Future Generali Bima Advantage Plus Plan

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Introduction/Overview

The Future Generali Bima Advantage Plus plan is a Unit Linked Insurance Plan that policyholders can use to maximize their returns and build their wealth. With this plan secure the future of their loved ones even in the unfortunate case of their demise. This plan offers various features for customization for the policyholders towards each of their unique needs.

Key Features

  • The policyholders’ medium to long-term financial goals are fulfilled with this policy, with its choice of length of policy term, sum assured and other optional features that are available.
  • Depending on the policyholders’ risk appetite, this policy offers a choice of six investment funds.
  • With features such as switching, partial withdrawals, premium redirection, policyholders have plenty of flexibility in controlling their investments as they see fit.
  • The policyholders may further customize their plan and enhance their life cover by choosing additional riders.

Benefits

  • When the policy matures, the policyholder receives the Fund Value as on the maturity date as Maturity Benefit.
  • In the unfortunate event of the demise of the person insured, the nominee receives the Death Benefit. The Death Benefits payable is higher of the following:
  1. The Sum Assured minus partial withdrawals (if any), or 
  2. The Fund Value under policy, or 
  3. 105% of the total premiums paid, minus any partial withdrawals.
  • Depending on the risk appetite of the policyholder, the policy offers six Unit Linked Funds for investment.
  • The policyholder has the flexibility to customize and control his or her investments through switching between funds.
  • This plan offers two additional rider benefits to enhance the customers’ coverage under the policy.
  • Tax benefits are available on the premium paid and Death and Maturity Benefits as per sections 80(C) and 10 (10D) of the Income Tax Act.
  • After completing one policy year, future premiums can be allocated in an altered proportion to the various available funds units.
  • After five years from the commencement of the policy, the policyholder can make partial withdrawals, subject to the condition that the minimum withdrawal amount is Rs. 5000.

Product Specification:

 

Minimum

Maximum

Entry Age of the Life Assured(Last Birthday)

7 years

65 years

Maturity Age (Last Birthday) of the Life Assured

18 years

75 years

Policy Term (PT) in years

10 years

30 years

Premium Paying Term (PPT) in years

Regular

Premium Paying Frequency

Yearly

Annual Premium

For policy term of 10 – 14 yrs = Rs. 20,000

For policy term >= 15 yrs =Rs. 20000

No limit

Sum Assured

For age< 45 years, SA=Higher of (1/2 X Policy Tenure or 10) X Annualized Premium
For age >=45 years, SA= Higher of (1/4 X Policy Tenure or 7) X Annualized Premium

Dependent on the age of the life insured:

7-  44 years: 25 times

45- 50 years: 20 times

51- 55 years: 15 times

56 - 60 years: 10 times

 

 

Details About Premium

Future Generali Bima Advanatage Plus

Illustrative maturity benefit with projected annual investment return of 4% pa: Rs. 333,539.00

Guaranteed Benefits

Policy Term / year

Age

Annual Premium

Premium Allocation

Amount available for investment

Policy administration charge

Death Benefit

1

30

20000

1800

18200

0

500000

2

31

20000

1000

19000

320

500000

3

32

20000

1000

19000

320

500000

4

33

20000

1000

19000

320

500000

5

34

20000

1000

19000

320

500000

6

35

20000

600

19400

320

500000

7

36

20000

600

19400

320

500000

8

37

20000

600

19400

320

500000

9

38

20000

600

19400

320

500000

10

39

20000

600

19400

320

500000

11

40

20000

600

19400

320

500000

12

41

20000

600

19400

320

500000

13

42

20000

600

19400

320

500000

14

43

20000

600

19400

320

500000

15

44

20000

600

19400

320

500000

 

Future Generali Bima Advanatage Plus

Illustrative maturity benefit with projected annual investment return of 4% pa: Rs. 318,376.00

Guaranteed Benefits

Policy Term / year

Age

Annual Premium (Rs.)

Premium Allocation (Rs.)

Amount available for investment (Rs.)

Policy administration charge (Rs.)

Death Benefit (Rs.)

1

50

20000

1800

18200

0

300000

2

51

20000

1000

19000

320

300000

3

52

20000

1000

19000

320

300000

4

53

20000

1000

19000

320

300000

5

54

20000

1000

19000

320

300000

6

55

20000

600

19400

320

300000

7

56

20000

600

19400

320

300000

8

57

20000

600

19400

320

300000

9

58

20000

600

19400

320

300000

10

59

20000

600

19400

320

300000

11

60

20000

600

19400

320

300000

12

61

20000

600

19400

320

300000

13

62

20000

600

19400

320

300000

14

63

20000

600

19400

320

300000

15

64

20000

600

19400

320

300000

Policy Details

Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues, without interest.

Policy Termination or Surrender Benefit: The policy may be surrendered any time during the policy period. The Surrender Value is the Fund Value minus the Discontinuance Charge, if any. If the policy is surrendered before the completion of five policy years then the insurance cover ceases and the Surrender Value equal to Fund Value minus Discontinuation Charge will be kept in the Discontinued Fund of the policy. If surrender of the policy happens after completing five policy years, the insurance cover ceases, the Surrender Value is paid immediately and the policy is terminated. Termination occurs on payment of the Death Benefit or Maturity Benefit.

Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. This timeframe is extended to thirty days in case the policy was sold via distance marketing. If the policyholder does not wish to continue with the policy, then he or she has to return the policy stating their objections. The customer will receive the fund value as on the date of cancellation plus non-allocated premium plus charges levied by cancellation of units minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.

Inclusions

  • With the Settlement option, the policyholder can opt to receive the maturity benefit in periodical payments for five years after the date of maturity rather than as a lump sum.

Additional Features or Riders

  • There are two additional riders available with this policy, which are:
  1. The Future Generali Linked Accidental Death Rider
  2. The Future Generali Linked Accidental Total and Permanent Disability Rider
  • The revival of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of two years from the date of the first unpaid premium.
  • Various charges apply to this policy. They are as follows:
  1. Premium Allocation Charge, which is deducted from the Premium paid by the customer. The balance is invested in the investments chosen by the policyholder
  2. A Policy Administration Charge that is deducted monthly by cancellation of units up to a maximum of Rs. 6000 per annum.
  3. Fund Management Charges are deducted on a daily basis and is deducted by adjusting the NAV.
  4. There is a Discontinuance Charge for discontinuing the policy before the end of the policy term.
  5. At the beginning of each month, Mortality Charges are deducted, based on the sum at risk.
  6. Switching Charge – Twelve free switches are allowed in a single policy year. Each subsequent switch is charged at Rs. 100.
  7. Partial Withdrawal Charge – This policy allows six partial withdrawals free of cost in a policy year. For subsequent withdrawals, there is a charge Rs. 200 per withdrawal.
  8. Miscellaneous Charges are levied for any changes made to the policy contract such as premium redirection or decrease in the sum assured.

Exclusions

  • The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover or reinstatement. The company will refund only the Fund Value, as Death Benefit.

Documents Required

The policyholder has to fill up an ‘Application form’ with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof and a medical examination.