(UIN No: 133L026V01)
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICY
HOLDER
Not everything in life is reliable. Fortunately, there are some things you can count
on, Like our Future Generali Guarantee Plus.
You can not predict the future; but you can definitely ensure that it is financially
secured. And when it comes to security, the more the Better! We offer you Future
Generali Guarantee Plus, a unique plan that guarantees you more than you can ask
for so that you can plan for your financial goals.
Financial planning is the start for a secure future and investments are better if
they are flexible and systematic. We value your investments and ensure that your
investments get accelerated returns. Hence we offer you Future Generali Guarantee
Plus, a plan with which you can reap the benefits of your savings tomorrow,and be
certain that you will receive up to 325% of your first year premium in addition
to life cover.
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1. Key features
- Unit linked endowment insurance plan
- Provides Assured Loyalty Additions which ranges from 110% to 325% of the first year
annualized premium
- On death other than accidental, sum assured + fund value + Assured Loyalty Additions(if
any) is payable to the nominee
- On death due to accident provided life assured is above age 18, 3 times sum assured
+ fund value + Assured Loyalty Additions (if any) is payable to the nominee
- On maturity, fund value + Assured Loyalty Additions are payable to the life assured
- Partial withdrawal can be made after 3rd policy year
- No Surrender penalty from the sixth policy year
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2. How does it Work?
Step 1: Decide your premium amount
You have to first decide the amount you want to invest as premiums under the policy.
The minimum amount of premium is Rs 15,000.
Step 2: Decide your Sum Assured
Your Sum Assured depends on the amount of premium that you decide to pay. The minimum
Sum Assured is 5 * annualized premium.
Step 3: Decide your policy term
You have to decide the policy term of 10 yrs, 15 yrs, 20 yrs, 25 yrs & 30 yrs for
which you would like to avail the benefits of the policy. You have to pay the premium
through out the policy term. Depending upon your financial planning, you can decide
the policy term.
Step 4: Choose your investment funds
You choose the funds in which you would like to invest depending upon your preferences
and risk profile.
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3. Benefits
3.1 Maturity Benefit:
On the maturity of the policy the Fund Value as on the date of Maturity plus the
Assured Loyalty Additions are payable to the life assured
The life assured may also choose to receive the maturity benefit under Settlement
option as mentioned below.
3.2 Death Benefit
Prior to Risk Commencement
If the death of the life assured either natural or due to accident, occurs prior
to the commencement of risk under the policy, fund value plus assured loyalty additions,
if eligible, will be paid.
After Risk Commencement
Death other than accidental
If the death of the life assured occurs after the commencement of risk, then
- the Sum Assured plus the fund value plus Assured Loyalty Additions (if eligible)
are payable to the nominee
Death due to accident
If the death of the life assured occurs due to an accident, and the life assured
is a major at the time of death, then
- 3 * Sum Assured plus the fund value plus Assured Loyalty Additions (if eligible)
are payable to the nominee
With in first three policy years, after the risk commencement, if the premiums are
discontinued and the life assured dies during the revival period, we will pay the
fund value as on date of death
Note
-
No additional accidental death benefit is payable under the policy if the life assured
is a minor at the time of the death..
-
If life assured is below age 10 at the time of policy issuance, risk under the policy
will commence from the later of
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4. Assured Loyalty Additions
On maturity of the policy, the life assured receives the Assured Loyalty Additions
as a percentage of first year premium depending upon the policy term. The Assured
Loyalty Additions are payable on in-force policy at maturity or at earlier death
after 8 policy years from inception of the policy. The Assured Loyalty Additions
are as under
|
Policy Term
|
Assured Loyalty Additions(as % of First year Premium)
|
|
10 years
|
110%
|
|
15 years
|
165%
|
|
20 years
|
215%
|
|
15 years
|
265%
|
|
30 years
|
325%
|
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5. Investment options
Your premium is invested in unit funds of your choice. Currently you have a choice
of three investment funds, providing you the flexibility to direct your investments
in any of the following unit linked funds of the Company. The funds invest in a
mix of cash/other liquid investments, fixed interest securities and equity investments
in line with their risk profile.
Future Secure
Strategy:Investment in low risk assets such as money market investments
Objective:To provide stable returns by investing in relatively low risk assets.
The fund will invest exclusively in treasury bills, bank deposits, certificate of
deposits, other money market instrument and short duration govt. securities.
|
Composition
|
Min.
|
Max.
|
Risk Profile
|
|
Money Market, Cash and Short Term Debt
|
NIL
|
100%
|
Low
|
|
Equity Instruments
|
NIL
|
NIL
|
Future Income
Strategy:Investments in assets of low or moderate risk
Objective:To provide stable returns by investing in assets of relatively
low to moderate level of risk. The interest credited will be a major component of
the fund’s return. The fund will invest primarily in fixed interest securities,
such as Govt. securities of medium to long duration and Corporate Bonds etc and
money market instruments for liquidity
<
|
Composition
|
Min.
|
Max.
|
Risk Profile
|
|
Fixed Income Investments and Money Market Instruments
|
NIL
|
100%
|
Low
|
|
Equity Instruments
|
NIL
|
NIL
|
Future Balance
Strategy:Balance of high return and risk balanced by stability provided by
fixed interest instruments
Objective:To provide a balanced return from investing in both fixed interest
securities as well as in equities so as to balance stability of return through the
former and growth in capital value through the latter. The fund will also invest
in money market instruments to provide liquidity
<
|
Composition
|
Min.
|
Max.
|
Risk Profile
|
|
Fixed Income including Money Market Instruments
|
10%
|
70%
|
Medium
|
|
Equity Instruments
|
30%
|
90%
|
Future Apex
Strategy:Investment in a spread of equities. Diversification by sector, industry
and risk.
Objective:To provide potentially high returns to unit holders by investing
primarily in equities to target growth in capital value of assets. The fund will
also invest to a certain extent in govt. securities, corporate bonds and money market
instruments.
|
Composition
|
Min.
|
Max.
|
Risk Profile
|
|
Fixed Income including Money Market Instruments
|
0%
|
50%
|
High
|
|
Equity Instruments
|
50%
|
100%
|
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6. Flexibility
a) Top-up Premium:Anytime during the tenure of the plan, you can pay top-up
premium over & above regular premium, provided all regular premium is paid as and
when due. The minimum top-up premium amount is Rs.2, 500/- (and in multiples of
‘000 thereafter) .There is no limitation on number of top-ups made in a single policy
year. Every top-up made during the tenure of the policy has a lock-in period of
three years.
Note:Additional top-up single premiums can be paid over the policy term while
the policy is in force.
b) Top-up Sum Assured:If the total top-up premium is more than 25% of the
total basic premium paid till date, then such top-up premium will be accepted with
an additional Sum Assured or Top-up Sum Assured to the extent of 110% of the top-up
single premium exceeding this 25% limit and will be subject to the underwriting
norms of the company
c) Premium Redirection:At any time after completion of one year, you may
instruct us in writing to redirect all future premiums in an alternative proportion
to the various unit funds available. Redirection will not affect the premium paid
prior to the request. Premium redirection can be done maximum twice in a year.
d) Switching between the Funds:Switch your existing fund to another fund
option available and thus actively manage your own investment. Six switches are
free in a policy year. The minimum amount that can be switched is Rs. 5,000/-. Any
switch over and above the available free switches in a policy year is subject to
a charge. The un used free switches in a policy years cannot be carried forward
to the following policy year
e) Surrender:Surrender can be made any time during the policy term. If policy
is surrendered before the end of 3 policy years, the surrender value equal to fund
value less applicable surrender penalty will be kept frozen on date of surrender
& no subsequent charges will be deducted & that surrender value will be paid at
completion of 3 years. Assured Loyalty Additions are not payable on surrender.
f) Partial Withdrawal:Partial Withdrawal is allowed after the completion
of 3rd policy year if life assured is a major or during the lifetime of the proposer
if the life assured is a minor. The minimum amount that can be withdrawn is Rs.5,000
(in multiple of ‘000). In a policy year, only one partial withdrawal is allowed.
The maximum amount that can be withdrawn per year is 10% of the fund value. The
partial withdrawal are not allowed during the last five policy years
After each withdrawal the Fund Value should be at least the higher of:
- One year’s annualized premium
- The top-up single premiums paid in the last 3 years
For the purpose of partial withdrawals, all top-up premiums, whether or not associated
with insurance cover, except top-up premiums paid during last three years of the
policy, shall be treated as Single Premium. For a top-up premium made during the
period of the policy, a lock-in period of three years shall apply from the date
of payment of that top-up premium
g) Settlement option:You may also opt for the settlement option for your
maturity benefit. Under Settlement Option, the maturity benefit may be taken in
installments spread over a period up to five years from the date of maturity. However,
the Assured loyalty addition, if eligible, will be paid at maturity of the policy.
The policy administration charges and fund management charges will continue to be
deducted. Partial withdrawals and Switching will be allowed in the settlement period
subject to conditions mentioned against partial withdrawal & switching above. During
the settlement period, the investment risk in investment portfolio will continue
to be borne by the policyholder.
h) Increase / Decrease in Sum Assured:At any time during the term of the
policy you have an option to Increase / decrease your initial sum assured within
the allowable maximum /minimum limit. However the premium will not change and remain
same. Increase in the sum assured is subject to underwriting as per Company policy.
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7. Charges
a) Premium Allocation Charge
The premium allocation charge will be deducted from the premium amount at the time
of premium payment and the remaining premium will be used to purchase units in various
investment funds according to the fund allocation specified by you.
The allocation charge is as per the table below
|
Policy Term
|
1st year
|
2nd & 3rd year
|
4th - 10th year
|
11th year onwards
|
|
10
|
40%
|
5%
|
2%
|
Nil
|
|
15
|
50%
|
|
20
|
72%
|
|
25
|
72%
|
|
30
|
72%
|
Top up Single Premium = 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.)
|
|
Future Secure Fund
|
1.10%
|
|
Future Income Fund
|
1.35%
|
|
Future Balance Fund
|
1.35%
|
|
Future Apex Fund
|
1.35%
|
c) Policy Administrative Charge
The policy administrative charge under the policy is,
1st year: Rs.15 per 1,000 sum assured for first Rs.50,000 and Rs.2 per 1,000 sum
assured for the balance sum assured
2nd year onwards: Rs 50 per month
This charge will be recovered by canceling units on a monthly basis proportionately
from each investment fund.
d) Switching Charge
Six free switches are allowed each policy year. Subsequent switches will attract
a charge of Rs.100 per switch. The switching charges are subject to increase up
to Rs.250 per switch.
3.1 Insurance Charge - -Below mentioned are the sample insurance charges
for lives for 1000 of sum assured
|
Age
|
25
|
35
|
45
|
55
|
|
Insurance Charge
|
2.53
|
2.88
|
5.36
|
13.06
|
e) Surrender PenaltyA policy can be surrendered at any time during the policy
term. If a policy is surrendered in the first 3 policy years, the surrender value
will be payable only on completion of 3 policy years. The surrender value will be
the fund value less the surrender penalty, as applicable. For top-up accounts, there
is a lock-in period of 3 years
|
Policy Year
|
Surrender penalty as a % of fund value
|
|
Year 1
|
100%
|
|
Year 2
|
50%
|
|
Year 3
|
35%
|
|
Year 4
|
20%
|
|
Year 5
|
10%
|
|
Year 6 onwards
|
Nil
|
f) Miscellaneous Charge:
This charge is levied for any alterations within the contract, such as, change in
premium mode, premium redirection etc. The charge is expressed as a flat amount
levied by cancellation of units.
This charge is levied only at the time of alteration and is equal to Rs.250 per
alteration. All charges will be subject to Service Tax at prevalent rate which is
10.3% currently.
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8. Eligibility criteria
|
Minimum– Maximum Entry Age
|
Minimum: 0 years (as on last birthday)
Maximum: 60 years (as on last birthday)
|
|
Maximum Age at Maturity
|
70 Years
|
|
Premium Paying Frequency
|
Yearly & Half-Yearly
|
|
Policy Term
|
10 yrs, 15 yrs, 20 yrs, 25yrs & 30yrs. The policy term shall be such that the life
assured is a major at the time of maturity of the policy
|
|
Premium Paying Term
|
Regular Premium Payment term
|
Minimum
Sum Assured
|
5*Annual Premium
|
|
Maximum Sum Assured
|
M*First Year Annual Premium, where M is a factor which depends upon the age at entry
(of the life assured)
|
Age at Entry (last birthday)
|
Multiple Factor
|
|
0 to 50 years
|
12
|
|
51 to 55 years
|
10
|
|
56 to 60 years
|
5
|
Maximum – Rs 25,00,000
Top up single premium – 110%. This Sum Assured related to top-up single premiums
will be over and above the maximum limits stated above on the basis of basic regular
premiums.
|
|
Minimum/ Maximum Premium
|
Minimum – Rs 15,000/-
Maximum – Rs 5,00,000/-
For top-up single premiums: Minimum – Rs .2,500
|
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9. 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: A grace period of 30 days from the premium due date will be
allowed for payment of yearly & half yearly premium. The policy will remain in force
during the grace period. If any premiums remain unpaid at the end of the grace period,
the policy shall lapse. The policy benefit thereafter would have no further value
except as provided under the non forfeiture provisions
9.1 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 within days of grace, the insurance cover
& inbuilt accidental death benefit shall cease immediately after days of grace.
The policy will continue to participate in the performance of the funds and all
charges other than insurance charges will continue to be deducted.
policy 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.
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.
Treatment of such policies in valuation of liabilities:
During the revival period, a provision will be made for liabilities arising out
of likely future revivals of these policies.
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 the revival period
of 3 years from the due date of first unpaid premium.
During this limited period for revival, the insurance cover under the base plan
shall be continued by levying appropriate charges. The cover under the inbuilt accidental
death benefit will also continue.
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 and in built accidental death cover under the plan may continue, if so opted
to 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
In a policy, where the premiums are discontinued, the Assured Loyalty Additions
is not payable.
- 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 3 years from
the due 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 the company’s discretion and subject to such conditions as the company in its
discretion may decide.
9.2 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. It is ensured that the nominee has insurable interest
in the life of the assured.
The Policyholder can also assign the Policy to a party by filing a written notice
to us along with the original Policy document. 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. Any assignment
shall automatically cancel a nomination except the assignment in favour of the Company.
-
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.
-
Tax Benefits
Tax benefits are available as per prevailing tax laws. Please consult your tax advisor
for the same.
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10. Exclusions
No benefit will be payable in respect of any condition arising directly or indirectly
through or in consequence of the following exclusions and restrictions -
Suicide Exclusion
If the life assured commits suicide within one year from the risk commencement date
or revival date, if revived, whether sane or insane at that time, the company will
limit the death benefit to the Fund Value and no insurance benefit will be payable.
For benefit under Accidental Death
No benefit will be payable in respect of any condition leading to accidental death
arising directly or indirectly from, through or in consequence of the following
exclusions:
- Arising out of self inflicted injury, suicide, or death whilst under the influence
of intoxicating alcohol, or narcotic substances
- Arising out of riots, civil commotion, rebellion, war (whether war be declared or
not), invasion, hunting, mountaineering, steeple chasing or racing of any kind,
bungee jumping, river rafting, scuba diving, paragliding or any such adventurous
sports or hobbies
- As a result of the life assured committing any breach of law.
- Arising from employment of the life assured in the armed forces or military service
of any country at war (whether war be declared or not) or from being engaged in
duties of any para-military, security, naval or police organization; and
- As a result of accident while the life assured is engaged in aviation or aeronautics
in any capacity other than that of a fare-paying, part-paying or non-paying passenger,
in any aircraft which is authorized by the relevant regulations to carry such passengers
and flying between established aerodromes
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 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 insurance charges are guaranteed for the term of a policy.
- Surrender penalties are guaranteed
- The 10% cap on partial withdrawal is subject to change.
- 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 Guarantee 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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