Future Generali Cancer Protect Plan

About Future Generali Cancer Protect Plan

The Future Generali Cancer Protect plan is a non-linked, non-participating cancer plan that provides financial support by offering benefits for multiple stages of cancer.

How Does the Plan Work?

The plan comes in 2 variants:

• Lump sum cover
• Lump sum cover with income benefit

Let’s have a look at the benefits paid under both these variants:

A) Option 1 - Lump Sum Cover

• Cancer diagnosed at the minor stage:
  25% of the sum assured is paid instantly once cancer is diagnosed at the minor stage + Premiums are waived off for either the next three years or till the end of the policy term, depending on whichever is earlier.
• Cancer diagnosed at the major stage:
  Entire sum assured is paid instantly once cancer is diagnosed at the major stage.
• Cancer diagnosed at the minor stage first and later develops into the major stage:
  25% of the sum assured is paid instantly once cancer is diagnosed at the minor stage + Premiums are waived off for either the next three years or till the end of the policy term, depending on whichever is earlier + 75% of the sum assured is paid instantly once cancer is diagnosed at the major stage

B) Option 2 - Lump Sum Cover with Income Benefit

• Cancer diagnosed at the minor stage:
  25% of the sum assured is paid instantly once cancer is diagnosed at the minor stage + Premiums are waived off for either the next three years or till the end of the policy term, depending on whichever is earlier.
• Cancer diagnosed at the major stage:
  Entire sum assured is paid instantly once cancer is diagnosed at the major stage + 2% of the sum assured is paid as income benefit for each of the coming 60 months from the time of the diagnosis of cancer at the major stage.
• Cancer diagnosed at the minor stage first and later develops into the major stage:
  25% of the sum assured is paid instantly once cancer is diagnosed at the minor stage + Premiums are waived off for either the next three years or till the end of the policy term, depending on whichever is earlier + 75% of the sum assured is paid instantly once cancer is diagnosed at the major stage + 2% of the sum assured is paid as income benefit for each of the coming 60 months from the time of the diagnosis of cancer at the major stage.

Please note these points too:

• Minor-stage cancer benefits will be paid once while the policy is active and for the cancer of a particular organ.
• Minor-stage cancer benefits will be paid for a maximum of 4 times up to the maximum sum assured for separate organs while the policy is active.
• As soon as the sum assured gets exhausted, the policy will get terminated.

Let’s understand the benefits of this plan with the help of an illustration.

Brijesh is a 30-year-old digital marketer who lives in Mumbai with his wife and 2 children. Brijesh does not smoke and leads a healthy lifestyle. He buys the Future Generali Cancer Protect plan with the option of lump sum cover (option 1). His policy term is 20 years and he pays an annual premium of INR 1,144 + taxes for a sum assured of INR 20,00,000.

Brijesh is diagnosed with minor-stage cancer during the 10^th policy year. He is paid a sum of INR 5,00,000 (25% of the sum assured) for the treatment and the premiums for the next 3 policy years are waived off. His policy shall continue until Brijesh reaches age 50.

Riders and Add-ons

There are no riders available under this plan currently.

Why Should You Buy This Plan?

You should buy this plan because if offers the following benefits:

• Provides a lump sum amount to pay for the expenses incurred at different stages of cancer
• The plan offers the benefit of premium waiver on diagnosis of cancer
• Tax benefits can be availed as per Section 80(D) of the Indian Income Tax Act

Who Should Buy This Plan?

The Future Generali Cancer Protect plan is opted for by those who are looking to create a financial back up should s/he be diagnosed with cancer in the future. The lump sum amount offered under the policy comes in handy to pay for the expenses incurred while treating the illness. This way, the burden of paying a huge amount out of one’s own pocket is reduced or becomes nil.