UIN: 133L023V01
One plan fits all.
You want your children to attend the best school there is; you want to travel the
world after you retire; you want to live a life free of any financial difficulty.
Is that too much to ask for? We don’t think so. The Future Sanjeevani Plus plan
offers cover for life and makes smart investments which will give you excellent
returns giving you money when you need it most. It comes with a range of benefits
for consistent savers and increased allocations for larger investors.
1. Key Features of Future Sanjeevani Plus :
- An ideal All-in-One Investment and Insurance package
- Life coverage throughout life giving flexibility in premium paying term of 5,10,15
years or Whole of life
- Gives you a choice of 4 investment funds, structured in a way to take care of your
financial liabilities and giving the flexibility to change fund allocation at any
time as per your requirement
- Suite of 4 optional riders to provide you additional benefit (s)
- Additional allocation of fund (s) to your kitty through regular Top-Ups, providing
you a comprehensive financial solution
- Partial Withdrawal after the completion of 3 full policy year
- Tax benefits on premiums paid and the benefits received, as per the prevailing Income
Tax Rules
2. Benefits:
2.1 Maturity Benefit:
On maturity i.e. policy anniversary coinciding with or following the completion
of 99 years of years, the Fund Value as on the date of maturity becomes payable
and the policy is terminated thereafter.
2.2 Death Benefit**
On the unfortunate death of the life assured before maturity, the nominee receives
the higher of the following-
-
The Fund Value as on the date of death of the life assured
-
Sum Assured plus all applicable top up Sum Assured net of all Deductible Partial
Withdrawals, (if any)
**For purpose of determining the Death Benefit, the Deductible Partial Withdrawal
(s) mean the sum of all partial withdrawals paid from the relevant Account(s) (i)
during the 24 months immediately preceding insured’s date of death, or (ii) in case
the life assured has completed 60 years of age, all partial withdrawals made during
the 24 months before completion of age 60 years along with all partial withdrawals
after completion of 60 years of age.
-
For minor life assured, death during the deferment period the Fund Value will be
paid.
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3. Investment options :
The premium is invested in unit funds according to policyholder’s choice. Currently
there is a choice of four investment funds, providing the flexibility to policyholder
to direct his 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 policyholder’s 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
|
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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 Interest Investments, cash and Money Market Instruments
|
0%
|
100%
|
Low
|
|
Equity Instruments
|
0%
|
0%
|
Future Balance
Strategy : Balances high returns and high risk from equity
investments by the 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 Interest including cash and Money Market Instruments
|
10%
|
70%
|
Medium
|
|
Equity Instruments
|
30%
|
90%
|
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Future Maximize
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
|
10%
|
50%
|
High
|
|
Equity Instruments
|
50%
|
90%
|
4. Flexibility :
- Riders : The following optional riders are available to enhance the insurance
coverage
- Accidental Death Rider (UIN: 133C001V01) – Additional
amount, equal to the sum assured selected under this benefit is paid, incase of
death due to accident
- Accidental Total and Permanent Disability Rider (UIN:
133C002V01) – In case of life assured becoming totally and permanently
disabled due to accident, the rider sum assured is paid in 10 equal annual installments.
In case of death of the life assured, surrender or maturity of the policy occurring
before the payment of all installments, the balance of installment is payable in
lump-sum
- Unit-Linked Critical (Core) Illness Rider (UIN: 133A017V01)
– Amount equal to Sum Assured selected under this benefit is paid on diagnosis of
any one of the 6 critical illnesses (Cancer, Stroke, Kidney Failure, CABG, Heart
Attack & Major Organ Transplant). The sum assured is payable on survival for 28
days from the onset of any of these critical conditions.
- Unit-Linked Life Guardian Rider (UIN: 133A018V01)
– This rider is applicable when the life assured is a minor. On the death
of the proposer, all future premiums till the life assured is a minor will be waived.
- Top-up Premium *** : Anytime during
the tenure of the plan you can enhance your investment by way of top-up whereby
you can add over and above to your regular or single contribution. The minimum top-up
premium amount is Rs.5, 000/-. 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 3 years.
*** Additional top-up single premiums can be paid over
the policy term while the policy is in force.
- 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 and will be subject to the underwriting norms of the company
- Switching between the Funds : Switch your existing fund allocation
from riskier to safer funds & vice versa and thus actively manage your own investment.
4 switches are free in a policy year, thereafter Rs.100/- is charged per switch.
Minimum Switch amount is Rs. 10,000.
- Premium Re-direction : Available from 2nd policy year onwards for
all future regular and top-up (if any) premium(s), without any charges and is limited
to twice in a policy year.
- Increase in Sum Assured : At any time during the plan you have
an option to increase your initial sum assured within the allowable maximum limit.
Increase in the sum assured is subject to the underwriting norms of the Company.
- Surrender : Policy will acquire surrender value only after the
payment of one full year’s premium and will be payable only after the completion
of 3 policy years. The surrender value will be the Fund Value less the surrender
charges, as applicable.
- Loan : Not available under a unit linked plan.
- Partial Withdrawal
- Partial Withdrawal is allowed after the completion of 3rd policy year or 18 years
of age of the life assured, whichever is later
- There is a lock-in period of three years for all Single Top-up premium (s)
- First four Partial Withdrawals in a policy year are free, provided that after each
withdrawal the fund Value is at least the higher of:
- Rs. 30,000/-
- The top-up single premiums paid in the last 3 years
- One year’s annualized premium
- Thereafter, any subsequent withdrawal made in that policy year will attract partial
withdrawal charge as stated below.
- Minimum Partial Withdrawal amount is Rs. 10,000
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5. Charges :
The allocation charge for the plan is as per the table below
|
|
Less than 25,000
|
25000 - 49,999
|
More than 50,000
|
|
PPT / Policy year
|
1st year
|
2nd year
|
3rd year
|
4th onwards
|
1st year
|
2nd year
|
3rd year
|
4th onwards
|
1st year
|
2nd year
|
3rd year
|
4th onwards
|
|
5 yrs
|
7.50%
|
5%
|
5%
|
2%
|
7.50%
|
5%
|
5%
|
2%
|
7.50%
|
5%
|
5%
|
2%
|
|
10/15 yrs/ whole of life
|
22%
|
7.5%
|
5%
|
2%
|
15%
|
7.5%
|
5%
|
2%
|
10%
|
7.5%
|
5%
|
2%
|
Single Premium & Top-up Single Premium = 2%
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- Premium Allocation Charge for Single Premiums and Top-up Premium - 2%
- Fund Management Charge - FMC will be charged at the time of computation
of NAV, which will be done on daily basis. This will be charged as a percentage
of the value of the assets and will be adjusted towards the NAV
|
Fund Name
|
FMC
|
|
Future Secure Fund
|
1.10%
|
|
Future Income Fund
|
1.35%
|
|
Future Balance Fund
|
1.35%
|
|
Future Maximize Fund
|
1.35%
|
- Policy Administrative Charge – The monthly policy administrative
charge is Rs. 75 per month and will be recovered by cancelling units on a monthly
basis proportionately from each investment fund. The PAC is guaranteed for the policy
term.
- Switching Charge – This is the charge deducted on switching from
one fund to another within plan. 4 free switches are allowed in a policy year, thereafter
switches are subject to switching charge of Rs. 100 per switch, subject to increase
in the future upto Rs. 200/- per switch. Unused switches cannot be carried forward
to the next policy anniversary.
- Partial Withdrawal Charge – A total of 4 withdrawals is free in
a policy year, thereafter 0.5% of the amount withdrawn subject to a minimum amount
of Rs. 200, which is deducted from the withdrawal amount.
Partial withdrawals are subject to surrender penalty/charge if the partial withdrawals
take place at durations or after number of years’ premiums paid when the surrender
charges apply.
When top up additional premium has been paid on a regular or single premium policy,
the surrender charge would apply on partial withdrawal on the fund value less the
top up premiums.
- Mortality Charge – This is cost of life insurance cover which will
be recovered by cancellation of units which will be 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
|
The Mortality Charge per Rs. 1000 Sum at risk
|
|
Age in Years
|
15
|
20
|
25
|
30
|
35
|
40
|
45
|
50
|
|
Mortality Charge
|
0.70
|
0.90
|
1.02
|
1.06
|
1.25
|
1.96
|
2.96
|
4.99
|
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- Rider Charges – Rider charge (s) will be deducted from the Fund
Value every month by way of cancellation of units. These charges may be reviewed
based on the Company’s experience and may be increased subject to IRDA approval.
- Surrender Penalty - policy can be surrendered any time during the
policy term. If a policy is surrender 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 account,
there is a lock-in period of 3 years.
The surrender penalties based on the policy year of surrender and expressed as a
percentage of Fund Value are
Single Premium :
|
Policy Year of surrender
|
Surrender Penalty as % of Fund Value
|
|
3 years or less
|
1%
|
|
More than 3
|
Nil
|
Regular Premium:
|
Policy Year of surrender
|
Surrender penalty as % of Fund Value
|
|
1
|
100%
|
|
2
|
50%
|
|
3
|
35%
|
|
4
|
20%
|
|
5
|
10%
|
|
6 onwards
|
Nil
|
Eligibility Criteria :
|
For the Base Plan
|
|
Minimum – Maximum Entry Age
|
30 Days – 65 Years Last Birthday Date
|
|
Maximum Age at Maturity
|
99 Years
|
|
Premium Paying Frequency
|
Single / Annual / Half-Yearly / Quarterly / Monthly (ECS)
|
|
Premium Paying Term
|
5, 10 or 15 years or Whole of Life (i.e. till 99 Years)
|
|
Minimum Sum Assured
|
For Single and Single Top-up Premium –
110% of SP
For Regular Premium –
5* Annual Premium
|
|
Maximum Sum Assured
|
M* Annual Premium or Single Premium, where M is the
multiple factor which depends upon the age at entry and premium band (for SP only)
and Premium Paying Term (for RP only)
For Single Premium :
|
Single Premium
|
Multiple for age > 30 yrs
|
Multiple for age <= 30 yrs
|
|
Rs.75,000 to < Rs. 1,00,000
|
1.2
|
2
|
|
Rs.1,00,000 to < Rs. 5,00,000
|
1.4
|
3
|
|
Rs. 5,00,000 and over
|
1.5
|
4
|
For Regular Premium :
|
Premium paying term
|
Multiple for age > 30 yrs
|
Multiple for age < 30 yrs
|
|
5 years
|
5
|
30
|
|
10 years
|
10
|
25
|
|
15 years
|
13
|
40
|
|
Whole Life
|
16
|
50
|
The sum assured for Top-up single premium (if exceeding 25% of the base premiums
paid till that date) will be 110% of such top-up single premium paid.
|
|
Minimum Premium
|
Single Premium – Rs. 75,000
Regular Premium – Rs. 18,000/-
|
|
For the Riders
|
|
Minimum – Maximum Sum Assured
|
Accidental Death Rider - Rs. 75,000 – Basic SA subject to a max
of Rs. 30 lakhs on a single life.
Accidental Total Permanent Disability Rider - Rs. 75,000 – Basic
SA subject to a max of Rs. 40 lakhs on a single life
Unit-Linked Critical Illness(Core) - Rs. 75,000
– Basic SA subject to a max of Rs. 15 lakhs on a single life
Unit-Linked Life Guardian - Subject to U/W
|
|
Minimum – Maximum Entry Age
|
Accidental Death Rider, Accidental Total Permanent Disability Rider and Unit-Linked
Critical Illness(Core) : 18 – 60 Years Last Birthday Date
Unit-Linked Life Guardian:
For the Proposer – 20 -55 Years Last Birthday Date
For the Life Assured – 30 Days – 14 Years
|
|
Maximum Age at Maturity
|
65 Years Last Birthday Date
|
|
Minimum – Maximum Policy Term
|
Accidental Death Rider, Accidental Total Permanent Disability Rider and
Unit-Linked Critical Illness(Core) : 5 – 30 Years
Unit-Linked Life Guardian : 4 – 18 Years
|
|
Premium Paying Frequency
|
Annual/Half-Yearly/Quarterly/Monthly (ECS)
|
|
Premium Paying Term and Term
|
The term and Premium Paying Terms for the riders would be the same as the base plan
subject restrictions imposed separately on each rider as shown above.
|
Note : For a minor life assured, of age less than 10 years, life
cover will start after a deferment period which will be up to the policy anniversary
coinciding with or following his/her completing 10 years on last birthday or two
policy years (if age at entry less than 10 years) which ever is more. Cover is not
available during the deferment period, on death of the life assured during this
period, the fund value will be paid.
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Other Features :
- 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 have 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.
- 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.
- 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.
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 reaches
an amount equivalent to one full year’s premium, 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 unpaid, a policy may be revived within the revival period
of 3 years from the 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. However, the insurance cover
under any rider, if opted for, shall cease immediately.
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 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 surrender value.
- Reinstatement : If premiums are not paid within the period of grace
and the policy is not surrendered, the policy may be reinstated 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 reinstatement 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
reinstatement will be effected on company’s discretion and subject to such conditions
as the company in its discretion may decide. Any reinstatement of riders will be
considered along with the reinstatement of the basic policy, and not in isolation.
- Backdating : Backdating is not allowed
- 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.
- 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.
- 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.
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Exclusions and Other Restrictions :
No benefit will be payable in respect of any condition arising directly or indirectly
through or in consequence of the following exclusions and restrictions -
General 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.
Rider Exclusions and Restrictions
- A waiting period of 90 days will apply, i.e., if critical illness is first diagnosed
within 90 days from the commencement of the policy.
- A survival period of 28 days will apply; i.e., the life assured has to survive a
minimum period of 28 days from the date of diagnosis of critical illness, in order
to be eligible for the Critical Illness benefit.
- Critical Illness arising out of any pre-existing condition not disclosed at the
inception of the policy.
- Where the Company has evidence that the critical illness has arisen out of an unreasonable
failure on the part of the Life Assured to follow medical advice. Moreover, where
there is evidence that the Life assured has delayed medical treatment in order to
circumvent the waiting period or other conditions and restrictions applying in the
policy.
- Critical illness in the presence of Human Immunodeficiency Virus (HIV) or conditions
due to any Acquired Immune Deficiency Syndrome (AIDS).
- Conditions arising out of self- inflicted injury, war/invasion, injury during criminal
activity or under influence of drug, alcohol etc.
- 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.
- Arising out of riots, civil commotion, rebellion, war (whether 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 the employment of the life assured in the armed forces or military
services 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.
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 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 Sanjeevani 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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