Future Generali launches new ULIP – Mumbai
A Unique Investment cum Insurance plan giving market linked returns to achieve mid term financial goals of the customers
- Innovatively structured investment fund – NAV Guarantee Fund
- Convenience through shorter premium paying terms of Single, three, five or seven years
- Fixed policy term of 10 years
- Customer always get the upside of the investments i.e. Guaranteed highest Daily NAV during first seven years or NAV at maturity, whichever is higher
- Tax benefits as per the prevailing Income Tax Act
Mumbai, June 28, 2010: Future Generali India Life Insurance Company, the Insurance joint venture between Future Group of India and Generali Group of Italy launched Future Generali NAV Assure, a unit linked Insurance plan that enables maximum opportunity for growth while protecting the investments against adverse market conditions in financially volatile times. This product guarantees highest NAV recorded on daily basis during the first seven years of the policy or NAV at maturity date, whichever is higher.
Future Generali NAV Assure is a unique ULIP which safeguards the investment returns and the customer can invest without waiting to time the markets whether they are bullish or bearish. This ULIP is available for customers in the age group of 8 -60 years. The plan allows flexibility to its customers to pay premiums with 4 options to choose from being single, 3, 5 & 7 years. The plan comes with a fixed policy term of 10 years. The minimum annual premium is Rs 39,960 & the sum assured offered is 5-20 times the annual premium for limited premium payment terms based on the age of the customer. Rs. 2 lacs is minimum premium under single premium option and sum assured allowed is 1.1- 5 times the single premium. In the event of an unfortunate demise of the life assured, higher of the sum assured and the fund value at prevailing NAV will be paid to the nominee. The NAV guarantee is applicable only on maturity provided the policy is in force. There is no surrender charge beyond four policy years for limited premium and beyond 3 years for single premium payment option terms. The premium allocation charges range from 1-8 % depending on the premium band and the premium paying term. The NAV Guarantee fund has been structured in a unique way to provide the upside when the markets are bullish and save the customer from down side in case the markets sink. Tax benefits are applicable under Section 80(C) and 10.10(D).
In line with the product philosophy to introduce innovative range of products that are most suitable to different customer needs, Future Generali NAV Assure is the latest offering which has the lowest premium allocation charge in the industry, to give value to customer and is one of the lowest priced ULIP among the category of NAV guaranteed ULIPs in the Indian insurance sector.
The other differentiator of Future Generali is the Mallassurance™ channel – a unique & innovative delivery channel selling Insurance offerings across the Life and General Insurance categories through 165 Future Group retail outlets across the country.
Speaking on the occasion, Mr. Deepak Sood, CEO, Future Generali India Life Insurance Company said, “The Indian customer’s decision on investment in ULIPs is purely driven by bear and bull stock market and Future Generali NAV Assure is the best bet for customers who are looking for an upside of the investment return (no negative return) to lower the volatility component of markets with adequate life coverage.
We believe it is the perfect answer to the prevailing uncertain market sentiments.” He further added, “Our focal points for this year are, keeping up superlative customer service and launching innovative, customized products for different audience groups.”
Some of the salient features of Future Generali NAV Assure:
- Guaranteed Highest NAV recorded on daily basis from the date of launch of the fund till the end of first 7 policy years
- Upside of the investment on maturity i.e. offers highest NAV recorded on daily basis during the first seven years of the policy or NAV at maturity date, whichever is higher.
- Fixed policy term of 10 years.
- The product comes with unique range of Premium Paying Terms i.e. Single Premium, 3/5/7 yrs
- Minimum Annual premium for limited premium payment option is Rs. 39,960 and minimum single premium is Rs. 2,00,000.
- Lowest premium allocation charge in the industry
- In the event of unfortunate demise of the life assured, nominee receives the higher of sum assured or fund value.
Future Generali is currently active through 91 branches across 83 locations with over 44,000 licensed advisors. Besides this large network of agents & branches, Future Generali will also actively offer their Total Insurance solutions through the Mallassurance channel.
