Generali Central Big Dreams Plan

What is Generali Central Big Dreams Plan?

The Generali Central Big Dreams Plan by Generali Central Life Insurance is a comprehensive unit-linked insurance plan (ULIP) that seamlessly combines wealth creation with a life cover. It allows policyholders to invest their premiums into a choice of nine market-linked funds based on their personal risk appetite, allowing their corpus to grow over time.

The plan operates by giving policyholders the flexibility to choose from three specific options—Wealth Creation, Retire Smart, and Dream Protect. These options cater to varying life goals, such as buying a house, building a retirement corpus, or leaving a secured legacy for loved ones even in the policyholder's absence. Along with premium allocation strategies and systematic transfer features, this plan ensures you remain in complete control of your wealth.

Features of Generali Central Big Dreams Plan

Below are the features of Generali Central investment plan: 

• Three Plan Options: Policyholders can choose from Option 1: Wealth Creation (for specific life milestones), Option 2: Retire Smart (to build a retirement corpus), and Option 3: Dream Protect (to secure the dreams of loved ones even after the policyholder's demise).
• Extra Allocation: The plan boosts your investments by offering an extra allocation ranging from 1% to 7% on each installment premium, provided it is paid within the grace period.
• Zero Charges: Watch your wealth grow faster with zero premium allocation charges and zero policy administration charges.
• Fund Allocation Strategies: You can choose the Self-Invest Rule to manually allocate your premiums or the Auto-Invest Rule (Age-linked or Milestone-linked) for automated portfolio management.
• Systematic Partial Withdrawal: Under the Wealth Creation and Retire Smart options, you can receive a steady monthly income after completing your premium payment term to meet specific financial requirements.
• Systematic Transfer Option (STO): This feature mitigates market volatility by allowing the automatic weekly transfer of units from a chosen Selected Fund to a Target Fund over a 12-month period.
• Unlimited Free Fund Switching: You have the flexibility to switch your investments between different funds an unlimited number of times without any switching charges.
• Tax Benefits: Premiums paid and benefits received are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act of 1961.

Eligibility Criteria for Generali Central Big Dreams Plan

Benefits of Generali Central Big Dreams Plan

• Death Benefit (Option 1: Wealth Creation & Option 2: Retire Smart): In the event of the life assured's unfortunate demise, the nominee receives the higher of: the Sum Assured less deductible partial withdrawals, the prevailing Fund Value, or 105% of the total premiums paid less deductible partial withdrawals. The policy terminates immediately upon this payment.
• Death Benefit (Option 3: Dream Protect): If the policyholder passes away, the nominee receives an immediate lump sum which is the higher of the Sum Assured or 105% of total premiums paid (both less deductible partial withdrawals). Furthermore, all future premiums are waived and paid by the company, a monthly income equal to 8.33% of the Annualized Premium is paid to the nominee until the end of the policy term, and the final Maturity Benefit (Fund Value) is paid at the end of the term.
• Maturity Benefit: Upon surviving till the end of the policy term, policyholders under Option 1 and Option 2 receive their accumulated Fund Value. Under Option 3, the Fund Value is paid at policy maturity, even if the life assured has passed away during the term.
• Tax Benefits: The premiums you pay and the payouts you receive may qualify for tax exemptions and deductions under the prevailing rules of the Income Tax Act.

Riders Under Generali Central Big Dreams Plan

• Generali Central Linked Accidental Death Benefit Rider (UIN: 133A053V01): This optional rider provides an additional 100% of the Rider Sum Assured in the event of the life assured's death due to an accident within 180 days of the incident.
• Generali Central Linked Accidental Total & Permanent Disability Rider (UIN: 133A055V01): This rider offers 100% of the Rider Sum Assured if an accident causes total and permanent disability, defined as the inability to perform 3 out of 6 daily life activities without continuous assistance for at least 180 days.
• Generali Central Linked Critical Illness Rider (UIN: 133A057V01): This rider provides 100% of the Rider Sum Assured upon the diagnosis of a covered critical illness. You can choose coverage for 10, 30, or 60 critical illnesses.

Additional Details of Generali Central Big Dreams Plan

• Premium Payment Options: Policyholders can pay their premiums via Single, Yearly, Half-Yearly, Quarterly, or Monthly modes. You can change your premium payment mode without any charges.
• Grace Period: A grace period of 30 days is provided for Yearly, Half-Yearly, and Quarterly modes, and 15 days for the Monthly mode. It does not apply to single-pay policies.
• Revival Provisions: A discontinued or lapsed policy can be revived within three consecutive complete years from the date of the first unpaid premium, subject to underwriting policies and payment of due premiums.
• Surrender Rules: The plan has a lock-in period of 5 years. If surrendered within the first 5 years, the fund value less discontinuance charges moves to a Discontinued Policy Fund and is paid out only after the 5-year lock-in ends. If surrendered after 5 years, the prevailing Fund Value is paid immediately. Option 3 cannot be surrendered after the death of the Life Assured.
• Paid-up Value: If premiums are discontinued after the 5-year lock-in period, the policy converts to a reduced paid-up policy. The Sum Assured reduces proportionately based on the ratio of premiums paid versus total premiums payable.
• Policy Loans: Taking a loan against this policy is not permitted.
• Fund Options: You can choose from 9 diverse investment funds: Future Income Fund, Future Balance Fund, Future Maximize Fund, Future Apex Fund, Future Opportunity Fund, Future Midcap Fund, Future Income Spark Fund, Future Income Plus Fund, and Future Multicap Equity Fund.
• Free-look Period: The plan offers a 30-day free-look period from the receipt of the Policy Document, allowing you to return the policy if you disagree with any terms.
• Nomination and Assignment: Nomination operates under Section 39 of the Insurance Act, 1938, and Assignment operates under Section 38.

Exclusions Under Generali Central Big Dreams Plan

• Suicide Exclusion: If the life assured commits suicide within 12 months from the policy commencement date or the revival date, the nominee or beneficiary receives the fund value available on the date of the intimation of death. Any charges (other than Fund Management Charges and Guarantee Charges) that were deducted after the date of death will be added back to the fund value.