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Future Generali Bima Advantage Plus Plan

The Bima Advantage Plus plan from Future Generali Life offers individuals a perfect combination of investment and protection to help in meeting medium to long-term financial targets. A choice of six unique fund options ensures that there is something to suit different kinds of risk profiles and also allows customers to take advantage of market opportunities by shifting from one fund to another.

Features of Future Generali Bima Advantage Plus

  • The policy term extends from 10 to 30 years.
  • The premium payment term will extend for the term of the policy.
  • Fund value will be granted upon the maturity of the policy.
  • Settlement option is available.
  • Customers can opt for premium redirection.
  • Premiums must be paid on an annual basis.
  • Customers can avail tax benefits.

Benefits of Future Generali Bima Advantage Plus

  1. Maturity Benefits
    • The market value or fund value of the investment will be paid on the date the policy matures
    • In the event of the Life Assured’s unfortunate demise during the course of the term, the nominees will be eligible for the higher of the following:
      1. Sum assured minus deductible partial withdrawal, if any, or
      2. 105% of the overall premiums paid until the date on which the Assured passed away, or
      3. Fund / market value
  2. Surrender Benefits
    1. Customers have the freedom to surrender their policies at any point during the term and the surrender value they will receive will be the market value of the plan minus discontinuance fees, if any. In case the policy is surrendered prior to completion of five policy years from the date on which the term commenced (lock-in period), the surrender value, which is the same as the fund value minus applicable discontinuance fees, will be maintained in the company’s Discontinued Policy Fund. No additional charges will be deducted apart from Fund Management fees for discontinued policy fund. A minimum guaranteed return will be accrued on the surrender value as stated by IRDA. The accrued surrender value will be paid to the customer as soon as the lock-in period is completed. In the event of the Assured’s death during the lock-in period, the legal heirs / nominees will receive the proceeds as applicable.
    2. In case the policyholder decides to surrender the policy after five policy years have been completed, the surrender value that the customer will receive will be the market value of the policy at the current NAV, and it will be paid out immediately.

Eligibility Criteria

  • The minimum age to apply for this policy is seven years and the maximum is 65 years.
  • The individual’s age at the time of maturity should be between 18 and 75 years.
  • The minimum sum assured for individuals who are less than 45 years of age is Maximum (10, 0.5 x policy terms) x annual premium. The minimum sum assured for individuals aged 45 years or older is Maximum (7, 0.25 x policy term) x annual premium.
  • The maximum sum assured for individuals between seven and 44 years 25x. For individuals between 45 and 54 years, the maximum multiple is 15, and for individuals between 55 and 65 years, the maximum sum assured is equal to the minimum sum assured.
  • The minimum annual premium applicable is Rs.20,000, and there is no limit to the maximum annual premium.
  • Premiums can be paid on an annual basis.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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