Future Generali Select Insurance Plan

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Future Generali Select Insurance Plan

 

Future Generali Select Insurance Plan is a unit linked insurance plan (ULIP), such that if the Life Insured dies within the policy tenure, the nominee would receive the Sum Assured or the Fund Value, whichever is higher as Death Benefit.

 

 

Key Features of Future Generali Select Insurance Plan

 

  • Unit linked Insurance Plan with competitive policy charges
  • Option to decrease your Sum Assured
  • Flexibility to decide the premium amount, policy term, mode of premium payment and extent of life cover
  • Choice of 4 rider benefits available

 

 

Benefits you get from Future Generali Select Insurance Plan

 

Death Benefit – The death benefit is payable if the life assured dies before the maturity date and will be the higher of -

1. The sum of Sum Assured and Fund Value

2. 105% of the premiums paid under the policy till date of death less deductible partial withdrawals, if any.

Deductible partial withdrawals are partial withdrawals made in the 2 years prior to the date of death of the life assured.

 

Maturity Benefit – On maturity of the policy, the Fund Value as on the date of maturity is payable to the policyholder. The policyholder also has the option to receive the maturity benefit under Settlement Option.

 

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

 

 

Eligibility conditions in Future Generali Select Insurance Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

Half the policy term or 10, (whichever is higher) x AP

 

M x Annual Premium

where M is a factor which depends on the age

Policy Term (in years)

10

20

Premium Payment Term (in years)

Equal to Policy Term

Entry Age of Policyholder (in years)

7

60

Age at Maturity (in years)

18

70

Premium (in Rs.)

18,000

24,000

Payment modes

Yearly, Half-yearly and Monthly

 

 

Additional Features and Benefits of Future Generali Select Insurance Plan

 

Riders – There are 4 riders available in this policy

1.       Accidental Death Benefit

2.       Accidental Total & Permanent Disability Benefit

3.       Unit Linked Life Guardian Rider

4.       Unit Linked Critical Illness (Core) Rider

 

Investment Fund Options

There are 5 Investment Funds available

1.       Future Secure Fund

2.       Future Income Fund

3.       Future Balance Fund

4.       Future Apex Fund

5.       Future Opportunity Fund

 

Top-up - Not allowed in this plan

 

Switching - Six switches are free in a policy year. The minimum amount that can be switched is Rs. 5,000

 

Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later. The minimum amount of partial withdrawal should be Rs. 5,000 such that at least one year’s annual premium remains in the Fund Value.

 

                                             

What happens 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 will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. 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 the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

 

You want a loan against your policy - There is no loan available under this plan.

 

 

Alternate ULIPs from different insurance companies

 

India First Life Smart Save

Aviva Freedom Life Advantage

HDFC SL Crest

Tata AIG Life Invest Assure Flexi Supreme

 

 

Other ULIPs from Future Generali Life Insurance

 

Future Generali Bima Advantage Plan
Future Generali Wealth Protect Plan
Future Generali Pramukh Nivesh – Single Premium Plan
Future Generali Nivesh Preferred – Single Premium Plan

 

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the Future Generali Select Insurance Plan brochure and insurance company's website. It should not be construed as a Critical or Favourable Future Generali Select Insurance Plan Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

I want check status of my policy (00320108).

By Ravikumar on Aug 08, 2012 Reply

i want know policy status 00411945

By Hemraj Choudhary on Mar 30, 2012 Reply

i want check status of my policy (00354284)

By Mahatab Alam on Dec 18, 2011 Reply

is this gauranteed plan?

By Raj on Nov 17, 2011 Reply

9316005023, pls call

By Prabhat on Nov 05, 2011 Reply

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