Robinhood Insurance Broker Private Limited

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Withdrawn Date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

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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)
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

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Product Benefit

  • Maturity :
    The Fund Value plus guaranteed loyalty addition, as on the date of maturity, becomes payable to the Life Assured
  • Death :
  1. Sum Assured less deductible Partial Withdrawals, if any, or
  2. Fund Value under the policy, or
  3. 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
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.
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
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
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
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
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

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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