Future Generali launches new ULIP - Future Generali Select Insurance Plan
Path breaking ULIP incorporating lower and transparent charges, higher allocations, increased protection
- Ideal for middle income/salaried individuals
- Innovative monthly premium payment option provides systematic savings with high flexibility
- Five fund options plus new ‘Future Opportunity Fund’ introduction
- High equity component enables maximized returns with Total Protection
- Riders option to up protection quotient
Mumbai, September 2, 2010: Future Generali India Life Insurance Company, the Insurance joint venture between Future Group of India and Generali Group of Italy, today announced the launch of Future Generali Select Insurance Plan, a unique ULIP marking a first of products introductions in a new customer friendly regime. In a win–win situation for customers, this plan facilitates an investment cum insurance portfolio balance by providing financial security to the family in addition to offering the opportunity to tap into market linked returns to fulfill medium to long term financial goals.
As per the Future Generali Select Insurance Plan, 97% of the premium paid gets allocated to funds in the first year. Available in low premium ticket sizes – `18,000 to ` 24,000 per annum, premium can be paid in Monthly and Half yearly modes, in addition to an Annual mode. Minimum life cover offered is 7-10 times the annual premium and can go up to 25 times based on the age of the customer. Select Insurance Plan is available for customers in the age group of 07-60 years and for terms ranging from 10 to 20 years. On maturity of the policy, the fund value will be paid to the policyholder.
In the event of an unfortunate demise of the life assured, sum assured plus fund value, subject to a minimum of 105% of total premiums paid becomes payable to the nominee. Select Insurance Plan offers a great degree of flexible options suited to specific customer needs – with five fund options to match the risk appetite of the customer & additional benefit riders like Accidental Death Benefit rider, Accidental Total & Permanent Disability Benefit rider, Life Guardian rider & Critical Illness rider to further enhance the protection covers.
By tapping into the growing optimism in the Indian stock markets, Future Generali Select Insurance Plan offers a great way to draw the returns by investing in equities along with insurance protection. In keeping with their investment philosophy, with an emphasis on Safety, Liquidity & Growth in that order – a new fund offering “Future Opportunity Fund” has been introduced for the first time with this ULIP, offering a minimum equity exposure of 80%, debt exposure up to 20% and a start up NAV of `. 10. Tax benefits are applicable under Section 80(C) and 10(10D).
Speaking on the occasion, Mr. Deepak Sood, MD & CEO, Future Generali India Life Insurance Company said, “This launch is in line with our product philosophy to offer innovative, simple products with an emphasis on maximizing customer value. Future Generali’s Select Insurance Plan has been structured to suit the need and wallet of a growing middle class and salaried customer segment. With this plan, customers can now easily grow their systematic small savings and build wealth over a period of time for their loved ones. They can also take advantage of rupee cost averaging by choosing the monthly premium payment mode - where the death benefit can go up to 300 times the monthly premium plus fund value. With such flexible payment modes, customers now need not wait to time the markets, and can instead invest small amounts regularly & stay invested in the markets for a longer time to maximize returns, irrespective of short term market fluctuations”
Mr. Sood added that, “Future Generali was among the first Life Insurance companies to file its new ULIP products and get approval by the IRDAI (in line with their new ULIP guidelines that came into effect from September 1st 2010) and was confident that Future Generali Select Insurance Plan could lead the way for more products from the industry that offer lower charges, higher allocations, increased protection and transparency – thereby increasing the attractiveness of the category itself”
Some of the salient features of Future Generali Select Insurance Plan:
- Insurance for financial security and Investment for market linked returns
- Medium to long term regular premium ULIP
- 97% Premium Allocation Rate in the first year
- Choice of five robust funds
- Flexi plan with a host of flexibilities to decide the premium amount, policy term, mode of premium payment, extent of life cover along with options like switching, partial withdrawal, surrender and additional benefit riders.
Future Generali is currently active through 191 offices with over 46,000 licensed advisors. Besides this large network of agents’ offices, Future Generali also offers their Total Insurance solutions across Future Group malls.
