Future Generali Bima Advantage
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Withdrawn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Withdrawn Date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
COMPARE & BUY SIMILAR PLANS
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 |
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| 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
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
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 :
- Basic Sum Assured less deductible partial withdrawals, if any
- Fund Value under the policy
- 105% of basic premiums paid under the policy till the date of death less
- 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 |
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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 |
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| 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 |
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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
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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