Future Generali Wealth Protect Plan
Future Generali Wealth Protect Plan
Future Generali Wealth Protect Plan is a Regular 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 for the entire policy tenure. The premium, net of charges is allocated in the fund as chosen from the 6 available funds.
This policy offers Guaranteed Loyalty Additions in this plan based on the first year premium. Premium of Rs 25000 is a Gold Option and any premium more than Rs 25000 is Platinum Option. Guaranteed Loyalty Addition is paid as follows:
- 5% of the First year’s Annualized Premium is paid for Gold Option
- 7.5% of the First year’s Annualized Premium is paid for Platinum Option
On survival till the end of the policy tenure, the Fund Value + Guaranteed Loyalty Additions 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 are 4 additional riders in this plan.
Key Features
- There are 2 options based on premium amount, namely Rs 25,000 is Gold and Rs 25,001 to Rs 2,00,000 is Platinum
- 5% of Annualized Premium is paid as Guaranteed Loyalty Addition for Gold Option and 7.5% for Platinum
Benefits
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.
When the policy matures, the Fund Value + Guaranteed Loyalty Additions are 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
- Accidental Total & Permanent Disability Benefit
- Unit Linked Life Guardian Rider
- Unit Linked Critical Illness (Core) Rider
- 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 one year’s annualized premium.
|
Plan Option
|
Guaranteed Loyalty Additions
|
|
Gold (For Annual Premium = Rs 25000)
|
5% of the first year’s Annualized Premium
|
|
Platinum (For Annual Premium = Rs 25000)
|
7.5% of the first year’s Annualized Premium
|
Variants
|
Policy Year
|
Premium Allocation Charge
|
|
1st
|
5%
|
|
2nd to 5th
|
3%
|
|
6th onwards
|
2%
|
|
Policy Year
|
Policy Administration Charge
|
|
Year 1
|
3.75% for Gold, i.e. Annual Premium=Rs 25000
3.00% for Platinum, i.e. Annual Premium>=Rs 25000
|
|
Year 2 onwards
|
2.85% for Gold, i.e. Annual Premium=Rs 25000
2.45% for Platinum, i.e. Annual Premium>=Rs 25000
|
|
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%
|
|
Year of Discontinuation
|
Annual Premium <= Rs 25,000 p.a.
|
Annual Premium > Rs 25,000 p.a.
|
|
1st
|
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
|
|
2nd
|
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
|
|
3rd
|
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
|
|
4th
|
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
|
|
5th onwards
|
NIL
|
|
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: 30 times
45-50 years: 20 times
51-55 years: 15 times
56-60 years: 10 times
|
|
Policy Term (in years)
|
15
|
40
|
|
Premium Payment Term (in years)
|
Equal to Policy Tenure
|
|
|
Entry Age of Life Insured (in years)
|
7
|
60
|
|
Age at Maturity (in years)
|
22
|
75
|
|
Annual Premium (in Rs.)
|
25000 for Gold
25001 for Platinum
|
25000 for Gold
200000 for Platinum
|
|
Payment modes
|
Yearly and Half-Yearly for Gold
Yearly / Half Yearly/ Quarterly /Monthly (ECS) mode for Platinum
|
|
FAQs
What happen if you stop paying the premium before 5 years ?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 ?What happen if you want a loan against your policy ?There is no loan available under this plan.
