Future Generali Bima Advantage Plan

Future Generali Bima Advantage Plan is a Regular Premium Unit Linked Insurance Plan. It is a Non-Traditional Insurance Plan without Bonus facility.

How it works – In this plan, premium needs to be paid for the entire policy tenure. The premium, net of charges is allocated in the fund as chosen from the 6 available funds.

On survival till the end of the policy tenure, the Fund Value would be paid to the policyholder as Maturity Benefit and the policy terminates. However, if the Life Insured dies within the policy tenure, the nominee gets the higher of Sum Assured or Fund Value, subject to a minimum of 105% of total premiums paid till date as Death Benefit and the policy terminates.

There is an additional rider of Enhanced Insurance Cover Benefit in this plan.

Maturity Benefit

Death Benefit

Premium Unit Linked

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Key Features

This is a regular Premium Unit Linked Insurance Plan

Fund Value would be paid as Maturity Benefit in this plan

The higher of Fund Value or Sum Assured is paid as Death Benefit in this plan

There is an option to choose for Enhanced Insurance Cover Benefit

There are 6 funds available for investment in this plan

Benefits

Death Benefit

In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of Sum Assured or Fund Value, subject to a minimum of 105% of total premiums paid till date as Death Benefit and the policy terminates.

Maturity Benefit

When the policy matures, the Fund Value would be paid to the policyholder as Maturity Benefit and the policy terminates.

Income Tax Benefit

Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions

Riders

here are is 1 Additional Rider in this plan:

Enhanced Insurance Cover Benefit

Investment Fund Options - In this plan, there are 6 funds for investment purpose:

Future Secure Fund
Future Income Fund
Future Balance Fund
Future Maximise Fund
Future Apex Fund
Future Opportunity Fund

Top-up

of premium is not allowed in this plan.

Switching

is allowed freely in between funds. This plan offers 12 free switches in a policy year post which there is a charge of Rs 100 per switch. The minimum amount of switch is Rs 5000.

Partial Withdrawal

In this policy, there is a facility of Partial Withdrawal after 5 policy years or the Life Assured is 18 years old, whichever is later. 4 partial withdrawals are allowed per policy year free of cost post which there is a charge of Rs 200 per withdrawal. The minimum amount that can be withdrawn is Rs.5,000 and the Fund Value after a partial withdrawal should be equal to at least one year’s annualized premium.

Variants

Premium Allocation Charge – This charge is deducted from the Premium Paid by you

Policy Year	Premium Allocation Charge
1^st	10%
2^nd to 5^th	6%
6^th onwards	3%

Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis subject to a maximum of Rs 6000 per annum.

Policy Year	Policy Administration Charge
Year 1 to Year 5	2% of Basic Premium p.a.
Year 6 onwards	5% of Basic Premium p.a.

Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.

Type	Fund Management Charge
Future Secure Fund	1.10%
Future Income Fund	1.35%
Future Balance Fund	1.35%
Future Maximize Fund	1.35%
Future Apex Fund	1.35%
Future Opportunity Fund	1.35%
Discontinued Fund	0.5%

Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure.

Year of Discontinuation	Annual Premium <= Rs 25,000 p.a.	Annual Premium > Rs 25,000 p.a.
1^st	Lower of 20% of (Annual Premium or Fund Value) subject to a maximum of Rs 3,000	Lower of 6% of (Annual Premium or Fund Value) subject to a maximum of Rs 6,000
2^nd	Lower of 15% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000	Lower of 4% of (Annual Premium or Fund Value) subject to a maximum of Rs 5,000
3^rd	Lower of 10% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,500	Lower of 3% of (Annual Premium or Fund Value) subject to a maximum of Rs 4,000
4^th	Lower of 5% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,000	Lower of 2% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
5^th onwards	NIL

Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.

Service Tax would be applicable on the charges depending on the applicable rates.

Eligibility

	Minimum	Maximum
Sum Assured (in Rs.)	For age< 45 years, SA=Higher of (1/2 X Policy Tenure or 10) X Annualized Premium For age >=45 years, SA= Higher of (1/4 X Policy Tenure or 7) X Annualized Premium	Depends upon the age: 7-44 years: 25 times 45-50 years: 20 times 51-55 years: 15 times 56-65 years: 10 times
Policy Term (in years)	10	30
Premium Payment Term (in years)	Equal to Policy Tenure
Entry Age of Life Insured (in years)	7	65
Age at Maturity (in years)	18	75
Annual Premium (in Rs.)	Policy Term 10-14 years, 20,000 Policy Term >=15 years, 15,000	No Limit
Payment modes	Yearly / Half Yearly/ Quarterly /Monthly (ECS)

FAQs

What happen if you stop paying the premium before 5 years ?

If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated Fund Value will be payable to the nominee.

The policy can be revived as well but within a period of 2 years from the Date of Discontinuance of the Policy or before completion of the Lock-in period of 5 policy years, whichever is earlier.

What happen if you stop paying the premium after 5 years ?

If the policy holder stops paying the premium after 5 years, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.

What happen if you want to surrender the policy ?

If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the Fund Value net of any discontinuance charge, if at least 5 years’ premiums have not been paid, will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

If the policyholder surrenders the policy after completion of 5 policy years, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.

What happen if you want a loan against your policy ?

There is no loan available under this plan.

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