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Investment planning may not seem important in your 20s. However, with time, it becomes an essential part of your life as you begin to realise the importance of matching your finances with life objectives.
With an investment plan, you can easily set out clear future goals for yourself and your loved ones. After that, the plan will help you create a combination of long-term investment options and maximise your existing finances to accumulate wealth.
Among the popular wealth-creation instruments available today, Unit Linked Insurance Plans (ULIPs) offer the benefits of both life cover and investments. Moreover, ULIPs offer investment opportunities into a variety of market-linked investment instruments, thus making them an exciting investment planning proposition for the long-term.
Unit Linked Insurance Plans or ULIPs are insurance products that combine the benefits of saving and protection in a single instrument. While the plan offers you risk coverage, it also introduces you to the various investment opportunities in the liquid investments, fixed income securities and equities.
Overall, ULIPs can be classified as a comprehensive investment and protection plan that allow you to invest in a variety of market-linked fund options. At the same time, you receive the benefit of life cover throughout the tenure of the policy. Therefore, ULIPs provide you with the opportunity to invest in different funds which can be chosen depending upon your risk appetite.
Unit Linked Insurance Plans (ULIPs) allow you to invest in equities, liquid investments and fixed income securities.
ULIPs offer returns based on the type of fund you have invested in, ULIPs also offer tax benefit under Sec 10(10D), as per applicable tax laws.
We also provide a variety of loyalty additions with our ULIP plans. This adds to your saving amount on maturity.
ULIPs offer a solution to both investment and life insurance cover. The life cover is equal to Death Sum Assured under the plan.
You periodically pay the premium for the ULIP plan. Subsequently, the insurer deducts the charges and invests the remaining amount into different funds depending on your choice. Primarily, the money is invested in either debt, equity or balanced funds.
The remaining amount (or allocated premium) is utilised to purchase units from different fund. The number of ‘Units’ allocated under each fund depends upon the premium allocated and the NAV (Net Asset Value) of that fund. NAV of a fund is the price of each unit in that fund. The allocation of premium in different funds is done, by fund managers in proportions provided by you.
On maturity, you receive the accumulated fund value. The fund value for a policy is the total value of units across different segregated funds opted in that policy. In case of an unfortunate event (death), your nominee or beneficiary receives the higher of
i) Fund value
ii) Sum assured or
iii) 105% of premiums paid till date of death (the amount received as death benefit also depends on whether your policy is a Type 1 or Type 2 ULIP).
Unit Linked Insurance Plans are long term investment plans. Therefore, they usually have a lock-in period of 5 years. Based on the policy duration and the lock-in period, you may choose from a number of ULIP Plans. All ULIP plans from Future Generali have a five-year lock-in period.
ULIPs plans allow you to choose the funds as per your risk appetite. Therefore, you may choose to invest in equities, debt funds or hybrid funds accordingly.
Before you proceed to invest in a ULIP, it is important that you review your long-term financial goals. More than anything, the ULIP plan must align with your long-term goals so that you can invest as per your need.
Choosing a ULIP becomes easier with the help of an online comparison tool. You can use these tools to compare various Unit Linked Insurance Plans and select the one that offers an apt combination of investment-related risks and returns.
With ULIPs, investors get the flexibility to:
- Switch between funds that align with their financial needs;
- Make partial withdrawals (these are subject to specific terms and conditions)
ULIPs allow investors to keep track of their investment portfolio. You are also regularly updated with the changes in the invested percentage of premium and the levied charges. Further, you are also informed about the number of units that you hold and their value.
With a Unit Linked Insurance Plan, you can decide between various fund options and select the one that aligns with your risk appetite. Therefore, you can choose to invest in equity if you have a high-risk tolerance. Whereas, if you are looking to take less risk, you can invest in debt or a hybrid fund.
ULIPs are one of the most proficient market-linked investment instruments, They also allow you to opt for additional life cover for your loved ones through rider options such as accidental death rider and critical illness rider.
Unit Linked Insurance Plans or ULIPs are one of a kind life insurance plans that offer investment benefits while providing life cover throughout the policy period.
Most of us postpone saving up money for our future needs such as child's college education, mortgage payments or even retirement funds. However, we need to be proactive about how we spend our money today and save it for the future. Buying a ULIP will help ensure that you save small yet systematically for all your future needs.
ULIP offers tax benefits under section 80C of the Income Tax Act, 1961 to an individual for the premiums paid subject to the conditions/limits specified therein.
The death and maturity benefit received from a ULIP is exempted under section 10 (10D) of the Income Tax Act, 1961, subject to the conditions specified therein. Where the amount paid to the policyholder is not exempt under the provisions of section 10(10D), the said amount will be subject to tax deduction at source by provisions of section 194DA of the Act.
ULIP plans offer a variety of market-linked investment funds to suit your financial needs and risk appetite. Therefore, you get an opportunity to invest in funds including equity, fixed income security and balanced funds.
Your risk appetite varies according to your financial needs and changing life situations. Therefore, ULIP plans offer you the flexibility of switching between different types of funds whenever you want.
Future Generali offers a variety of ULIP fund options to suit your risk appetite.
You can choose to invest in any of the following six funds. In turn, the premium and, net of applicable charges, shall be invested in the funds of your choice. These funds are segregated into fixed income securities, liquid and equity investments, in line with their risk profile.
Fund Name |
Investment Strategy |
Investment Objectives |
Portfolio Allocation |
Risk Profile |
---|---|---|---|---|
Future Income Fund (SFIN: ULIF002180708 FUTUINCOME133) |
Investments in assets of low risk |
To provide stable returns by investing in assets of relatively low to moderate level of risk. The interest credited will be a major component of the fund’s return. The fund will invest primarily in fixed interest securities, such as Government Securities of medium to long duration, Corporate Bonds and Money Market Instruments for liquidity. |
- Money Market Instruments: 0%-50% |
Low Risk |
Future Balance Fund (SFIN: ULIF003180708 FUTBALANCE133) |
The balance of high return and risk balanced by stability provided by fixed interest instruments |
To provide a balanced return from investing in both Fixed Interest Securities as well as in Equities to balance the stability of return through the former and growth in capital value through the latter. This Fund will also invest in Money Market Instruments to provide liquidity. |
- Money Market Instruments: 0%-30% |
Moderate Risk |
Future Maximize Fund (SFIN: ULIF00418 0708 FUMAXI MIZE133) |
Investment in a spread of equities. Diversification by sector, industry and risk |
To provide potentially high returns to Unitholders by investing primarily in equities to target growth in capital value of assets. This Fund will also invest to a certain extent in Government Securities, Corporate Bonds and Money Market Instruments. |
- Money Market Instruments: 0%-40% |
High Risk |
Future Apex Fund (SFIN: ULIF010231209 FTUREAPEX133) |
Investment in a spread of equities. Diversification by sector, industry and risk. |
To provide potentially high returns to Unitholders by investing primarily in equities to target growth in capital value of assets. The Fund will also invest to a certain extent in Government Securities, Corporate Bonds and Money Market Instruments. |
- Money Market Instruments: 0%-50% |
High Risk |
Future Opportunity Fund (SFIN: ULIF012090910 FUTOPPORT U133) |
Investment in a spread of equities. Diversification by sector, industry and risk. |
To generate capital appreciation and provide long-term growth opportunities by investing in a portfolio predominately of Equity and Equity related Instruments generally in S&P CNX Nifty stocks and to generate consistent returns by investing in Debt and Money Market Instruments. |
- Money Market Instruments: 0%-20% |
High Risk |
Future Secure Fund (SFIN: ULIF001180708 FUTUSECURE133) |
Provide stable returns by investing in relatively low-risk assets. |
To generate capital appreciation and provide long-term growth opportunities by investing in a portfolio predominately of Money Market, Cash and Short-Term Debt |
100% in Money Market, Cash and Short-Term Debt |
Low Risk |
Future Midcap Fund (SFIN: ULIF0140105 18FUTMIDC AP133) |
Investment in mix of mid cap and large cap companies across sectors |
To generate long-term capital appreciation by investing predominantly in equity and equity related securities of mid cap companies |
Money market instruments: 0% – 20% ∙ Equity Instruments: 80% – 100% ∙ (Minimum 50% equity in midcap stocks |
High Risk |
Future Generali deducts the following charges from your ULIP plan towards the administration services and cost of benefits it provides:
These charges are deducted by Future Generali every month for the administration of your policy. Further, these charges are expressed as a percentage of premium (0.1% of the Annualized Premium, to be exact) per month.
Therefore, the company charges a minimum of Rs.50 and a maximum of Rs.500 as monthly policy administration charges. The company deducts them from the unit account at the beginning of each month by cancelling out the units in proportion.
Fund management charges are deducted as a percentage of the fund's value before the fund reaches its net asset value. Also, these charges are deducted at 1/365th of the annual charge every day.
The fund management charges for each fund option offered by Future Generali are given in the table below:
Fund Name | Fund Management Charge (% Per Annum) |
---|---|
Future Secure Fund | 1.10% |
Future Income Fund | 1.35% |
Future Balance Fund | 1.35% |
Future Apex Fund | 1.35% |
Future Opportunity Fund | 1.35% |
Future Maximise Fund | 1.35% |
Future Midcap Fund | 1.35% |
Future Generali allows you to switch between equity and debt funds, at times when there are interest rate fluctuations, or the market is volatile. You may also wish to switch according to the changes in your liabilities, risk profile or financial standing.
You can switch between fund options without any additional cost, for up to 12 times in a policy year. After that, any subsequent switch would incur a charge of Rs. 100 each.
Also, these switching charges may increase to up to Rs.250 per switch in the future (subject to prior approval from IRDAI)
These charges are levied depending upon your age and the amount of cover. Here’s a summary of mortality charges for each investment plan from Future Generali:
Future Generali Easy Invest Online Plan (UIN: 133L061V03)
These charges are calculated using 1/12th of the annual mortality charge and are deducted from the unit account by cancelling out units in proportion.
The charges are levied on the sum at risk which is the higher amount of (under the policy at any point of time):
- the sum assured less Deductible Partial Withdrawal or
- 105% of premiums paid.
For female policyholders, a 3-year age set back is used (except for female lives between 0 to 9 years of age). For example, the mortality charge for a 35-year old female shall be that of a 32-year old male. On the other hand, the mortality charge for a 9-year old female will be the same as that of a 9-year old male.
Future Generali Dhan Vridhi (UIN : 133L050V03)
These charges are levied at the beginning of each policy month from the fund. Below mentioned are the sample mortality charges for various ages for Rs. 1,000 of the sum at risk. Mortality Charges are deducted on sum at risk which is calculated as higher of Sum Assured less Deductible Partial Withdrawal, 105% of the total premium paid till that date reduced by Fund Value under the policy.
Mortality charges are deducted on the sum at risk, which is the higher amount of (under the policy at any point of time):
- the sum assured less Deductible Partial Withdrawal or
- 105% of premiums paid
Age | Mortality Charge |
---|---|
25 years | 1.09 |
30 years | 1.17 |
35 years | 1.42 |
40 years | 1.99 |
Future Generali Wealth Protect Plan (UIN: 133L036V03)
Below mentioned are the sample mortality charges for various ages for Rs. 1,000 of the sum at risk. At the given point of time, the sum at risk equals the difference between the Sum Assured and the Fund Value.
Age | Mortality Charge |
---|---|
25 years | 1.14 |
35 years | 1.39 |
45 years | 3.27 |
55 years | 9.05 |
Future Generali Bima Advantage Plus (UIN: 133L049V03)
This shall be levied at the beginning of each policy month from the fund. Following are sample mortality charges per Rs. 1,000 of the sum at risk.
Mortality charges are deducted on the sum at risk, which is the higher amount of (under the policy at any point of time):
- the sum assured less Deductible Partial Withdrawal or
- 105% of premiums paid
Age | Mortality Charge |
---|---|
20 years | 0.98 |
25 years | 1.09 |
30 years | 1.17 |
35 years | 1.42 |
This charge is levied as a fixed percentage of the premium that you pay (usually charged at a higher rate during the initial policy years). Subsequently, the net of premium allocation charges is used to purchase units in any of the five underlying funds as given below:
- Future Income Fund
- Future Balance Fund
- Future Apex Fund
- Future Opportunity Fund
- Future Maximise Fund
- Future Secure Fund
- Future Midcap Fund
It is important to note that the Premium Allocation Charges vary in each product from Future Generali. Here’s a summary of the charges under each plan:
Future Generali Easy Invest Online Plan (UIN: 133L061V03)
The Premium Allocation Charge as a percentage of Annualised Premium is as per the table below:
Policy Year | Premium Allocation Charges |
---|---|
1 | 5% |
2 to 5 | 3.5% |
Six onwards | Nill |
Future Generali Dhan Vridhi (UIN : 133L050V03)
The Premium Allocation Charge will be deducted from the premium amount at the time of premium payment,. The premium remaining will be used to purchase units in various investment funds according to specified fund allocation.
Policy Year | Premium Allocation Charges |
---|---|
1 | 5.25% |
2 onwards | 2% |
Future Generali Wealth Protect Plan (UIN: 133L036V03)
The Premium Allocation Charge will be deducted from the premium amount at the time of premium payment. The premium remaining will be used to purchase units in various investment funds according to the fund, allocation specified by you.
Policy Year | Premium Allocation Charges |
---|---|
1 | 5% |
2 to 5 | 3% |
Six onwards | 2% |
Future Generali Bima Advantage Plus (UIN: 133L049V03)
The premium allocation charge will be deducted from the premium amount at the time of premium payment. The premium remaining will be used to purchase units in various investment funds according to the specified fund allocation.
Policy Year | Premium Allocation Charges |
---|---|
1st | 9% |
2nd | 5% |
3rd Onwards | 3% |
Future Generali also allows you to make lump sum withdrawals from the fund after three years of the policy term. However, such withdrawals attract charges, which are mentioned in the policy brochures of respective funds.
You can make up to four free Partial Withdrawals in each policy year, exceeding which, each subsequent withdrawal for the policy year shall attract a charge of Rs.200 each.
These charges are levied when the policyholder surrenders the plan prematurely. As per IRDAI's regulations, an insurer could recover only the incurred acquisition cost in this case. Moreover, these charges are deducted as a percentage of the premium and fund value. Also, it is important to note that the discontinuance charges vary with each product from Future Generali. To summarise, here’s an explanation of discontinuance charges under each plan.
Future Generali Easy Invest Online Plan (UIN: 133L061V03)
In case, you opt to discontinue the policy within the first 4 policy years, the following charges will apply:
DISCONTINUANCE DURING THE POLICY YEAR | DISCONTINUANCE CHARGE FOR ANNUAL PREMIUM <=50,000 | DISCONTINUANCE CHARGE FOR ANNUAL PREMIUM >50,000 |
---|---|---|
1 | Lower of 20% x (AP or FV), subject to a maximum of ₹3,000 | Lower of 6% x (AP or FV), subject to a maximum of ₹6,000 |
2 | Lower of 15% x (AP or FV), subject to a maximum of ₹2,000 | Lower of 4% x (AP or FV), subject to a maximum of ₹5,000 |
3 | Lower of 10% x (AP or FV), subject to a maximum of ₹1,500 | Lower of 3% x (AP or FV), subject to a maximum of ₹4,000 |
4 | Lower of 5% x (AP or FV), subject to a maximum of ₹1,000 | Lower of 2% x (AP or FV), subject to a maximum of ₹2,000 |
5 and onwards | Nil | Nil |
Future Generali Wealth Protect Plan (UIN: 133L036V03)
Discontinuance during the policy year | Discontinuance charge where Annualised Premium = ₹50000 | Discontinuance charge where Annualised Premium > ₹50000 |
---|---|---|
1 | 20% of Annualised Premium or Fund Value, whichever is lower, subject to a maximum of ₹3,000 | 6% of Annualised Premium or Fund Value, whichever is lower, subject to a maximum of ₹6,000 |
2 | 15% of Annualised Premium or Fund Value, whichever is lower, subject to a maximum of ₹2,000 | 4% Annualised Premium or Fund Value, whichever is lower, subject to a maximum of ₹5,000 |
3 | 10% of Annualised Premium or Fund Value, whichever is lower, subject to a maximum of ₹1,500 | 3% Annualised Premium or Fund Value, whichever is lower, subject to a maximum of ₹4,000 |
4 | 5% of Annualised Premium or Fund Value, whichever is lower, subject to a maximum of ₹1,000 | 2% Annualised Premium or Fund Value, whichever is lower, subject to a maximum of ₹2,000 |
5 onwards | Nil | Nil |
Future Generali Bima Advantage Plus (UIN: 133L049V03)
Discontinuance during the policy year | Discontinuance Charge where Annualised Premium is less than or equal to ₹50,000 | Discontinuance Charge where Annualised Premium is more than ₹50,000 |
---|---|---|
1 | 20% of (Annualised Premium or Fund Value whichever is lower), subject to a maximum of ₹3,000 | 6% of (Annualised Premium or Fund Value, whichever is lower), subject to a maximum of ₹6,000 |
2 | 15% of (Annualised Premium or Fund Value whichever is lower), subject to a maximum of ₹2,000 | 4% of (Annualised Premium or Fund Value, whichever is lower), subject to a maximum of ₹5,000 |
3 | 10% of (Annualised Premium or Fund Value whichever is lower), subject to a maximum of ₹1,500 | 3% of (Annualised Premium or Fund Value, whichever is lower), subject to a maximum of ₹4,000 |
4 | 5% of (Annualised Premium or Fund Value whichever is lower), subject to a maximum of ₹1,000 | 2% of (Annualised Premium or Fund Value whichever is lower), subject to a maximum of ₹2,000 |
5 Onwards | Nil | Nil |
Future Generali Dhan Vridhi (UIN : 133L050V03)
Discontinuance during the policy year | Discontinuance Charge where Annualised Premium is <= ₹50,000 | Discontinuance Charge where Annualised Premium is > ₹50,000 |
---|---|---|
1 | Lower of 20% x (AP or FV), Max ₹3,000 | Lower of 6% x (AP or FV), Max ₹6,000 |
2 | Lower of 15% x (AP or FV), Max ₹2,000 | Lower of 4% x (AP or FV), Max ₹5,000 |
3 | Lower of 10% x (AP or FV), Max ₹1,500 | Lower of 3% x (AP or FV), Max ₹4,000 |
4 | Lower of 5% x (AP or FV), Max ₹1,000 | Lower of 2% x (AP or FV), Max ₹2,000 |
5 | Nil | Nil |
This charge is deducted for any alterations that happen within the insurance contract such as premium redirection and changes in premium mode. Subsequently, the charge is defined as a flat amount deducted by cancelling of units and is equal to Rs.250 per alteration. You will receive a one-month notice period in case there is an increase in the charges. The increase, in turn, will be applicable from the Policy Anniversary coinciding with or following the increase. Moreover, any change in the rate of charges or amount is subject to IRDAI approval and Goods & Services Tax (if any), as prescribed by the Government from time to time.
Eligibility criterion to purchase investment plans from Future Generali vary from product to product. Moreover,
- You must meet the requirements for entry age, as mentioned in the policy brochure before purchase.
- You cannot extend beyond the maximum age or policy term allowed under a ULIP plan.
- You must adhere to the mode, sum assured, and a premium payment term of the ULIP plan.
Under this investment plan, you are required to pay the premium during the whole tenure of your employment. Subsequently, the accumulated amount is considered as your corpus and is used to purchase annuities after your retirement.
These plans allow you to accumulate wealth over a period; therefore; they are aptly suited for millennials who are in their late twenties and early thirties.
ULIP plans can also help you protect your child’s future even in your absence. With time, these plans can help accumulate wealth and ensure that your child never faces financial crisis during the key events of their life.
There are ULIP plans that help in amassing wealth and tackle expenses during any medical emergencies.
Based on death benefits, there are two types of ULIPs to choose from:
Under these plans, your nominee or beneficiary receives the higher of Fund Value or Sum Assured after your demise. Therefore, in case of death during the initial years of the policy when the sum assured is higher than the fund value, the insurance company will pay the agreed amount to the nominee. Otherwise, the nominee will receive the accumulated amount in the fund as a death benefit when the ULIP’s fund value becomes more than the sum assured.
Under Type 2 Unit Linked Insurance Plans, your nominee or the beneficiary will receive the sum of both Fund Value and Sum Assured in case of your death. Also, the insurer may levy some extra charges to compensate for the additional risk the investment assumes under the Type 2 policy.
Income proof - Salary slips, bank statements, and income tax returns
Address proof – Driving License, Voting card, Aadhaar card and passport
ID proof - Aadhaar card, PAN card, and voting card
Age proof - Aadhaar card, passport, voting card, and driving license.
ULIPs or Unit Linked Insurance Plans are market-linked investment tools that offer a combination of investment and life cover. As a policyholder, you also have the flexibility and choice of funds to invest your premiums.
ULIP offers tax benefits under section 80C of the Income Tax Act, 1961 to an individual for the premiums paid subject to the conditions/limits specified therein.
The death and maturity benefits received from a ULIP is exempted under section 10 (10D) of the Income Tax Act, 1961, subject to the conditions specified therein. Where the amount paid to the policyholder is not exempt under the provisions of section 10(10D), the said amount will be subject to tax deduction at source by provisions of section 194DA of the Act.
In Unit Linked Insurance Plans, the insurer invests the premium in either equity or debt market or both, in a fund you choose. Each fund has a specific value associated with it, known as Net Asset Value (NAV). The NAV is subject to change daily and is calculated once every business day.
Sum Assured is the amount that the insurer (in this case, Future Generali) agrees to pay your nominee on the occurrence of a stated contingency (for example, death).
The benefits that you receive on the completion of the policy term are known as Maturity Benefits. On completion, Future Generali ULIPs pay you the fund value (the market value of the investment) as Maturity Benefits.
In case you need to know the NAV (Net Asset Value) of your funds to calculate the total Fund Value of your investment, Future Generali offers you the option to log in securely into the customer portal and view the fund value under the policy.
You may choose to surrender the policy at any time during the Policy Term. If you opt to surrender the policy before the expiration of the Lock-in-Period of 5 years, Future Generali will deduct Discontinuance Charges and transfer the accumulated fund value to the Discontinued Policy Fund.
After that, the proceeds of the surrendered policy will be accumulated at the minimum guaranteed interest rate of 4% (the rate is subject to change as per directives from the IRDAI) in the Discontinued fund and will be paid to you immediately upon the expiration of the 5-year Lock-in period.
It is advisable to continue with the ULIP policy as during the initial years, the policy may not yield expected returns, given the high allocation charges of the policy.
If you opt to surrender after the expiry of Lock-in-Period of 5 years, fund value shall be paid to you immediately.
You cannot borrow a loan against the ULIP policy. However, Future Generali offers you the option of Partial Withdrawals, wherein you can take out some amount from the accumulated fund value after five years from the commencement of the policy.
In a policy where Life to be Assured is minor, partial withdrawals are allowed only once the minor turns 18.
In case of your untimely demise, during the Policy Term, your nominee or beneficiary would receive the highest of the following benefits (depending upon whether you have purchased Type 1 or Type 2 ULIP):
- Fund Value under the Policy
- Sum Assured (after deducting Partial Withdrawals if any)
- 105% of total premiums paid till the date of death
Insurance companies pay out maturity benefit when the ULIP policy has completed its tenure, and the policyholder has survived the policy term. Therefore, you will receive the fund value along with loyalty additions (if any) in the form of maturity benefits, provided you have paid all premiums timely.
On the other hand, the death benefit is paid out to your nominee or beneficiary, in case of your unexpected demise during the policy tenure. Therefore, the death benefit would be paid as the highest of the following values:
- Fund value under the policy
- Sum assured (after deducting Partial Withdrawals if any)
- 105% of total premiums paid till date of death
ULIPs from Future Generali offer additional benefits in the form of Riders that can help you customise the plan efficiently to align it with your present and future needs.
Various Riders that can be added to ULIPs include:
Future Generali Linked Accidental Death Rider (UIN: 133A025V01)
This add-on provides an additional insurance cover in case of death resulting from an accident. The cover amount will be paid to your family. You can avail this rider under the following plans from Future Generali:
FUTURE GENERALI BIMA ADVANTAGE PLUS
FUTURE GENERALI DHAN VRIDHI
FUTURE GENERALI WEALTH PROTECT PLAN
This add-on plan provides an additional insurance cover in case of total and permanent disability resulting from an accident. The cover amount will be paid on confirmation of total and permanent disability. You can avail this rider under the following plans from Future Generali:
- FUTURE GENERALI BIMA ADVANTAGE PLUS
- FUTURE GENERALI WEALTH PROTECT PLAN
The fund options under the ULIP plans are subject to changes and risks of the capital market. This happens since part of the premium paid is shifted towards providing life cover, while the remaining amount is invested in a variety of funds as per your choice and risk appetite.
For example, equity funds are subject to high market risks and promise higher returns; therefore, equities are suitable for those individuals who seek capital appreciation and have a high-risk appetite.
On the other hand, debt investment funds are suitable for individuals who seek long-term capital preservation. Given the fact that ULIPs invest in capital market-linked instruments and stock-market linked investment tools including bonds and mutual funds, the risk associated from fund to fund. Moreover, since the policyholder bears the risk, you need to carefully analyse your goals and risk appetite before investing.
ULIP plans from Future Generali offer you the benefit of partial withdrawals, wherein you may take out some amount from the accumulated Fund Value within the policy tenure. However, this benefit can only be availed after the completion of the lock-in period - five years from the inception of the policy.
Lock-in period is described as the period in which you cannot make any withdrawals or liquidate the accumulated fund value. If you opt to discontinue the policy before the completion of its lock-in period, Future Generali shall transfer the fund value to a discontinued policy fund after deducting surrender charges.
After that, you will be paid the accumulated fund value only once the lock-in period completes.
Fund switching is a feature offered by Future Generali ULIP plans that allow you to transfer some or all the units from an existing fund into one or more funds. The switch is completed at the existing Unit Price of the respective fund, on the same day you initiate the switch.
You may make up to 12 switches in a particular financial year without incurring any charges, after which additional switches will be charged at Rs. 100 in the same financial year.
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ULIP investments are mainly of four types: Equity Funds: Under these ULIPs the investments are made primarily in stocks and equities on companies.
The charges in ULIP have varying structures depending upon the guideline of IRDAI. Below stated are some charges that you will have to pay after buying a ULIP policy:
Financial planning is critical for every individual, be it for providing financial aid to the family or securing a financial future
What does your wish list look like? Do you wish to buy your own home? Do you wish to take a luxury family vacation? Do you wish to own a high-end car?