Future Generali Big Dream

What is Future Generali Big Dream?

Future Generali Big Dream is a Unit Linked Insurance Plan (ULIP) offered by Future Generali India Life Insurance Company Limited. It combines the benefits of life insurance with the potential for wealth creation through investments in unit-linked funds. This means you get:

Life Insurance: A guaranteed payout to your loved ones in case of your unfortunate demise, providing them with financial security.

Investment:

• The opportunity to invest your premiums in a variety of funds (equity, debt, or balanced) with the potential for growth over time.

• Flexibility to choose your investment options based on your risk appetite and financial goals.

There are three plan options available under Future Generali Big Dream

• Wealth Creation: Focuses on building wealth for long-term goals.

• Retire Smart: Designed for retirement planning with a guaranteed life cover throughout the policy term.

• Dream Protect: Provides income and financial security for your loved ones even after your demise.

What is the Eligibility Criteria for Future Generali Big Dream Plan?

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What are the Benefits of Future Generali Big Dream Plan?

Here are the benefits of Future Generali Big Dream Plan:

• Boost your returns: Earn extra allocation of 1% to 7% on your premiums paid within the grace period.

• Lower charges: Benefit from zero allocation and zero admin charges, allowing your wealth to grow faster.

• Systematic partial withdrawal: Access your funds through monthly withdrawals for specific financial needs (available in Wealth Creation and Retire Smart options).

• Control asset allocation: Choose how your money is invested across various funds based on your risk tolerance and goals.

• Life cover: Secure your family's future with a guaranteed payout in case of your unfortunate demise.

• Additional protection: Enhance coverage with optional riders for accidental death and disability.

• 3 investment options: Choose from Wealth Creation, Retire Smart, or Dream Protect options to align with your specific life goals.

• Tax benefits: Reduce your tax liability under applicable sections of the Income Tax Act.

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How Does Future Generali Big Dream Plan Work?

Here’s how the plan works:

Step 1: Choose from the three plan options available:

• Option 1: Wealth Creation

  Ideal for saving towards specific milestones like buying a house, starting a business, or pursuing further education.

  After completing your premium payment term, utilize the accumulated corpus to receive monthly income through systematic partial withdrawal.

• Option 2: Retire Smart

  Address your retirement concerns by building a retirement corpus.

  Obtain monthly income post-premium payment term through systematic partial withdrawal, enjoying tax benefits as per prevailing laws.

• Option 3: Dream Protect

  Secure your loved ones' dreams even in your absence.

  Build a corpus for your child's education or your family's financial security.

  In the event of your demise, your nominee(s) receive:

  • Lumpsum death benefit payout.

  • Future premiums waived, with the company covering premiums.

  • Monthly income till the policy term's end.

  • Fund Value as Maturity Benefit.

Step 2: After selecting your option, consider:

• Investment amount.

• Duration of investment/protection.

• Premium payment frequency.

• Fund allocation strategy:

  • Self-invest rule: Personalized fund allocation.

  • Auto-invest rule: Pre-defined automated allocation.

Step 3: Complete the process

Complete the application, pay premiums, and submit the necessary documents to commence your plan.

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Riders Under the Future Generali Big Dream Plan

Enhance your financial security with Riders, providing additional protection for you and your family against accidental disability or demise. Choose from two rider options available under this plan:

• Future Generali Linked Accidental Death Rider (UIN: 133A025V01)

• Future Generali Linked Accidental Total & Permanent Disability Rider (UIN: 133A026V01)

Exclusions Under Future Generali Big Dream Plan

In the unfortunate event of death by suicide within 12 months from the policy commencement or revival date, the nominee or beneficiary shall receive the fund value/policy account value as of the date of death notification.

Moreover, any charges except Fund Management Charges (FMC) incurred after the date of death will be added back to the fund value as of the death notification date.

Additional Details of Future Generali Big Dream Plan

1. Switching:

   Policyholders can request in writing to transfer units from one unit-linked fund to another, except to and from the Discontinuance Fund. The switch is executed by cancelling units in the old fund(s) and allocating units to the new fund(s) at the applicable unit price. The minimum switch amount is Rs. 5,000, following IRDAI guidelines. Unlimited free switches are allowed, except when the Auto Invest Rule is active or for Option 3: Dream Protect after the death of the Life Assured.

2. Premium Redirection:

   After one year, policyholders can redirect future premiums among unit funds. Two redirections are allowed per policy year, except for Option 3: Dream Protect after the death of the Life Assured. No charges apply for premium redirection, but it's not applicable for single-pay policies.

3. Partial Withdrawal:

   After a 5-year lock-in period, policyholders can partially withdraw funds, with a minimum withdrawal of Rs. 5,000, ensuring the minimum fund value is maintained. No partial withdrawals leading to policy termination are allowed for Option 3: Dream Protect. Partial withdrawal is restricted after the Life Assured's death if the insured is under 18.

   

4. Systematic Transfer Option (STO):

   STO facilitates the automatic switching of units between segregated funds. Policyholders can initiate STO requests anytime during the policy term, with 48 weekly switches between specified funds over 12 months. STO stops if the Selected Fund value is zero or upon policyholder request. No charges apply for STO, except for cases where the Auto Invest Rule is active or for Option 3: Dream Protect after the Life Assured's death.

5. Systematic Partial Withdrawal:

   Available for Options 1 and 2, policyholders can withdraw a monthly amount post-lock-in period, subject to specified conditions, without charges. Withdrawals cease upon policyholder request, falling below minimum fund value, or policy termination.

6. Free Look:

   Policyholders can cancel within 15-30 days of receipt, receiving the Fund Value minus specified charges, based on the received date or e-Insurance Account setup.

7. Grace Period:

   A grace period of 15-30 days applies to premium payments. Not applicable for single-pay policies.

8. Changes in Policy:

   Premium payment mode and term changes are allowed with no charges, subject to policy conditions. Premium decrease up to 50% is permitted after 5 years, affecting Sum Assured and extra allocation rate.

9. Tax Benefits:

   Policyholders may be eligible for tax benefits under sections 80C and 10(10D) of the Income Tax Act, subject to conditions and consultation with a tax advisor.