financial security for your family in case something happens to you.

Long-Term Financial Goals

Review your long-term financial goals and make sure they are still achievable without the Future Generali policy. Consider any important milestones, such as your children's education, and adjust your plans accordingly.

Inflation-Adjusted Returns

When choosing an alternative insurance plan, look for one that offers high inflation-adjusted returns on your investments. This will help you build a substantial corpus over time, ensuring that your savings grow at a rate that keeps up with or exceeds inflation.

Understand the Surrender Value

If you have already made premium payments towards your Future Generali policy, you may be eligible for a surrender value. Contact the insurance company to understand the exact surrender amount and any penalties that may apply for early termination.

Alternative Insurance Options

Research and compare other insurance plans in the market to find one that better suits your needs. Look for plans that offer similar or improved benefits, taking into account factors such as coverage amount, premium rates, and investment options.

Remember, cancelling your life insurance policy is a big decision, and it's important to ensure that you have carefully considered all your options and potential consequences. Weigh the pros and cons, and don't hesitate to seek professional advice if needed.

Frequently asked questions