Future Generali Pramukh Nivesh Plan
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
- 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 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
Benefits
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.
When the policy matures, the Fund Value is paid to the policyholder as Maturity Benefit and the policy terminates.
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
- Accidental Death Benefit
- 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 Rs 10,000.
Variants
|
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
|
|
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%
|
Eligibility
|
|
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
|
|
FAQs
What happen if you stop paying the premium ?Being a Single Premium Plan, there is no requirement of further payment of premium.
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.
