Future Generali Bima Gain is a non-participating ULIP which offers the policyholder not just the peace of mind of providing life cover but also the chance to generate wealth. In life, no matter how much money one seems to have during emergencies it is never enough. This policy is not just a viable insurance plan but also an effective investment option that provides a choice of 6 investment funds with varying degrees of risk exposure to maximise gains.
Key Features of Future Generali Bima Gain Plan
- The policy is an effective combination of life cover and investment option.
- The policy allows for partial withdrawals if the holder has attained 18 years of age. The withdrawals can be made after the lock-in period which lasts 5 years the minimum withdrawal that can be made is Rs 5000 and thereafter withdrawals need to be made in multiples of Rs 1000 however the withdrawals can be made provided the fund value after withdrawal is Rs 10,000
- The policy allows switching between funds with 12 free switches per policy year
- The policy provides a maturity benefit
- The policy provides a death benefit
- The policy can be surrendered after the lock in period and the surrender value will be paid immediately. If the policy is surrendered before the lock in period, then the value will be moved to a discontinued policy fund which generates an interest of 4% p.a. and the fund will be paid out after the completion of the lock in period.
- Provides a choice of 6 investment funds with varying degrees of risk exposure to maximise returns
- The policy allows for redirection of premiums for a maximum of two times a year
- The policy provides an accidental death rider to further increase the scope of coverage
- The policy incurs charges related to unit linked insurance plans such as mortality charges fund management charges, policy administration charges and other miscellaneous charges
- The policy provides a free look period and a grace period. It also offers policyholders the option of reviving lapsed policies and also the option to surrender
- The policy provides no loan facility
- The policy does not allow for top up premiums
- It has a fixed policy term of 10 years with minimum and maximum sum assured being calculated according to the age of the life assured and the premium amount chosen.
Benefits of the Plan
Maturity Benefit: The Future Generali Life Policy offers the life assured a maturity benefit when the policyholder survives the term of the policy. The benefits will be paid in periodical amounts that come in two choices. The first choice is 5 annual payments for the next 5 years and the second choice is 10 half yearly payments for the next 5 years. The policy will cease to provide life cover during this period after maturity but the investment risk in the policy will continue to be borne by the investor.
Death Benefit: If the life assured passes away while the policy is in force, the beneficiary assigned will receive the death benefit which might be the sum assured under the policy or the fund value at the time of the life assured’s demise but at no time will the death benefit paid be lesser than 105% of the single premium paid.
The plan offers 6 robust investment funds to choose from. The funds are Future Income fund and Future Secure fund both of which have a low risk profile which invest anywhere between 0% to 100% in fixed income instruments, Future Balance fund which has a moderate risk profile and invests a minimum of 30% in equities and a maximum of 70% in fixed income instruments, Future Apex fund, Future Maximise fund and Future Opportunity fund all of which have a high risk profile and invest heavily in equities with the minimum asset allocation ranging from 50% to 80%.
Eligibility Criteria for the Plan
- The Minimum age for entry is 8 years and maximum age for entry is 65 years as at last birthday.
- The policy has a fixed term of 10 years
- The premium payment term is single payment.
- The minimum single premium to be paid is Rs 50,000 and the maximum premium that can be paid is Rs 20,00,000
- The minimum sum assured is 1.25 times the single premium paid. The maximum sum assured if the policyholder is between the ages of 8 and 47 is 10 times the single premium paid and if the policyholder is between the ages of 48 and 65 then the maximum sum assured is 1.25 times the single premium
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017