The Future Generali Insurance Company is a joint venture between one of India’s leading business houses the Future Group and the Italy-based Generali Group. The company was established on Oct 30, 2006 and has been steadily growing since. Currently, it operates through 97 branches spread across 80 cities in India.
The Future Group has a strong presence in India and is involved in numerous activities such as finance, insurance, brand development, media, logistics and various retail businesses. Retailing lifestyle products, electronics and home improvement products, the Future Group has gained vast experience in the Indian retail scenario. With its established insights on the Indian consumers, the Future Group builds businesses based on Indian ideas and intends to stand true to its core values of ‘Indianess’.
The Generali Group is one of largest insurance providers in Europe and holds a prominent position in Eastern Europe and Asia. It caters to more than 7 crore clients across 68 countries and has a reputation for its financial strength and prudent investment management. Further, the Group has been highly rated by various International insurance rating organizations such as A.M. Best and Moody’s.
"Pledged to provide financial security to all people & enterprises through total insurance solutions"
“Respect: For all our stakeholders- employees, customers, for all rules and regulations both internal and external.
Indianess: We understand India in all its diversity and different facets and will use for our local understanding to respond to our specific markets, design our products and craft our processes.
Nimbleness: A combination of speed and quality, and ability to overcome all obstacles which come in the way of the achievement of our vision.
"Can Do": An attitude which demonstrates our passion, entrepreneurship, and positive thinking.”
“Knowledge Organization with Leadership Approach
One Stop Total Insurance Solutions & Services Provider
Customer Centric Model embracing Passion, Convenience and Service Excellence”
“To provide superior customer service through our knowledge-based business partners and employees supported by innovative products and services.”
Future Generali India Insurance Company provides a comprehensive motor insurance cover to its customers in addition to the mandatory third-party cover. Thus, the policy offers protection to the vehicle owner from financial losses caused due to loss or damage or theft of the vehicle. Legal liabilities towards third parties, arising out of bodily injury/death of a person or any damage caused to the property of a person, are also covered by the policy.
Further, the policy covers the policyholder against various other possibilities of damages or loss such as due to natural and man-made calamities. Natural Calamities that may cause damage to the vehicle and loss to the insured include instances of fire, explosion, lightning or self-ignition, earthquake, typhoon, flood, hurricane, tempest, storm, cyclone, inundation, frost, hailstorm, landslide and rockslide. Other causes such as burglary, riot, theft, malicious act, strike, accident by external means, terrorist activity, and any damage in transit by rail, road, inland waterway, lift, air or elevator are also covered by the comprehensive cover of the policy and are termed as man-made calamities.
The insured value depends on the Insured’s Declared Value (IDV) which is determined on the basis of the listed selling price of the manufacturer. The price of any accessories is added to the listed price and the depreciation for every year is deducted to attain the IDV. For electrical or non-electronic items whose price is not listed in the manufacturer’s listed price, the actual price is added to the sum insured.
The customer scan avail according to their preference additional covers to protect themselves from various other damages apart from those mentioned in the policy. These can be availed on payment of additional premium or cost. The following additional covers are available with the Future Secure Motor Insurance Policy:
- Personal accident cover: A personal accident cover of Rs. 1,00,000 for two-wheelers and Rs. 2,00,000 for other class of vehicles for individual owners driving the vehicle as per the standard motor policy. This cover is not applicable to a company owned vehicle. Adding to the same, a personal accident cover can be opted for passengers (named or un-named) for a maximum amount of Rs. 2,00,000 per person.
- Additional Legal liabilities: On payment of additional premium, the coverage for the legal liabilities can be expanded to include the damages and liability to the following:
- Paid Driver/conductor/cleaner employed in operation of vehicle
- Employees traveling in/driving the vehicle other than paid driver
- Non-fare paying passengers
Bonus and Discounts
If the policyholder has not claimed any damages or losses during the period of the policy, he becomes eligible for a no claim bonus which can be availed on renewal of a policy in form of a discount on the premium payable. The discount can be availed up to a maximum of 50% on the premium. However, the No claim bonus can be only be availed if the policy is renewed within a period of 9 days after the expiry of the previous policy. The No claim bonus may also be transferred from a different company in case one is buying from Future Generali for the first time.
A Voluntary Excess discount can be availed on the premium if a Voluntary Excess is opted in addition to the compulsory excess. The compulsory excess is the amount of loss borne by the insured in each and every claim. This discount is available only for private cars and two wheelers.
Members of a recognized Automobile Association can also avail additional discounts. If the insured has installed anti-theft devices in the vehicle, a discount of 2.5 percent can availed on the own damage premium up to a maximum of Rs. 500 for four wheelers and Rs. 50 for two wheelers.
The Motor policy offered by Future Generali provides a comprehensive cover to the policyholder. Although, there are certain exceptions where damage to the vehicle or loss is not covered owing non-compliance with the policy or the directives of the policy. Some of the major exceptions are as follows:
- Normal wear, tear and general ageing of the vehicle
- Depreciation or any consequential loss
- Mechanical/electrical breakdown
- Wear and tear of consumables like tyres and tubes (unless due to an incident)
- Vehicle being used otherwise than in accordance with limitations as to use
- Damage to/by a person driving the vehicle without a valid license
- Damage to/by a person driving the vehicle under the influence of drugs or liquor
- Loss/damage due to war, mutiny or nuclear risk
Motor Claims Procedure
In the occurrence of an accident, the injured person(s), if any, should be given the necessary first aid and shifted to a hospital if necessary. The police should be informed about the incident and the people involved. The insurance company should be contacted by dialing the following numbers:
- 1860-500-3333 - Any Service Provider (other than MTNL / BSNL)
- 1800-220-233 - MTNL / BSNL Subscribers
OR by e-mailing at firstname.lastname@example.org
The following information along with the requisite documents should be kept ready before intimating the loss or damage to the insurance company:
- Complete policy number
- Insured Name and contact number
- Name of the driver driving the vehicle at the time of accident
- Place of accident
- Vehicle registration number
- Vehicle type & model
- Brief description of accident
- Date and time of accident
- Current location of the vehicle
The vehicle must be moved to a garage where the insurance company can depute a surveyor to assess the damage to the vehicle and the expected loss. The surveyor will contact the policyholder at the time of assessment and the following documents must be handed over to him or the garage:
- Filled claim form with all mandatory fields
- Copy of insurance-policy/ cover note
- Copy of registration certificate, tax receipt, sales invoice (please provide original for verification)
- Copy of motor driving license (with original for verification) of the person driving the vehicle at the time of accident
- FIR / Police Panchanama (For theft/third party property damage/death/bodily injury/Major Loses/)
- Estimate of repair from the repairer
- Copy of Fitness certificate( applicable for commercial vehicle)
- Copy of Permit ( applicable for commercial vehicle)
- Copy of Load Challan (applicable for goods carrying vehicle)