Future Generali Nivesh Preferred Plan
Future Generali Nivesh Preferred Plan
Future Generali Nivesh Preferred Plan is a Single Premium Unit Linked Insurance Plan. Thus, it is a Non-Traditional Insurance Plan without Bonus facility.
How it works – In this plan, premium needs to be paid upfront under Single Premium Paying Option. The premium, net of charges is allocated in the fund as chosen from the 6 available funds. Loyalty Additions is available in this plan form the end of the 5th year onwards.
There are 2 Options for choosing Sum Assured in this plan.
- In Option A, there is coverage of 5 times the Single Premium paid in year 1 and then 1.25 times from Year 2 onwards. This option aims at maximising investment with lesser focus on coverage.
- In Option B, there is level Sum Assured throughout the policy term which can be selected according to the age at entry.
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 as Death Benefit and the policy terminates.
There is 1 additional rider in this plan.
Key Features
Benefits
In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of Sum Assured or Fund Value as Death Benefit and the policy terminates.
When the policy matures, the Fund Value is paid to the policyholder as Maturity Benefit and the policy terminates.
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
- Accidental Death Benefit
- Future Secure Fund
- Future Income Fund
- Future Balance Fund
- Future Maximise Fund
- Future Apex Fund
- Future Opportunity Fund
of premium is not allowed in this plan.
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.
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 The minimum amount that can be withdrawn is Rs.5,000 and the Fund Value after a partial withdrawal should be equal to at least Rs 10,000.
Single Premium
|
Loyalty Additions
|
40,000 to 49,999
|
NIL
|
50,000 to 99,999
|
3%
|
1,00,000 to 2,49,999
|
5%
|
2,50,000 and above
|
7%
|
Variants
Policy Year
|
Policy Administration Charge
|
Year 1 to Year 5
|
1.75% of the Single Premium paid rising at 5% p.a.
|
Year 6 onwards
|
NIL
|
Type
|
Charge
|
Future Secure Fund
|
1.10%
|
Future Income Fund
|
1.35%
|
Future Balance Fund
|
1.35%
|
Future Maximise Fund
|
1.35%
|
Future Apex Fund
|
1.35%
|
Future Opportunity Fund
|
1.35%
|
Discontinued Fund
|
0.5%
|
Eligibility
|
Minimum
|
Maximum
|
Sum Assured (in Rs.) for Option A
|
Year 1: 5 times the Single Premium
Year 2 onwards: 1.25 times the Single Premium
|
|
Sum Assured (in Rs.) for Option B
|
1.25 times the Single Premium
|
For age 7-49, SA=5 times
For age 50-54, SA=3 times
For age 55-70, SA=1.25 times
|
Policy Term (in years)
|
7/10/15
|
20
|
Premium Payment Term (in years)
|
Single
|
|
Entry Age of Life Insured (in years)
|
7
|
68
|
Age at Maturity (in years)
|
18
|
75
|
Single Premium (in Rs.)
|
40,000
|
4,00,000
|
Payment modes
|
Only Single
|
FAQs
Being a Single Premium Plan, there is no requirement of further payment of premium.
There is no loan available under this plan.