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Future Generali Nivesh Preferred Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

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.
  1. 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.
  2. 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 of Future Generali Nivesh Preferred Insurance Plan

  • This is a Single Premium Unit Linked Insurance Plan
  • There are 2 Options for choosing Sum Assured in this plan
  • There si Loyalty Addition in this plan payable from the end of the 5th year onwards
  • On survival till the end of the policy tenure, the Fund Value is paid to the policyholder as Maturity Benefit
  • If the Life Insured dies within the policy tenure, the higher of the Fund Value or the Sum Assured is paid to the nominee as Death Benefit
  • There are 6 funds for investment opportunity
  • There is an additional benefit of Accidental Death Rider in this plan
  • There is an option in this plan to reduce Sum Assured from the 2nd policy year onwards subject to minimum allowed conditions but  the premium will not be reduced and remain the same under Option B

COMPARE THIS PLAN WITH OTHER ULIP PLANS
 
 

Benefits you get from Future Generali Nivesh Preferred Insurance Policy

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 as Death Benefit and the policy terminates.
 
Maturity Benefit – When the policy matures, the Fund Value is 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
 
 

Eligibility conditions & other restrictions in Future Generali Nivesh Preferred Policy              

 
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
 
 

Additional Features and Benefits of Future Generali Nivesh Preferred Plan

Riders – There is 1 Additional Rider in this plan:
  1. Accidental Death Benefit
 
Investment Fund Options - In this plan, there are 6 funds for investment purpose:
  1. Future Secure Fund
  2. Future Income Fund
  3. Future Balance Fund
  4. Future Maximise Fund
  5. Future Apex Fund
  6. 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 Rs 10,000.
 
Loyalty Additions
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%
 
 
 

Charges in Future Generali Nivesh Preferred Plan

Premium Allocation Charge – There is only 2% charge of the Single Premium paid as Premium Allocation Charge in this plan.
 
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 p.a.
 
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
 
 
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.

 

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%
 
 
Discontinuation Charge— There is no Discontinuation Charge for Single Premium Plan.
 
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.
 
 

What happens if?

You stop paying the premium – Being a Single Premium Plan, there is no requirement of further payment of premium.
 
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 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 the Fund Value is paid to the policy holder and the policy will terminate immediately.
 
You want a loan against your policy - There is no loan available under this plan.




 
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