Future Generali Dhan Vridhi is a limited premium payment ULIP Plan which offers a choice of funds with flexible movements to generate maximum returns. The policy allows the holder to choose from 6 stable and reliable funds to build a portfolio from that matches the holder’s desired risk exposure and also allows the policyholder to avail tax benefits on premiums paid.
Key Features of Future Generali Dhan Vridhi Plan
- The policy allows for the holder to make partial withdrawals. The withdrawals can be made after the lock-in period which lasts 5 years. Partial withdrawals made should be in multiples of Rs 1000 and the minimum withdrawal that can be made is Rs 5000. The policyholder needs to be at least 18 years of age while making the withdrawal
- The policy allows for 6 partial withdrawals a year after which withdrawals will incur a charge. Withdrawals will be accepted only if the fund value remains 105% of all the premiums paid to date.
- Provides for Maturity benefit
- Provides for death Benefit
- Provides a choice of 6 investment funds to maximise returns
- Risk exposure of funds varies from low to moderate to high to suit the desired risk exposure of policyholders
- 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 will incur charges such as mortality charge which is levied at the beginning of each policy month, fund management charge done on a daily basis, a policy administration charges and miscellaneous charges for any alterations within the insurance contract
- The policy provides a free look period and a grace period. It also offers policyholders the chance to revive their policy
- It has fixed policy terms of 10, 15 and 20 years with sum assured calculated as per age of the life assured and the premiums paid.
Benefits of the Plan
Maturity Benefit: The 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 rather than lump sums and the policyholder will be notified of the type of settlement they would like to receive 3 days prior to policy attaining maturity. The two options for settlement of the maturity benefit is 5 annual payments for the next 5 years or 10 half yearly payments for the next 5 years.
Death Benefit: If the life assured passes away while the policy is in effect, the nominee assigned will receive the death benefit which is sum assured minus any partial withdrawals made or fund value or 105% of the basic premiums paid till date.
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, Future Balance fund which has a moderate risk profile, Future Apex fund, Future Maximise fund and Future Opportunity fund all of which have a high risk profile.
Eligibility Criteria for the Plan
- The Minimum age for entry is 5 years and maximum age is 50 years as at last birthday for premium paying terms lasting 5 years and the minimum age for entry is 5 years and maximum age of entry is 60 years for all other premium paying terms. The ages are as attained during the last birthday.
- The minimum maturity age is 18 years and the maximum maturity age is 70 years
- Premium payment frequency for the policy is annual.
- For a policy term lasting 10 years, the premium paying term is either 5 or 7 years. For policy term lasting 15 years, the premium paying term is either 10 or 12 years and for policy term lasting 20 years, the premium paying term is either 15 or 17 years.
- The minimum premium amount to be paid is Rs 20,000 and there is no maximum limit to premium paid
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017