Future Generali Bima Gain
Product Info
UIN
133L048V01
Status
Active
Launch Date
17/10/2013
Withdrawn Date
Product Overview
- Future Generali Bima Gain is a Non-Participating Unit Linked Life Insurance Plan
- A Unit Linked Single Premium Life Insurance Plan that covers you up to 10 times the premium*.
- *For age up to 47 years
- Future Generali Bima Gain is an insurance product with Life Insurance coverage
Product Description
- 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
COMPARE & BUY SIMILAR PLANS
Unique Features
- Future Generali Bima Gain is single premium unit linked plan with fixed term of 10 years
- Death benefit is sum of fund value and sum assured
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Entry Age (Life Assured) | Minimum | Maximum | |||
| 8 years | 65 years | ||||
| Max age of Maturity | 18 Years | 75 Years | |||
| Policy Term | 10 Years | ||||
| Premium Payment Term | Single | ||||
| Annual Premium | Rs. 50,000 | Rs. 2,00,00,00 | |||
| Sum asssured | 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 |
|||
| Payment modes | Single | ||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit :
On maturity of the policy, provided the policy is inforce, the Fund Value as on the date of maturity is payable to the Life Assured - Death Benefit :
- Fund Value as on date of intimation of death and
- Sum Assured under the policy
- At no time the Death Benefit will be less than 105% of the Single Premium Paid.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Switching | Twelve switches are free in a policy year | |||||
| The minimum possible switch amount is Rs. 5,000 (thereafter in multiples of ‘000). | ||||||
| Any switch over and above the available free switches in a policy year is subject to a charge. | ||||||
| Partial withdrawal | Four partial withdrawals are allowed free of partial withdrawal charge in a policy year | |||||
| The minimum amount that can be withdrawn is Rs. 5,000 (thereafter in multiples of ‘000). The Fund Value after the Partial Withdrawal should be equal to at least Rs. 10,000 |
||||||
| Premium redirection | At anytime after completion of one year | |||||
| Premium redirection can be done maximum twice in a year | ||||||
| Surrender | Policy can be surrendered any time during the Policy Term. The Surrender Value will be the Fund Value at the prevailing NAV less Discontinuance Charge, if any | |||||
| Surrender before completion of 5 policy years: | ||||||
| The policy is surrendered before the Lock-in Period, the Surrender Value will be kept in the Discontinued Policy Fund | ||||||
| minimum guarantee of the interest of 4% p.a. and as prescribed by IRDAI from time to time | ||||||
| The investment and risk profile of Discontinued Policy Fund will be as follows :- | ||||||
| Fund Name | Asset Allocation | Risk Profile | ||||
| UL Discontinued Policy Fund^ |
Govt. Securities* | 60 – 100%* | Low | |||
| Money Market | 0 – 40%* | |||||
| Notes :- Only available in case of discontinuance of a policy during the first five policy years * These are subject to revision as guided by Regulator from time to time. |
||||||
| Surrender after completion of 5 policy years: | ||||||
| If the policy is surrendered after the Lock-in Period, then the Surrender Value is payable immediately | ||||||
| Loan | No Loan Available in this Policy | |||||
| Settlement Option: | ||||||
| Settlement Option enables you to take the maturity proceeds in periodical payments after the maturity date instead of in Lump Sum on maturity |
||||||
| You may choose any of the following options to receive your benefit. | ||||||
| Option | Payment Pattern from the Maturity Date | |||||
| A | Receive 5 annual payments for next 5 years. 20% of the available fund value at the time of making such payment is payable for the first 4 annual payments. The balance fund value will be payable on 5th annual payment. | |||||
| B | Receive 10 half yearly payments for next 5 years. 10% of the available fund value at the time of making such payment is payable for first 9 payment. The balance fund value will be payable on 10th instalment. |
|||||
Add-ons
Not Available
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. | |||||
| Fund Management Charge | 0.5% p. a. of the total value of assets after ensuring the minimum guaranteed return | ||||
| Allocation Charges | Allocation Charge is deducted from the Single Premium paid and the Single Premium, net of Allocation Charge, is used to purchase units in any of the six underlying funds. | ||||
| Premium Allocation Charge of 2% of Single Premium will be deducted. | |||||
| Policy Admin Charges | Policy Year | Percentage of Single Premium | |||
| 1 | 2.5% (subject to maximum of Rs.6,000) | ||||
| 2 - 5 | 1.68% (subject to a maximum of Rs.6,000 p.a.) | ||||
| 6 - 10 | NIL | ||||
| Notes:- It is determined using 1/12th of the Annual Charges given above and are deducted from the unit account monthly at the beginning of each monthly anniversary of a policy by cancellation of units for equivalent amount | |||||
| Switching Charge | 12 free switches are allowed in each policy year | ||||
| Subsequent switches will attract a charge of Rs. 100 per switch | |||||
| Surrender Charges | In case of discontinuance of the policy, the following Discontinuance Charges will apply. | ||||
| Discontinuance during the policy year |
Discontinuance Charge | ||||
| 1 | Lower of 1% x (SP or FV), subject to a maximum of Rs. 6,000 | ||||
| 2 | Lower of 0.5% x (SP or FV), subject to a maximum of Rs. 5,000 | ||||
| 3 | Lower of 0.25% x (SP or FV), subject to a maximum of Rs. 4,000 | ||||
| 4 | Lower of 0.1% x (SP or FV), subject to a maximum of Rs. 2,000 | ||||
| 5 onwards | NIL | ||||
| Mortality Charges | Mortality Charge shall be levied at the beginning of each policy month from the fund by cancellation of units. Below mentioned are the sample Mortality Charges for various age groups for Rs. 1000 of Sum at Risk | ||||
| Age as on last birthday (years) |
25 | 35 | 45 | 55 | |
| Mortality Charge (Rs) | 1.09 | 1.42 | 3.17 | 8.68 | |
| Notes -: Mortality Charge is calculated on the Sum at Risk which at any given point of time is the Sum Assured under the policy | |||||
| Partial Withdrawal Charge |
4 free Partial Withdrawals in a policy year are allowed | ||||
| a charge of Rs.200 will be levied per withdrawal. | |||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
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 Gain
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.
BENEFITS OF BUYING FROM ONEINSURE
OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.
