Future Generali Bima Gain Plan

Introduction/Overview
The Future Generali Bima Gain plan is a non-participating Unit Linked Insurance Plan that
offers high returns on investment; the policyholders can opt for a sum assured that is up to ten times of the premium paid by them. This plan provides both high insurance cover as well as an excellent investment opportunity for its customers.

Read more
Best Investment Plans
  • Guaranteed Tax Savings

    Under sec 80C & 10(10D)
  • ₹ 1 Crore

    Invest 10k Per Month*
  • Zero LTCG Tax

    Unlike 10% in Mutual Funds

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Please note that the quotes shown will be from our partners
Grow Your Wealth !
Best Plans with High Returns available on one platform
+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp

Key Features

  • This is a single premium payment policy.
  • Six varied fund options are on offer to suit the policyholders varying risk appetites.
  • With such features as switching between funds and partial withdrawals, policyholders can actively control their investment portfolios.
  • Policyholders can choose to receive the Maturity Benefit as a lump sum or over a period of five years after the maturity date, as under the settlement option.

Benefits

  • The Fund Value as on the date of maturity is paid to the policyholder 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:

  • The Sum Assured minus partial withdrawals (if any), or 
  • The Fund Value under policy, or 
  • 105% of the total premiums paid, minus any partial withdrawals.
  • There are six Unit Linked Funds for investment in this policy.
  • The policyholder can customize and manage investments through switching between the six unit linked funds. The minimum amount that can be switched is Rs. 5000.
  • 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 five years from the start of the policy, partial withdrawals can be made, subject to the condition that the minimum withdrawal amount is Rs. 5000.

Product Specification:

 

Minimum

Maximum

Entry Age of the Life Assured(Last Birthday)

 

8 years

 

65 years

Maturity Age (Last Birthday) of the Life Assured

18 years

75 years

Policy Term (PT) in years

10 years

Premium Paying Term (PPT) in years

Single

Premium Paying Frequency

Single

Annual Premium

Rs. 50,000

Rs. 2000000

Sum Assured

1.25 times Single Premium

Depending on age of policyholder

8 to 47 yrs = 10 times Single Premium

48 to 65 yrs = 1.25 times Single Premium

Details About Premium

Illustrative maturity benefit with projected annual investment return of 4% pa:  Rs. 54,373.00

Guaranteed Benefits

Policy Term / year

Age

Premium paid

Premium Allocation

Amount available for investment

Policy administration charge

Death Benefit

1

20

55000

1100

53900

1375

550000

2

21

0

0

0

924

550000

3

22

0

0

0

924

550000

4

23

0

0

0

924

550000

5

24

0

0

0

924

550000

6

25

0

0

0

0

550000

7

26

0

0

0

0

550000

8

27

0

0

0

0

550000

9

28

0

0

0

0

550000

10

29

0

0

0

0

550000

Policy Details

Grace Period: The Grace Period is not applicable as it is a single premium policy.

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 if the policy was sold via distance marketing. 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

  • The policyholder has an option to receive the maturity benefit in periodical payments for five years after the date of maturity rather than as a lump sum, with the Settlement option.

Additional Features or Riders

Various charges apply to this policy. They are as follows:

  • Premium Allocation Charge, which is deducted from the Premium paid by the customer. The balance is invested in the investments chosen by the policyholder
  • A Policy Administration Charge that is deducted monthly by cancellation of units up to a maximum of Rs. 6000 per annum.
  • Fund Management Charges are deducted on a daily basis and is deducted by adjusting the NAV.
  • There is a Discontinuance Charge for discontinuing the policy within the first four policy years.
  • At the beginning of each month, Mortality Charges are deducted, based on the sum at risk.
  • Switching Charge – Twelve free switches are allowed in a single policy year. Each subsequent switch is charged at Rs. 100.
  • Partial Withdrawal Charge – This policy allows four partial withdrawals free of cost in a policy year. For subsequent withdrawals, there is a charge Rs. 200 per withdrawal.

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.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 0 Reviews)
Newsletter
Sign up for newsletter
Sign up our newsletter and get email about health plans.

Ulip plans articles

Recent Articles
Popular Articles
Bajaj Future Gain

24 Nov 2021

The Bajaj Future Gain plan is a unit-linked insurance plan that...
Read more
7 Things to Know About the Tax Benefits of ULIPs

06 Oct 2021

Nowadays, Unit Linked Insurance Plan i.e., ULIPs have evolved as...
Read more
How To Select The Best ULIP For Your Portfolio?

08 Sep 2021

ULIPs provide financial protection to the policyholder’s...
Read more
How to Choose The Right ULIP Plan In 5 Easy Steps

08 Sep 2021

Unit Linked Insurance Plans or ULIPs as known popularly, are one...
Read more
ULIP Calculator

08 Oct 2018

A ULIP calculator is a specifically developed tool which helps...
Read more
ULIP Calculator
A ULIP calculator is a specifically developed tool which helps the insurance buyers to calculate the premium...
Read more
SBI Life Smart Privilege Plan - All You Need to Know About Benefits & Features
One of the most trusted life insurance companies in India, SBI Life has recently come up with a new SBI Life...
Read more
11 ULIP Charges You Should Know About
Unit-Linked Insurance plan (ULIP) offers dual benefits of insurance and investment. Unlike traditional insurance...
Read more
ULIP Fund Returns
ULIP or Unit Linked Insurance plan  provides a combined benefit of investment and life cover. According to the...
Read more
Everything You Need to Know about LIC Market Plus Plan
Life Insurance Corporation, one of the largest insurance providers in India, offers a variety of plan to meet the...
Read more
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL