Generali Central Bima Advantage Plus

What is Generali Central Bima Advantage Plus?

The Generali Central Bima Advantage Plus is a comprehensive unit-linked insurance plan (ULIP) that combines the benefits of market-linked investments with the safety of life insurance protection. By paying a regular premium over your chosen policy term, you can allocate your funds into a variety of investment options tailored to your specific risk appetite. Because it is a ULIP plan, the investment risk in the portfolio is borne by the policyholder, and the plan does not offer liquidity during the first five years. At the end of the policy term, it pays out the accumulated fund value, while ensuring that in the unfortunate event of the life assured's death, the nominee is financially protected with a guaranteed death benefit.

Features of Generali Central Bima Advantage Plus

Below are the features of Generali Central ULIP Plans: 

• Dual Advantage: A unique combination of life protection and wealth creation to help fulfill medium to long-term financial goals.
• Choice of Investment Funds: Helps maximize your returns by offering a choice of 9 different investment funds, ranging from low to high risk profiles.
• Customizable Coverage: Flexibility to choose your policy term, premium payment amount, and sum assured multiples based on your age and requirements.
• Flexibility and Control: Policyholders can optimize their investments with options like fund switching, premium redirection, and partial withdrawals.
• Optional Rider Protection: Choice of two optional riders to enhance your coverage and match your specific life contingencies.
• Tax Benefits: Premiums paid and benefits received are eligible for tax benefits under the prevailing provisions of the Income Tax Act.

Eligibility Criteria for Generali Central Bima Advantage Plus

Benefits of Generali Central Bima Advantage Plus

• Maturity Benefit: Upon surviving the policy term, the life assured receives the fund value available as on the date of maturity.
• Death Benefit: In case of the life assured's unfortunate demise during the policy term while the policy is in force, the nominee receives the highest of:
  • Sum assured less any deductible partial withdrawals.
  • The Fund Value.
  • 105% of the total premiums paid till the date of death less any deductible partial withdrawals. (Note: Deductible partial withdrawals are those made in the 2 years immediately prior to the date of death).
• Tax Benefits: The plan offers tax benefits on the premium paid and the maturity/death benefits received under Sections 80C and 10(10D) of the Income Tax Act, 1961, subject to prevailing rules.

Riders Under Generali Central Bima Advantage Plus

Generali Central Linked Accidental Death Benefit Rider

In the event of the life assured's death due to an accident during the rider term, this rider pays an additional Rider Sum Assured along with the base policy death benefit. It also provides a "double benefit" if the accidental death occurs in specific circumstances, such as while traveling as a fare-paying passenger on public land transportation, in a certified elevator, during a fire in a specified public building (like a hotel or hospital), or on a commercial passenger airline.

Generali Central Linked Accidental Total & Permanent Disability Rider

If an accident renders the life assured totally and permanently disabled (defined as the inability to perform 3 out of 6 specified daily living activities without continuous assistance), the Rider Sum Assured is paid.

Note: Both riders offer the flexibility to receive the benefit as a lump sum, a regular income for a chosen period (2 to 10 years), or a combination of both. They also offer a Return of Premium (ROP) option upon maturity if no claim is made.

Additional Details of Generali Central Bima Advantage Plus

• Premium Payment Options: The premium paying term is the same as the policy term (regular pay). You can pay premiums annually, half-yearly, quarterly, or monthly.
• Grace Period: A grace period of 15 days is allowed for monthly premium payments, and 30 days for all other payment frequencies.
• Revival Provisions: A discontinued policy can be revived within three consecutive complete years from the date of the first unpaid premium, subject to board-approved underwriting policies and the payment of due premiums without interest.
• Surrender Rules: The policy has a 5-year lock-in period. If surrendered before 5 years, the fund value (less discontinuance charges) moves to a Discontinued Policy Fund and is paid out only after the 5th year. If surrendered after the 5-year lock-in period, the fund value is payable immediately without any discontinuance charges.
• Paid-up Value: If premiums are discontinued after the 5-year lock-in period, the policy converts to a reduced paid-up policy. The paid-up sum assured is proportionally reduced based on the number of premiums paid, and the policy continues without rider cover.
• Fund Options: The plan offers 9 investment funds to choose from: Future Secure Fund, Future Income Fund, Future Balance Fund, Future Apex Fund, Future Maximize Fund, Future Opportunity Fund, Future Midcap Fund, Future Income Plus Fund, and Future Multi-cap Equity Fund.
• Free-look Period: You have 30 days from the receipt of the policy document to review the terms and conditions. If you disagree, you can return the policy and receive a refund of the fund value plus unallocated premiums, minus applicable deductions like stamp duty and proportionate risk premium.
• Nomination and Assignment: Nomination operates under Section 39, and Assignment under Section 38 of the Insurance Act, 1938.
• Partial Withdrawals: You can make partial withdrawals after the 5-year lock-in period. Up to 6 free partial withdrawals are allowed per policy year, with a minimum withdrawal amount of ₹5,000.
• Fund Switching and Redirection: You can switch between funds 12 times a year for free. Premium redirection is allowed twice a year after the completion of the first policy year.

Exclusions Under Generali Central Bima Advantage Plus

• Suicide Exclusion: If the life assured commits suicide within 12 months from the policy commencement date or revival date, the nominee is entitled only to the fund value available on the date of intimation of death.
• Rider Exclusions: Rider benefits will not be payable if the accident/disability is caused by intentional self-inflicted injury, drug or alcohol abuse (unless prescribed by a doctor), war, participation in civil commotion or strikes, taking part in military operations, unapproved flying activities, criminal acts, or engaging in hazardous sports (like scuba diving, martial arts, hunting, or bungee jumping), and nuclear contamination.