Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
Can I save tax with the Generali Central Flexi Online Term Plan?
2 mins
2.9KIntroduction
The Generali Central Flexi Online Term Plan is a life insurance plan that allows you to secure a life cover up to the age of 75 years. You have the flexibility to choose how you want the benefits to come to your family. This can either be a lump sum amount that can look after your family’s urgent and immediate financial needs or a monthly payout that will help your dependents maintain the same standard of living in your absence.
Tax benefits
The Generali Central Flexi Online Term Plan comes with tax benefits too. The benefits are as follows:
- The premium amounts you pay towards the plan each year can be claimed for a tax deduction as per Section 80C of the Income Tax Act, 1961.
- The amount that your family receives as the death benefits is also exempted from tax as per Section 10(10D) of the same Act.
Key points
- While the premium you pay towards the life insurance is eligible for a tax exemption, the lower of the following two amounts will be taken into consideration:The amount of premium up to ₹1,50,000The amount of premium up to 10% of the sum assured
- Under Section 80C, some other amounts can also be claimed like your contribution to provident fund, deferred annuity, ELSS etc. All of these avenues put together allow a total deduction of up to ₹1,50,000, so you might want to plan your premium amount accordingly
One of the best features of the plan is that the monthly payout works on an increasing-income mechanism, meaning that the amount paid to your family increases by 10% each year in order to help them combat inflation. This helps secure the family’s long term financial security as it ensures that the benefits from the plan are moving with the times.
Another benefit of the plan caters to women. The plan offers lower premium rates for women. Similarly, the plan offers lower rates for non-smokers as compared to smokers. This difference ensures that each individual gets a premium rate that is fair and equal with their lifestyle, enabling them to financially protect their family better.
Thus, if you are looking at life insurance as an instrument or avenue for tax-saving, the Generali Central Flexi Online Term Plan will serve you well.
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Get Expert Advice from Your Trusted Life Insurance Partner!
Have questions? Get help and reliable support from experts at Generali Central India Life Insurance.
Explore Knowledge Centre
From insurance basics to wealth-building strategies — everything you need, in one place.
Got Questions? We’ve Got Answers!
Here are answers to some of the questions you might have.
Life insurance is a financial safety net that supports your loved ones in your absence. If something happens to you, it provides them with funds to help cover everyday expenses, repay debts, and achieve future goals. It gives you peace of mind, knowing your family’s financial future is secure— no matter what.
The right plan depends on your needs.
Start by assessing your life stage, financial goals, and the needs of your family. Consider factors like your income, outstanding loans, future expenses and goals (like children’s education, foreign travel, study abroad), and desired coverage amount. We offer a wide range of plans that cover multiple goals and budgets. To get a better idea and make a confident choice consult with a financial advisor or call us on 1800 102 2355.
A good rule of thumb is to aim for coverage that's 10–15 times your annual income. Consider your family’s living expenses, outstanding loans, children’s education, and long-term goals. The right amount ensures your loved ones can maintain their lifestyle and meet future needs— even in your absence.
We would love to help you choose and buy the right policy for your needs. Call our toll-free number 1800 102 2355 or drop us an email at care@generalicentral.com.
Reach out to us in any way that you prefer, and our team of experts will soon get back to you!
Disclaimers
Understand your policy better with key details and insights into our Generali Central Life Insurance.
This Product is not available for online sale. Life Coverage is included in this Product. For detailed information on this plan including risk factors, exclusions, terms and conditions etc., please refer to the product brochure and consult your advisor, or, visit our website before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. If you have any request, grievance, complaint or feedback, you may reach out to us at care@generalicentral.com For further details please access the link: www.generalicentrallife.com/customer-service/grievance-redressal-procedure.
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