(UIN No: 133L020V01)

Other Features:

• Free Look-in period: If you are not satisfied with the terms and conditions under your policy, you may cancel the policy within the free look period of 15 days from the date of receipt of the policy document. We will refund the premium paid subject to the deduction of the proportionate risk premium for the period of cover, the expenses incurred by us towards medical examination, if any, and stamp duties. Where premiums have been allocated to units, the Fund Value as on the date of cancellation will be payable.
• Grace Period–30 days for all premium payment frequencies other than monthly 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 penalties.
• 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:
  
  Any time during the first three years of the policy, if the premiums are not paid, then the insurance cover shall cease at the end of the grace period. The policy will continue to participate in the performance of the funds. All the relevant charges (except mortality charges) will continue to be deducted.
  
  Such policies may be revived within the revival period of 3 years from the due date of first unpaid premium.
  
  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 the Rs. 25, 000/-, the policy shall be terminated and the fund value will be payable.
  
  If a policy is surrendered before the completion of three policy years, the Fund Value as on the date of surrender shall be frozen and will then cease to participate in the performance of the funds. Surrender penalties, as applicable will be deducted from the Fund Value at the time of payment. The payment will be made only on completion of three policy years from inception.
  

  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 not paid, the policy lapses and can be revived within the revival period of 3years from the due date of first unpaid premium.
  
  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 under the base plan may continue, if so opted for by the policyholder, 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.

• Revival–If premiums are not paid within the period of grace and the policy is not surrendered, the policy may be revived for full benefits within three years from the date of the first unpaid premium and before the date of maturity while the life assured is still alive. 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 company’s discretion and subject to such conditions as the company in its discretion may decide. Any revival of riders will be considered along with the revival of the basic policy, and not in isolation.
• 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
• Net Asset Value (NAV) calculation–
  
  
  • 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).
  
  

  Allocation / redemption of units:
  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, 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.
• 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.
• 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.
  

Exclusions:

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.

Note: For further details on exclusions, please contact your agent or refer to the the Policy Document.

• The premium allocation charges are guaranteed.
• The monthly administration charge can be increased by not more than 5% per annum since inception.
• The switching charges are subject to increase up to Rs.250 per switch.
• The company may change the Fund Management charges from time to time
  
• The mortality charges and rider charges (if any) 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 Freedom Plus’ 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 various funds offered under this contract are the names of the funds and do not in any way reflect their quality, their future prospects and returns.
• 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.
• 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

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