Robinhood Insurance Broker Private Limited

Product Info

UIN

133N029V01

Status

Withdrawn

Launch Date

02/06/2010

Withdrawn Date

31/03/2013

Product Overview

Future Generali Dream Guarantee Plan is a traditional endowment money back plan providing insurance cover and guaranteed cash backs at regular intervals. As far as the periodic cash backs are concerned, investors can probably earn better returns by periodically investing in bank fixed deposits for a five-year time period. To ensure an appropriate life cover for the dependants, invest in a suitable term-plan instead.

Product Description

  • Savings plan with the added advantage of life cover and cash inflow at regular intervals
  • 100% of the Sum Assured as Immediate Death Benefit
  • Discount in premium on opting for a large sum assured
  • All future premiums are waived off

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Unique Features

  • Future Generali Dream Guarantee Plan is traditional endowment plan with bonus and guaranteed additions
  • The plan provides Guaranteed Additions of 3.5% of the sum assured for first 3 policy years and after that there is compounded Reversionary Bonus from the 4th policy year onwards.
  • In case of death sum assured is paid , all the survival benefits are paid, all future premiums are waived off and on maturity accumulated guaranteed additions along with accumulated bonuses are paid.
  • Triple sum assured is paid in case of accidental death

Eligibility Criteria

Eligibility Criteria
Age at Entry  Minimum    Maximum
Policy term: 15 years
12 years 55 years
Policy term: 20 years
13 years 50 years
Maturity Age 70 Years
Premium paying frequency Yearly / Half-yearly / Quarterly / Monthly (ECS)
Policy term 15 and 20 Years
Premium paying term Regular Premium Paying Term
Minimum Premium Rs. 1,00,000
Maximum Premium Rs. 25,00,000
Minimum Premium Depends on the sum assured, policy term and age of the life assured
Premium mode Premiums can be paid in Yearly, Half-Yearly, Quarterly, or Monthly modes.

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Product Benefit

  • Maturity Benefit :
    Basic Sum Assured plus Accrued Reversionary Bonuses Final Bonus, if any
  • Death Benefit :
  1. The nominee / beneficiary will receive the base sum assured immediately
  2. All future premiums under the policy will be waived and the policy will continue till maturity
  3. The guaranteed additions and bonus will continue to accrue under the policy till maturity
  4. We will pay all the balance guaranteed money back benefits whenever due along with the accrued Guaranteed additions and bonuses on maturity

Other Policy Features

Feature Description
Guaranteed Money Back Benefit ( Policy term: 15 years )
End of policy year Guaranteed money back benefit as % of SA
6th year 20%
9th year 20%
12th year 20%
On Maturity 40%  +  Guaranteed Additions + Vested Bonus
Total 100% + Guaranteed additions + Vested bonus
 
Guaranteed Money Back Benefit ( Policy term: 20 years )
End of policy year Guaranteed money back benefit as % of SA
5th year 20%
10th year 20%
15th year 20%
On Maturity 40%  +  Guaranteed Additions + Vested Bonus
Total 100% + Guaranteed additions + Vested bonus
 
Guaranteed additions During the first four policy years, guaranteed additions equal to 3.5% of the sum assured (per annum compounding) will be added to the policy after the completion of each policy year. The guaranteed additions are payable on maturity.
Accrued bonuses It gets a share of the profits emerging from this business in the form of bonuses
From the 5th policy year onwards, the policy shall participate in the profits arising out of the company’s ‘with profits’ life insurance business
Large sum assured discount
For policyholders buying large sum assured, a large sum assured discount / rebate is available as 
Sum assured (Rs.) Future Generali Dream Guarantee(in Rs.per 1,000 sum assured)
>=1.5 lakh  ;   < 2lakh 2
>= 2 lakh   ;    < 3 lakh 3
>= 3 lakh  ;   < 4 lakh 4
>= 4 lakh 4.5
 
Paid up value If the policyholder does not pay the due premiums within the grace period, provided the policy has acquired a surrender value, the policy will be converted into a reduced paid-up.
The reduced sum assured is calculated as follows :- (Sum assured – cumulative guaranteed money back payments already paid)
Notes :- * (Number of premiums paid / total number of premiums payable)
Revival the policy may be revived for full benefits within a period of three years from the due date of the first unpaid premium
Surrender value Surrender value is available on a policy after completion of three policy years from the commencement date of the policy provided all the due premiums have been paid.
Guaranteed surrender value The guaranteed surrender value will be equal to 30% of premiums paid under the base policy
The current rate of discount will be 9% per annum. This rate is subject to
change from time to time.
Special surrender value The company will pay a special surrender value, which is either equal to or more than the guaranteed surrender value.
This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender
The company will review the special surrender value scales from time to time and may change the same, depending on the economic environment.
Policy Loan Not Allowed

Add-ons

No riders available in the product

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 Dream Guarantee Plan

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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