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Future Generali Wealth Protect Plan

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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 of Future Generali Wealth Protect Insurance Plan

  • This is a regular Premium Unit Linked Insurance Plan
  • 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
  • This policy offers Guaranteed Loyalty Additions in this plan based on the first year premium
  • 5% of Annualized Premium is paid as Guaranteed Loyalty Addition for Gold Option and 7.5% for Platinum
  • Fund Value plus Guaranteed Loyalty Additions would be paid as Maturity Benefit in this plan
  • The higher of Fund Value or Sum Assured is paid as Death Benefit in this plan
  • There are 4 additional riders in this plan

COMPARE THIS PLAN WITH OTHER ULIP PLANS

 

Benefits you get from Future Generali Wealth Protect 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, subject to a minimum of 105% of total premiums paid till date as Death Benefit and the policy terminates.
 
Maturity Benefit – When the policy matures, the Fund Value + Guaranteed Loyalty Additions are 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 Wealth Protect Plan

 
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
 
 

Additional Features and Benefits of Future Generali Wealth Protect Plan

Riders – There are 4 Additional Riders in this plan:
  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 - 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 one year’s annualized premium.
 
Guaranteed Loyalty Additions – is payable as a % of 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
 

Charges in Future Generali Wealth Protect Plan

Premium Allocation Charge – This charge is deducted from the Premium Paid by you

 

Policy Year
Premium Allocation Charge
1st
5%
2nd to 5th
3%
6th onwards
2%
 
 
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
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
 
 
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— This charge is for discontinuing the plan before the end of the Policy Tenure.

 

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
 
 
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 before 5 years - If the policy holder stops paying the premium, 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 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.
The policy can be revived as well but within a period of 2 years from the Date of Discontinuance of the Policy or before completion of the Lock-in period of 5 policy years, whichever is earlier.
 
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.
 
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, if at least 5 years’ premiums have not been paid, 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 there is no Surrender/Discontinuance Charges and 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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