Future Generali Select InsurancePlan 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.
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
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)
Premium Payment Term (in years)
Equal to Policy Term
Entry Age of Policyholder (in years)
Age at Maturity (in years)
Premium (in Rs.)
Yearly, Half-yearly and Monthly
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 5Investment Funds available
1. Future Secure Fund
2. Future Income Fund
3. Future Balance Fund
4. Future Apex 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.
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.