Future Generali Wealth Protect Plan

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Introduction/Overview

The Future Generali Wealth Protect Plan is a Unit Linked Insurance Plan that policyholders can use to provide life insurance cover while maximizing their wealth creation over a long policy term. This policy offers policyholders customization and control over their investment portfolio with a choice of six funds, two plan options to choose from, along with a host of additional riders.

Key Features

  • Depending on the policyholders’ age and chosen policy term, this policy offers a protection of anywhere between seven to thirty times the annualized premium.
  • This policy offers two plan options to the policyholders, based on the premium amount they opt to pay. The Gold option is for a premium amount of Rs. 25000 and the Platinum option is for premium amounts of Rs. 25001 to Rs. 200,000.
  • The policy offer Guaranteed Loyalty Additions on maturity of the policy.
  • The policyholders may customize their plan by choosing additional riders.

Benefits

  • When the policy matures, the policyholder receives the Fund Value plus Guaranteed Loyalty Additions 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.
  • Guaranteed Loyalty Additions are available as a percentage of the first year Annualized Premium, and is payable on maturity of the policy.
  • 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 four 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

60 years

Maturity Age (Last Birthday) of the Life Assured

22

75 years

Policy Term (PT) in years

15 years

40 years

Premium Paying Term (PPT) in years

Regular

Premium Paying Frequency

For Gold option :Yearly and Half-yearly

For Platinum option: Yearly, Half-yearly, Quarterly, Monthly

Annual Premium

Rs. 25000 for Gold

Rs. 25001 for Platinum

Rs. 25000 for Gold

Rs. 200,000 for Platinum

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: 30 times

45- 50 years: 20 times

51- 55 years: 15 times

56 - 60 years: 10 times

 

       

 

Details About Premium

FG Wealth Protect Plan - Gold option

Illustrative maturity benefit with projected annual investment return of 6% pa: Rs. 592,194.00

Guaranteed Benefits

Policy Term / year

Age

Annual Premium

Premium Allocation

Amount available for investment

Policy administration charge

Death Benefit

On Maturity

1

30

25000

1250

2370

938

750000

0

2

31

25000

750

24250

713

750000

0

3

32

25000

750

24250

713

750000

0

4

33

25000

750

24250

713

750000

0

5

34

25000

750

24250

713

750000

0

6

35

25000

500

24500

713

750000

0

7

36

25000

500

24500

713

750000

0

8

37

25000

500

24500

713

750000

0

9

38

25000

500

24500

713

750000

0

10

39

25000

500

24500

713

750000

0

11

40

25000

500

24500

713

750000

0

12

41

25000

500

24500

713

750000

0

13

42

25000

500

24500

713

750000

0

14

43

25000

500

24500

713

750000

0

15

44

25000

500

24500

713

750000

0

16

45

25000

500

24500

713

750000

0

17

46

25000

500

24500

713

750000

0

18

47

25000

500

24500

713

750000

0

19

48

25000

500

24500

713

750000

0

20

49

25000

500

24500

713

750000

1250

 

FG Wealth Protect Plan - Platinum option

Illustrative maturity benefit with projected annual investment return of 4% pa: Rs. 2,201,571.00

Guaranteed Benefits

Policy Term / year

Age

Annual Premium

Premium Allocation

Amount available for investment

Policy administration charge

Death Benefit

On Maturity

1

50

100000

5000

95000

3000

2000000

0

2

51

100000

3000

97000

2450

2000000

0

3

52

100000

3000

97000

2450

2000000

0

4

53

100000

3000

97000

2450

2000000

0

5

54

100000

3000

97000

2450

2000000

0

6

55

100000

2000

98000

2450

2000000

0

7

56

100000

2000

98000

2450

2000000

0

8

57

100000

2000

98000

2450

2000000

0

9

58

100000

2000

98000

2450

2000000

0

10

59

100000

2000

98000

2450

2000000

0

11

60

100000

2000

98000

2450

2000000

0

12

61

100000

2000

98000

2450

2000000

0

13

62

100000

2000

98000

2450

2000000

0

14

63

100000

2000

98000

2450

2000000

0

15

64

100000

2000

98000

2450

2000000

0

16

65

100000

2000

98000

2450

2000000

0

17

66

100000

2000

98000

2450

2000000

0

18

67

100000

2000

98000

2450

2000000

0

19

68

100000

2000

98000

2450

2000000

0

20

69

100000

2000

98000

2450

2100000

7500

 

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. This timeframe is reduced to 15 days if payments are being via monthly mode.

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. It also occurs when the policy is lapsed by non-payment of three years of premiums and not being revived within the Revival Period.

Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. If the policyholder does not wish to continue with the policy, then he or she has to return the policy stating their objections. The premium that was paid will be refunded 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 after the date of maturity rather than as a lump sum.

Additional Features or Riders

  • There are four additional riders available with this policy, which are:
  1. Accidental Death Benefit
  2. Accidental Total and Permanent Disability Benefit
  3. Unit Linked Life Guardian Rider
  4. United Linked Critical Illness (Core) 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 discontinuance.
  • 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. Policy Administration Charge is deducted daily and as a percentage of the annualized premium.
  3. Fund Management Charges are deducted on a daily basis and varies according to the funds chosen by the policyholder.
  4. At the beginning of each month, Mortality Charges are deducted by cancellation of units from the fund value.
  5. Switching Charge – Twelve free switches are allowed in a single policy year. Each subsequent switch is charged at Rs. 100.
  6. 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.
  7. Mortality Charges are deducted monthly by the cancellation of units.

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.