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Future Generali Pramukh Nivesh Plan
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Future Generali Pramukh Nivesh Plan
Future Generali Pramukh Nivesh 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. However, there is no Premium Allocation Charge in this plan.
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 Pramukh Nivesh Insurance Plan
This is a Single Premium Unit Linked Insurance Plan
There is no Premium Allocation Charge in this plan
There is 1% Policy Administration Charge in this plan in the first year only subject to maximum of Rs 6,000 and 0.75% from year 2 to year 5
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 option for Systematic Transfer Fund option in this plan
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
COMPARE THIS PLAN WITH OTHER ULIP PLANS
Benefits you get from Future Generali Pramukh Nivesh 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. 1,50,000 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 Pramukh Nivesh Policy
Minimum
Maximum
Sum Assured (in Rs.)
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)
5
20
Premium Payment Term (in years)
Single
Entry Age of Life Insured (in years)
7
70
Age at Maturity (in years)
18
75
Single Premium (in Rs.)
2,00,000
No Limit
Payment modes
Only Single
Additional Features and Benefits of Future Generali Pramukh Nivesh Plan
Riders – There is 1 Additional Rider in this plan:
Accidental Death Benefit
Investment Fund Options - In this plan, there are 6 funds for investment purpose:
Future Secure Fund
Future Income Fund
Future Balance Fund
Future Maximise Fund
Future Apex Fund
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.
Charges in Future Generali Pramukh Nivesh Plan
Premium Allocation Charge – There is no 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.
Policy Year
Policy Administration Charge
Year 1
1% subject to a maximum of Rs 6000 p.a.
Year 2 to Year 5
0.75% subject to a maximum of Rs 4000 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.
