Robinhood Insurance Broker Private Limited

Product Info

UIN

133L037V01

Status

Withdrawn

Launch Date

09/06/2011

Withdrawn Date

31/12/2013

Product Overview

Future Generali Bima Advantage Plan is a Regular Premium Unit Linked Insurance Plan. It is a Non-Traditional Insurance Plan without Bonus facility.

Product Description

  • This is a regular Premium Unit Linked Insurance Plan
  • Fund Value would be paid as Maturity Benefit in this plan
  • The higher of Fund Value or Sum Assured is paid as Death Benefit in this plan
  • There is an option to choose for Enhanced Insurance Cover Benefit
  • There are 6 funds available for investment in this plan

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Unique Features

  • Future Generali Bima Advantage is a regular Premium Unit Linked Insurance Plan
  • The plan provides an option to choose Enhanced Insurance Cover Benefit through a rider

Eligibility Criteria

Eligibility Criteria
Entry Age (Life Assured) Minimum Maximum
7 years 65 years
Max age of Maturity 18 Years  75 Years
Policy Term 10 Years 30 Years 
Premium Payment Term Equal to Policy Tenure
Annual Premium Policy Term 10-14 years, 20,000
Policy Term >=15 years, 15,000
No Limit
Sum assured For age < 45 years, SA = Higher of (1/2 X Policy Tenure or 10) X Annualized Premium Depends upon the age:
7-44 years: 25 times
45-50 years: 20 times
51-55 years: 15 times
56-65 years: 10 times
For age >= 45 years, SA= Higher of (1/4 X Policy Tenure or 7) X Annualized Premium
Payment modes Yearly / Half Yearly/ Quarterly /Monthly (ECS)

OneInsure App Benefits

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Product Benefit

  • Maturity Benefit :
    When the policy matures, the Fund Value would be paid to the policyholder as Maturity Benefit and the policy terminates.
  • Death Benefit :
  1. Basic Sum Assured less deductible partial withdrawals, if any
  2. Fund Value under the policy
  3. 105% of basic premiums paid under the policy till the date of death less
  4. Deductible partial withdrawals, if any.

Other Policy Features

Feature Description
Investment Funds
Fund Name & Objective Asset Allocation Risk Profile
 Future Secure Fund Short Term Debt 100% Low 
Cash
Money Market
Future Income fund Fixed Income investments 100% Low
money marketinstruments
 Future Balance fund Equity  Instruments 30 – 90% Medium   
Fixed income and money market instrument 10 – 70%
Future Maximise fund Equity Instruments 50 – 90% Low to Medium
Fixed income including cash and money market  10 – 50%
 Future Apex fund  Equity Instruments 50 – 100% High Risk
Fixed income and money market investments 0 – 50%
 Future Opportunity fund Equity Instruments 80 – 100% High Risk
Fixed income and money market investments 0 – 20%
Discontinuance of due premiums
a) Discontinuance of due premiums before completion of 5 policy years
A policy which has moved into Discontinuance Fund before completion of first 5 policy years can be revived within two years from the date of discontinuance and not later than the expiry of lock in period
If the policy is not revived as above, the proceeds of the discontinued policy will be paid to the policyholder only after the completion of 5 policy years from the policy commencement date.
b) Discontinuance of due premiums after completion of 5 policy years
If the policy is discontinued after first 5 policy years, the Company will then withdraw the fund value of the policy from the unit linked funds chosen by you and the proceeds will be paid to you immediately
 
Surrender of Policy
a) Surrender of policy before completion of 5 policy years:
the surrender value equal to fund value less applicable discontinuance charge will be kept in the Discontinued Policy Fund of the company. No subsequent charges except Fund management charge for the Discontinued Policy Fund be
b) Surrender of policy after completion of 5 policy years
On death of the life assured after we receive a request for surrender of the policy, but before making payment of the surrender value, the surrender value is payable. The policy terminates thereafter on payment of the surrender value
Partial Withdrawals Partial withdrawal can be made if the life assured at the time of withdrawal has completed age of 18 years or more, or by the policyholder during his/her lifetime if the life assured is a minor
The minimum amount of each withdrawal is Rs. 5,000/- and in multiples of one thousand thereafter
Four partial withdrawals are allowed per policy year free of charge. The partial withdrawal charge for each withdrawal thereafter will be Rs. 200 which is deducted from the withdrawal amount
Switches We will give effect to this switch by canceling units in the old fund and allocating units in the new fund. The amount to be switched should be at least Rs. 5,000/- and in multiples of one thousand thereafter
For subsequent switches during any policy year, the company shall charge   Rs. 100/- per switch. Unused free switches cannot be carried forward to the following year(s).
Premium redirection Redirection will not affect the earlier allocation of premium paid prior to
the request. Premium redirection can be done maximum twice in a year

Add-ons

Enhanced Insurance Cover Benefit

Charges

Charges
Fund Management Charges
Type  % of Fund Value 
Future Secure Fund 1.10%
Future Income Fund 1.35%
Future Balance Fund 1.35%
Future Maximize Fund 1.35%
Future Apex Fund 1.35%
Future Opportunity Fund 1.35%
Discontinued Fund 0.50%
Notes :-  This charge is deducted by adjusting the NAV of the units on a daily basis.
Premium Allocation Charges
Policy Year Premium Allocation Charge
1st 10.00%
2nd to 5 th 6.00%
6th onwards 3.00%
 
Premium Administration Charges
Policy Year Premium Allocation Charge
1st to 5th 2% of Basic Premium p.a.
Year 6 onwards 5% of Basic Premium p.a.
Notes :- This is the charge for the administrative working of the policy and is deducted on a monthly basis.
There will be an absolute cap of Rs 416.67 per month on the policy administration charge.
 
Surrender Charge
Policy discontinuance year Annual Premium <= Rs.25,000 Annual Premium  > Rs.25,000 p.a
1 Lower of 20% of (AP or FV )
subject to max Rs 3,000
Lower of 6% of (AP or FV)
subject to max Rs.6,000
2 Lower of 15% of (AP or FV)
subject to max Rs.2,000
Lower of 4% of (AP or FV)
subject to max Rs.5,000
3 Lower of 10% of (AP or FV)
subject to max Rs.1,500
Lower of 3% of (AP or FV)
subject to max Rs.4,000
4 Lower of 5% of (AP or FV)
subject to max Rs.1,000
Lower of 2% of (AP or FV)
subject to max Rs.2,000
5th  onwards Nil
Notes : *AP means Annual Premium ,  FV means Fund Value
 
Mortality Charge This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided
Policy Administration Charges The monthly policy administration charges are determined using 1/12th of the annual charges which are equal to 2% p.a of basic annualised premium from year 1 to year 5 and inflating at 5% per annum from 6th year onwards
Miscellaneous Charge This charge is levied for any alteration within the contract, such as premium
redirection. Rs 250/- will be charged per alteration and this will be deducted by cancellation of units

Exclusions

If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy.

Tax Benefits

Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961

Claim Process

Know Claim Process of Future Generali Bima Advantage

Claim Process

Company Overview

Future Generali Life Insurance is a joint venture between three leading groups: Future Group - A leading retailer of India, Generali Group - A global insurance group that features among the top 50 largest companies of the world and Industrial Investment Trust Limited (IITL) - A leading investment company.Future Generali Life Insurance, incorporated in September 2007, is present across 84 branches.

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