The homogeneous and isotropic cosmological model in generalized f (R, T-phi) theories associated with the scalar field is discussed, which is motivated by the f (R, T) theory of gravity studied by Harko et al. (2011), Harko (2014) [1], [2]. The f (R, T-phi) gravity can be explained as f (R, T) gravity with a self-interacting scalar field phi, where T-phi is the trace of the energy-momentum tensor. The parametrization of Hubble parameter H(t) is taken as alpha-beta e(-gamma t), where alpha, beta, and gamma are arbitrary constants such that alpha, gamma > 0, and beta < 0. The model shows no space-time singularity, and the expansion of the universe will continue forever, i.e., the future scenario of the universe attains Big Freeze. The model predicts the moderate inflationary scenario at the time of the evolution of the universe, and it is consistent with Lambda CDM in the late times. The consistency of the model has also been examined using the recent observational Hubble dataset and supernovae dataset. Finally, the physical features of the model have been discussed in some detail.