Future Generali Wealth Protect Plan
Product Info
UIN
133L036V02
Status
Active
Launch Date
27/09/2013
Withdrawn Date
Product Overview
This plan gives you the freedom to decide how much wealth you want to create for yourself and your family and also the flexibility to decide where you want to invest your money, at any point in time.
Product Description
- Comprehensive protection of upto 7 to 30 times your annual premium depending upon your age and term, as per choice
- Guaranteed loyalty addition* on maturity, based on premium paid in the first year
- Distinguished investment opportunity with an option to choose from over 6 investment funds
- Access to funds by way of Partial Withdrawals and Surrender Benefits
COMPARE & BUY SIMILAR PLANS
Unique Features
- Future Generali Wealth Protect Plan is a unit linked endowment plan(regular pay option)
- The plan provides guaranteed loyalty addition paid along with maturity benefit, it is premium dependent and ranges from 5% to 7.5% of 1st premium
- Sum assured can be reduced during the policy term
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Minimum | Maximum | ||||
| Entry Age | 7 years | 60 Years | |||
| Max age of Maturity | 22 years | 75 years | |||
| Premium Modes | Gold (Annual Premium = Rs. 25,000) |
Platinum (Annual Premium > Rs. 25,000) |
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| Yearly/Half-Yearly mode | Yearly/Half-Yearly/Quarterly/Monthly (ECS) | ||||
| Policy Term | 15 years to 40 years | ||||
| Premium Paying Term | Equal to the Policy Term | ||||
| Minimum Sum Assured | For age less than 45 years: | Half the Policy Term or 10, whichever is higher the no. of times of AP | |||
| For age 45 years and above | 0.25 times the Policy Term or 7, whichever is higher the number of times of AP | ||||
| Maximum Sum Assured | Entry Age (in years) | Maximum Multiple | |||
| 7 to 44 | 30 | ||||
| 45 to 50 | 20 | ||||
| 51 to 55 | 15 | ||||
| 56 to 60 | 10 | ||||
| Minimum Premium | |||||
| Premium Payment Mode | Premium Amount ( Rs ) | ||||
| Gold (Annual Premium ) = Rs. 25,000) |
Platinum (Annual Premium > Rs. 25,000) | ||||
| Yearly | 25,000 | 25,001 | |||
| Half-Yearly | 12,500 | 12,501 | |||
| Quarterly | NA | 6,251 | |||
| Monthly (by ECS) | NA | 2,500 | |||
| Maximum Premium | Gold option: Rs. 25,000/- | ||||
| Notes :- Maximum Annualised Premium that can be opted for under the Platinum option is Rs.2,00,000 | |||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity :
The Fund Value plus guaranteed loyalty addition, as on the date of maturity, becomes payable to the Life Assured - Death :
- Sum Assured less deductible Partial Withdrawals, if any, or
- Fund Value under the policy, or
- 105% of the total premiums paid, less deductible Partial Withdrawals, if any
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Guaranteed Loyalty Addition | ||||||
| Gold (for Annual Premium = Rs. 25,000) | Platinum (for Annual Premium > Rs.25,000) | |||||
| 5% of the first year Annualised Premium | 7.5% of the first year Annualised Premium | |||||
| Investment Funds | ||||||
| Fund Name & Objective | Asset Allocation | Risk Profile | ||||
| Future Secure Fund | Equity | 0 - 100% | Low | |||
| Fixed Income | ||||||
| Money Market | ||||||
| Future Income fund | Fixed Income &Money Market Instruments & Equity | 0 - 100% | Low | |||
| Future Balance fund | Equity Instruments | 30 – 90% | Medium | |||
| Fixed income and money market instrument | 10 – 70% | |||||
| Future Maximise fund | Equity Instruments | 50 – 90% | High | |||
| Fixed income including cash and money market | 10 – 50% | |||||
| Future Apex fund | Equity Instruments | 50 – 100% | High | |||
| Fixed income and money market investments | 0 – 50% | |||||
| Future Opportunity fund | Equity Instruments | 80 – 100% | High | |||
| Fixed income and money market investments | 0 – 20% | |||||
| Switching | Twelve switches are free in a policy year. | |||||
| The unused free switches in a policy year cannot be carried forward to the following policy year | ||||||
| Subsequent switches will attract a charge of Rs100 per switch. The Switching Charges can be increased up to Rs. 250 per switch, subject to approval by the IRDAI. | ||||||
| The minimum amount that can be switched is Rs. 5,000. | ||||||
| Partial Withdrawal | The first four partial withdrawals in any given policy year will be free, after that Rs. 200 will be Levied per withdrawn | |||||
| Subsequent withdrawal will attract charges of 250 per withdrawal | ||||||
| Miscellaneous | This charge is levied only at the time of alteration and is charged as Rs. 250 per alteration. | |||||
| Premium Redirection | At any time after the completion of one year, | |||||
| Redirection will not affect the premium paid prior to the request. | ||||||
| Premium Redirection can be done maximum twice in a year | ||||||
| Revival: | • Written application from the Policyholder, along with the proof of continued insurability of Life Assured and • On payment of all overdue premiums |
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| Surrender | The policy can be surrendered any time during the Policy Term. The Surrender Value will be the Fund Value less Discontinuance Charge, if any. | |||||
| If policy is surrendered before the completion of Lock-in Period of 5 policy years from the policy commencement date, the Surrender Value equal to Fund Value less applicable Discontinuance Charge, will be kept in the Discontinued Policy Fund of the Company. |
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| Top Up | Top-ups are not allowed under the plan | |||||
| Partial Withdrawals | Partial Withdrawals can be made after the completion of Lock-in Period of 5 policy years | |||||
| Partial Withdrawal can be made if the attained age of the Life Assured at the time of withdrawal is 18 years or above, or by the proposer during his/her lifetime if the Life Assured is a mino |
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| The minimum amount that can be withdrawn is Rs.5,000 (in multiples of ’000). The Fund Value after a Partial Withdrawal should be equal to at least one year’s Annualised Premium |
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| Settlement Options | The Policyholder must give a notice to us, at least 30 days before the maturity date stating his intention of exercising the settlement option | |||||
| The units in the unit fund can be redeemed any time within 5 years from the date of maturity | ||||||
| During this settlement period, there will be no life cover. The Fund Management Charges will continue to get deducted | ||||||
| On death of the Life Assured during the settlement period, the Fund Value becomes payable | ||||||
| Partial Withdrawals and switching will not be allowed during the Settlement Period | ||||||
Add-ons
- Future Generali Linked Accidental Death Rider :
Future Generali Linked Accidental Death Rider add-on plan provides an additional insurance cover in case of an accidental death resulting from an accident. The cover amount will be paid to your family. - Future Generali Linked Accidental Total & Permanent Disability Rider :
Future Generali Linked Accidental Total & Permanent Disability Rider add-on plan provides an additional insurance cover in case of total and permanent disability resulting from an accident. The cover amount will be paid on confirmation of the total and permanent disability.
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 Apex Fund | 1.35% | ||||
| Future Opportunity Fund | 1.35% | ||||
| Future Maximise Fund | 1.35% | ||||
| Notes :- This charge is deducted by adjusting the NAV of the units on a daily basis. | |||||
| Premium Allocation Charges | |||||
| Policy Year | Gold (for Annual Premium = Rs. 25,000) |
Platinum (for annual premium > Rs. 25,000) | |||
| 1 | 5.00% | 5.00% | |||
| 2 - 5 | 3.00% | 3.00% | |||
| 6 onwards | 2.00% | 2.00% | |||
| Premium Administration Charges | |||||
| Policy Year | Gold (for Annual Premium = Rs. 25,000) |
Platinum (for annual premium > Rs. 25,000) | |||
| 1 | 3.75% | 3.00% | |||
| 2nd Onwards | 2.85% | 2.45% | |||
| Insurance Charge | |||||
| Age | 25 | 35 | 45 | 55 | |
| Insurance Charge | 1.14% | 1.39 | 3.27 | 9.05 | |
| 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 |
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| 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 |
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| 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 |
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| Notes : *AP means Annual Premium , FV means Fund Value | |||||
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 Wealth Protect Plan
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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