UIN: 133L025V01
THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICY
HOLDER
To toss a double headed coin.
Is it too unrealistic to dream of a long-term situation that hasn’t a downside or
even the slightest hitch? Not at all. The Future Generali NAV Assure Plan ensures
that your investment always stands to benefit, no matter how the market fares —
you reap the benefits of a good market, and on a bad day, you still receive the
assured NAV. It isn’t a gamble if you know you can’t lose.
1.Key features :
- Investment cum Insurance plan providing upside of the market related returns
- Convenience through Single Premium and limited Premium Paying Term – giving you
choice of 3 premium paying terms.
- Secured plan – your investment is managed by Future Generali Life Insurance Co.
Ltd., giving you an upside of your investment while safeguarding the investment
during the adverse market conditions
- Attractive Tax Benefits under the Income Tax Act,1961
2. How does Future Generali
NAV Assure Plan Work
This plan is a single premium / limited premium payment plan (where you choose 3
years, 5 years & 7 years). You can opt for this plan during the subscription period
i.e. period during which plan is available for sale.
Premium paid by you, after deduction of applicable charges is automatically invested
into NAV Guarantee Fund. The objective of this fund is to provide protection to
your assets through systematic asset allocation & dynamic rebalancing and thereby
provide you best possible returns. Guaranteed maturity NAV will be offered by Future
Generali Life based on the highest of daily business day NAVs tracked from the date
of launch of the plan till the end of seven years from the completion of the subscription
period.
3. Benefits:
a) Maturity Benefit:
On maturity i.e. on survival of the life assured till the end of the policy term,
the policy holder will receive the Fund Value of NAV Guarantee Fund.
Fund Value of NAV Guarantee Fund will be calculated based on NAV which is higher
of
- NAV as on date of maturity
- The Guaranteed Maturity NAV (Based on the highest of daily business working day
NAVs tracked from the date of launch of the plan till the end of seven years from
the completion of the subscription period).
b) Death Benefit:
Before start of life cover
For a minor life assured of less than 10 years of age at entry, life cover will
start after a deferment period which will be up to policy anniversary coinciding
with or following the completion of age 10 years or 2 policy years, whichever is
more. Cover is not available during the deferment period, and on death of the life
assured the Fund Value will be paid.
After start of life cover
In case of the unfortunate event of the death of the life assured during the policy
term, we will pay to the nominee, the higher of:
- Fund Value, Or
- Sum Assured opted for by the policyholder
4. Investment options
:
Your premium is invested in NAV Guarantee Fund.
NAV Guarantee Fund
Objective: :To provide capital protection and optimum returns
based on model involving systematic asset allocation and dynamic rebalancing
|
Composition
|
Min.
|
Max.
|
Risk Profile
|
|
Fixed Income including Money Market Instruments
|
0%
|
100%
|
Low to Medium
|
|
Equity Instruments
|
0%
|
100%
|
The fund offered under this contract is only the name of the fund, and does not
in any way indicate the quality of fund, its future prospect and expected returns.
The company reserves the right to add new fund options or close the above mentioned
fund.
The company shall select the investments, including derivatives and units of mutual
funds, by each fund at its sole discretion subject to the investment objectives
for the respective plan and the relevant IRDA regulations.
5. Flexibility
:
a. Surrender
A policy can be surrendered any time during the term of the policy. In case of surrender
within first 3 policy years, surrender value will be paid after the third policy
year. The surrender value will be the Fund Value less the surrender penalty , as
applicable.
b. Partial Withdrawal
No partial withdrawal is allowed under this product
6. Charges :
The allocation charge for the plan is as per the table below
Single Premium
|
Premium Band (Rs.)
|
Allocation Charge
|
|
2,00,000 – 3,99,999
|
2 %
|
|
4,00,000 and above
|
1%
|
Regular Premiums
Year 1
|
Premium Band (Rs.)
|
Allocation charge as a % of regular premium
|
|
|
PPT 3 years
|
PPT 5 years
|
PPT 7 years
|
|
39,960 – 4,99,999
|
6 %
|
7.5 %
|
8 %
|
|
5,00,000 – 9,99,999
|
5 %
|
6 %
|
6 %
|
|
10,00,000 – above
|
5 %
|
5 %
|
5 %
|
Year 2 onwards
|
Policy Year)
|
Allocation charge as a % of regular premium
|
|
|
PPT 3 years
|
PPT 5 years
|
PPT 7 years
|
|
Year 2-3
|
2 %
|
2%
|
2 %
|
|
Year 4-5
|
-
|
2%
|
2%
|
|
Year 6-7
|
-
|
-
|
2 %
|
b) Fund Management Charge
FMC will be charged at the time of computation of the NAV, which will be done on
a
daily basis. This will be charged as a percentage of the value of the assets and
will be
adjusted towards the NAV
|
Fund management charge (% p.a.)
|
|
NAV Guarantee Fund
|
1.25%
|
Fund Management Charges are deducted on a daily basis at 1/365th of the annual charge
in
determining the unit price.
The company may change the fund management charges from time to time but guarantees
that these charges will not exceed 1.35%.
c) Charge towards NAV guarantee – A charge of 0.75% p.a. towards
NAV guarantee will
be charged at the time of computation of NAV, which will be done on a daily basis.
This
will be charged as a percentage of the value of assets and will be adjusted towards
NAV.
This charge will be deducted on a daily basis at 1/365th of the annual charge
in determining the unit price.
d) Policy Administrative Charge - The policy administrative charge
is:
1st year: Rs.15 per 1,000 sum assured for sum assured upto Rs.50,000 and Rs.2 per
1,000 sum assured for sum assured beyond Rs.50,000.
2nd year onwards: of Rs 600 per annum
This charge will be recovered by canceling units on a monthly basis from the investment
fund.
The monthly administration charge can be increased by not more than 5% per annum
since
inception.
e) Mortality Charge
This is the cost of life insurance cover which will be recovered by cancellation
of units and
deducted at the beginning of each policy month. The cancellation of units will be
based on
Sum Assured at risk.
The Mortality Charge per Rs. 1000 Sum at risk
|
Mortality Charge per Rs.1,000/- Sum at risk
|
|
Age as on Last Birthday
|
Mortality Charges
|
|
20 Years
|
1.00
|
|
25 Years
|
1.14
|
|
30 Years
|
1.17
|
|
40 Years
|
2.16
|
|
50 Years
|
5.51
|
f) Surrender Penalty - The surrender penalty is based on the policy year of
surrender and
expressed as a percentage of the fund value
Single Premium:
|
Policy Year of surrender
|
Surrender Penalty as % of Fund Value
|
|
3 years or less
|
2%
|
|
More than 3
|
Nil
|
Regular Premium:
|
Policy Year
|
Surrender Penalty as a % of fund value
|
|
1 year or less
|
15%
|
|
More than1 but less than or equal to 2
|
10%
|
|
More than 2 but less than or equal to 3
|
5%
|
|
More than1 but less than or equal to 4
|
2.5%
|
|
More than 4
|
Nil
|
7.Eligibility
criteria
|
Minimum – Maximum Entry Age
|
Minimum : 8 years (as on last birthday)
Maximum: 60 years (as on last birthday)
|
|
Minimum - Maximum Age at Maturity
|
Minimum: 18 years (as on last birthday)
Maximum: 70 Years (as on last birthday)
|
|
Premium Paying Frequency
|
Single / Yearly /Half-Yearly / Quarterly / Monthly (ECS)
|
|
Policy Term
|
10 years
|
|
Premium Paying Term
|
Single Premium / 3 / 5 / 7 years
|
|
Minimum Sum Assured
|
For Single Premium : 1.1* Single Premium
For Regular Premium: 5*Annual Premium
|
|
Maximum Sum Assured
|
For Single Premium
Maximum Sum Assured: 5*SP
For Regular Premium
Maximum Sum Assured: M*Annualized Premium, basis age,
where M is a factor which depends on the age at entry (of the
life assured)
Up to issue age 45 – a max multiple of 20
From 46 to 50 – a max multiple of 10
From 51 to 60 – a max multiple of 5
The Sum Assured will be in multiples of Rs. 1,000
|
|
Minimum Premium
|
For Single Premium: Min Premium – Rs. 2,00,000
For Regular Premium:
Yearly Premium: Min – Rs. 39,960; Max = No Limit
Half Yearly Premium: Min – Rs. 19,980; Max = No Limit
Quarterly Premium: Min – Rs. 9,990; Max = No Limit
Monthly Premium: Min – Rs. 3,330; Max = No Limit
|
8.Other Features
a) Free Look-in period: If the policy owner is not satisfied with
the terms and conditions of
the policy, he can apply in writing to Future Generali for cancellation of the policy
within the
free look period of 15 days from the date of receipt of the policy document, stating
the reason
for objection. Future Generali will refund the premium paid subject to the deduction
of the
proportionate risk premium for the period of cover and expenses incurred by us towards
medical examination, if any and stamp duties. In case the value of the units has
fallen
significantly over this period, we retain the right to recover from the amount to
be refunded
an amount to the extent of such fall in value.
b) Grace Period: 30 days for all premium payment modes except for
monthly mode where it
is 15 days. If, the premiums are not paid during the grace period, the policy lapses.
The
policy benefit thereafter would have no further value except for surrender value
less of
surrender charges.
c) Premium Discontinuance: If premiums are not paid in the days
of grace, a policy
lapses. The following will apply based on the number of years premiums are paid
before
lapse
Discontinuance of due premiums before completion of 3 policy years::
If all the due premiums have not been paid for at least 3 consecutive years from
inception,
the insurance cover shall cease immediately.. The policy will continue to participate
in the
performance of the funds and all charges other than mortality charges will continue
to be
deducted.
A policy may be revived within 2 years from the due date of first unpaid premium
and the
maturity date; whichever is earlier.
In case the policy is not revived during this period, the policy shall be terminated
and the
surrender value, if any, shall be paid at the end of the period allowed for revival.
Further,
during the period allowed for revival, if the fund value falls below one full years’
premium,
the policy shall be terminated and the fund value will be payable.
If a policyholder surrenders a policy before the end of 3 years from the date of
commencement, the surrender value will be kept in suspense till the end of three
policy
years, and will be payable at that time. No subsequent charges will be deducted
for such a
policy.
Discontinuance of due premiums after payment of at least 3 years’
premiums:
If all the due premiums have been paid for at least three consecutive years and
subsequent
premiums are unpaid, a policy may be revived within 2 years from the due date of
first
unpaid premium and the maturity date; whichever is earlier.
During this limited period for revival, the insurance cover shall be continued by
levying
appropriate charges.
At the end of the allowed period for revival, if the policy is not revived, the
policy shall be
terminated by paying the surrender value. However, the life insurance cover may
continue, if
so opted for, by levying appropriate charges until the surrender value does not
fall below an
amount equivalent to one full year’s premium.
When the fund value reaches an amount equivalent to one full year’s premium, the
policy
shall be terminated by paying the fund value.
d) Revival: If premiums are not paid within the grace period and
the policy is not surrendered
& the life assured is alive, the policy may be revived for full benefits within
the revival
period. The revival period is 2 years from the due date of the first unpaid premium
and the
maturity date; whichever is earlier. The revival will be considered on receipt of
written
application from the policyholder along with the proof of continued insurability
of life
assured and on payment of all overdue premiums. The revival will be effected on
the
company’s discretion and subject to such conditions as the company in its discretion
may
decide based on its underwriting decision.
e) Nomination & Assignment: Provided the policyholder is the life
assured, he / she
may, at any time before the policy matures for payment, nominate a person or persons
as per
Sec 39 of the Insurance Act 1938, to receive the policy benefits in the event of
his / her death.
The Policyholder can also assign the Policy to a party by filing a written notice
to us. The
assignment should either be endorsed upon the Policy itself or documented by a separate
instrument signed in either case by the Assignor stating specifically the fact of
assignment.
Only the entire policy can be assigned and not individual benefits or any part thereof.
f) Net Asset Value (NAV) calculation for regular and single premium:
Unit Price: A unit in each fund has its own price called the Net Asset Value
(NAV). The NAV
of each fund is calculated on daily basis with the following formula:
When Appropriation (Purchasing) price is applied:
NAV = (Market Value of Investment + Express incurred in the purchase of the assets
+
Current Assets + Accrued Income net of Fund Management Charges – Current Liabilities
–
Provisions) / Number of Units outstanding (before any new units are allocated)
When Expropriation (Selling) price is applied:
NAV = (Market Value of Investment - Express incurred in the sale of the assets +
Current
Assets + Accrued Income net of Fund Management Charges – Current Liabilities –
Provisions) / Number of Units outstanding (before any units are redeemed)
In respect of premiums received up to 3.00 p.m. under a local cheque or a demand
draft
payable at par or by way of cash, the closing NAV of the day on which the premium
is
received shall be applicable. In respect of premiums received after 3.00 p.m., the
closing NAV
of the next business day shall be applicable.
In respect of premiums received under outstation cheques/demand drafts, the closing
NAV
of the day on which the cheques/demand draft is realized shall be applicable
All requests for switch, redirection, surrender or partial withdrawal received up
to 3.00 p.m.
will be processed at the closing NAV of the day on which the request is received.
All such
requests received after 3:00 p.m. will be processed at the closing NAV of the next
business
day.
g) Suicide Exclusion If the life assured, whether sane or insane,
commits suicide within one year from the Date of
Issue of the Policy or from one year from any subsequent revival of the policy,
the policy
shall become null and void. In such event, the Fund Value will be refunded and all
benefits
under the policy cease.
h) Tax Benefits Premiums paid under this plan are eligible for
tax benefits under Section 80C of the Income
Tax Act, 1961. Any sum received under this plan is exempt from tax under section
10(10D) of
the Income Tax Act, 1961. The above is based on the current tax laws and is subject
to change.
VARIABILITY OF THE CHARGES
- The premium allocation charges are guaranteed.
- The monthly administration charge can be increased by not more than 5% per annum
since
inception
- The company may change the Fund Management charges from time to time, but
guarantees that the charges will not exceed 1.35% pa for the Future NAV Guarantee
Fund.
- The mortality charges are guaranteed for the term of a policy.
- Surrender penalties are guaranteed
- All charge will be subject to a service tax as applicable
A month’s notice will be given to the policyholder in case of an increase of charges
whenever charges
can be increased. The increase, if any, will apply from the policy anniversary coinciding
with or
following the increase.
Any change in amount or rate of charges as stated above will be subject to IRDA
approval.
NOTE ON THE RISK OF INVESTMENT
IN THE UNITS OF THIS POLICY
- Unit Linked Life Insurance products are different from the traditional insurance
products as in the former, the investment risks in the investment portfolio is borne
by
the policyholder.
- ‘Future Generali India Life Insurance Company’ is only the name of the insurance
Company and ‘Future Generali NAV Assure Plan’ is only the name of the unit linked
life insurance contract and does not in anyway indicate the quality of the contract,
or
its future prospects of return.
- The fund offered under this contract is the name of the fund and does not in any
way
reflect its quality, future prospects and returns except what is guaranteed in the
policy
conditions.
- The premium paid in unit linked life insurance policies are subject to market risks
associated with the capital markets. The unit prices are not guaranteed and may
go up
and down depending on market conditions
- The investment in the Units are subject to market and other risks and there can
be no
assurance that the objectivities of any the funds will be achieved except what is
guaranteed in the policy conditions
- Past performance of the funds is no indication of future performance which may be
different
- All premiums/benefits payable under this plan are subject to applicable laws and
taxes
including service tax, as they exist from time to time.
Premium Table
Click to view the premium table
Click Here To Calculate Premium
(Site 1)
Click Here To Calculate
Premium (Site 2)
top