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Buy Life Insurance Online

Future Generali Easy Invest Online Plan

Future Generali Easy Invest Online Plan

WHY BUY

BENEFITS

  • 1 Maturity Benefit
  • 2 Death Benefit
  • 3 Loyalty Additions

1Maturity Benefit

On maturity of the policy, the Fund Value (market value of the investment) is paid

Let's understand this benefit with the help of an example:

Ankit aged 35 years has purchased a Future Generali Easy Invest Online Plan for a Policy Term of 15 years. He decided to pay Rs50,000 as annual premium for 15 years. His Sum Assured coverage would be
Rs5,00,000. The illustration below shows his Maturity Benefit.

easy-invest-1.png (1)

Note:

Settlement Option is an option to receive the proceeds of Maturity Benefit in periodical payments, instead of Lump Sum.

2Death Benefit

Higher of :

  • Sum Assured less deductible Partial Withdrawals, if any, OR
  • Fund Value under the policy OR
  • 105% of the total premiums paid till date of death

Let's understand this benefit with the help of an example:

Ankit aged 35 years has purchased a Future Generali Easy Invest Online Plan for a Policy Term of 15 years. He decided to pay Rs50,000 as annual premium for 15 years. His Sum Assured coverage would be
Rs5,00,000. In case of Ankit’s unfortunate death after he has paid 5 premiums, the below illustration shows what his nominee gets:

benefits

Note:

  • Deductible Partial Withdrawals are Partial Withdrawals made 2 years prior to the date of death of the Life Assured, in case of death before 60 years. In case of death after attaining 60 years, Partial Withdrawals made under the policy two years before attaining 60 years as well as all Partial Withdrawals after attaining 60 years will be considered as deductible Partial Withdrawal.

3Loyalty Additions

Staying invested throughout the Policy Term will help you get Loyalty Additions as a percentage of average Fund Value. All you need to do is to ensure that you have paid all your due premiums on time and your policy is active on the date of payment of Loyalty Additions. Loyalty Additions shall be added to the Fund Value on the applicable Policy Anniversary. However, The the last (final) Loyalty Addtion shall be payable on date of maturity.

Policy Term

Loyalty Additions as % of average Fund Value payable on the last 5 Policy Anniversaries

Policy Term

For the purpose of calculation of Loyalty Additions, except the last Loyalty Addition, the average Fund Value shall be simple average of Fund Values on the last day of previous eight calendar quarters, prior to the Policy Anniversary in which the Loyalty Additions are payable.

For the purpose of calculation of last loyalty addition, the average fund value shall be simple average of fund values on the last day of previous eight calendar quarters, prior to the date of Maturity.

Target Group
For customers looking for a tax saving systematic investment solution which helps to get market linked returns alongwith benefits of insurance

HOW TO APPLY

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Eligibility

Parameter Criterion
Entry Age (as on last birthday) Minimum: 0 years
Maximum: 50 years
Maturity Age Minimum: 18 years
Maximum: 70 years
Premium to be paid Minimum:
                 Annual Mode - Rs40,000
                 Monthly Mode - Rs4,000

Maximum: No Limit
Policy Term 10 to 20 years
Premium Payment Term Same as Policy Term
Sum Assured Sum Assured = 10 x Annual Premium
Premium Payment Frequency Annual/Monthly. Monthly premiums can only be paid by Auto Pay System. Auto Pay methods of payment are available in all premium modes.

FUND OPTIONS

Depending on your ability to expose yourself to risks associated with the markets, choose to invest your premiums in any of the following 5 funds. Your premium, net of applicable charges, is invested in funds of your choice. The funds in turn, are segregated into liquid investments, fixed income securities 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%
- Fixed Income investments: 50%-100%
- Equity Instruments: NIL
Low Risk
Future Balance Fund
(SFIN:ULIF003180708
FUTBALANCE133)
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 so as to balance 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%
- Fixed Income Instruments: 40%-70%
- Equity Instruments: 30%-60%
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%
- Fixed Income Instruments: 10%-50%
- Equity Instruments: 50%-90%
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%
- Fixed Income Instruments: 0%-40%
- Equity Instruments: 50%-100%
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%
- Fixed Income Instruments: 0%-15%
- Equity Instruments: 80%-100%
High Risk

Default Fund (in case of closure)

A fund can be closed with prior approval from IRDAI.

In case the existing fund is closed the default fund is Future Income Fund (SFIN: LIF002180708FUTUINCOME133)

In case any existing fund is closed, the Company shall seek prior instructions from the Policyholder for switching units from the existing closed fund to the any other available fund under the policy. On such closure of fund, if the Company does not receive choice of fund from the Policyholder, the Company shall transfer units of Policyholder from the fund which is intended to be closed, to Future Income Fund.

Modification of Fund

A fund can be modified with prior approval from IRDAI.

In case any existing fund is modified, the Company shall seek prior instructions from the Policyholder for switching units from the existing modified fund to the any other available fund under the policy. On such modification of fund, if the Company does not receive choice of fund from the Policyholder, the Company shall continue to invest in such modified fund.

Company will also seek instructions for future premium redirections in case of closure/modification of the existing fund.

Charges

PREMIUM ALLOCATION CHARGE

The Premium Allocation Charge as a percentage of Annualised Premium is as per the table below:

Premium Allocation Charges are deducted from premiums paid and the premiums, net of premium allocation charges, are used to purchase units in any of the five underlying funds.

POLICY ADMINISTRATION CHARGE

The Policy Administration Charges expressed as a percentage of premium is 0.1% of Annualised Premium per month subject to a minimum of Rs50 p.m. and maximum of Rs500 p.m.

The Policy Administration Charges given above are deducted from the unit account on monthly basis at the beginning of each monthly anniversary (including the policy commencement date) of a policy by cancellation of units.

DISCONTINUANCE CHARGE

In case of discontinuance of the policy during first 4 policy years, the following charges will apply

Discontinuance during the policy year Discontinuance Charge
1 Lower of 6% x (AP or FV), subject to a maximum of Rs6,000
2 Lower of 4% x (AP or FV), subject to a maximum of Rs5,000
3 Lower of 3% x (AP or FV), subject to a maximum of Rs4,000
4 Lower of 2% x (AP or FV), subject to a maximum of Rs2,000
5 and onwards Nil

Where, AP = Annualised Premium under the policy
FV = Fund Value on the date of discontinuance

FUND MANAGEMENT CHARGE

FUND MANAGEMENT CHARGE (% per annum)
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%

Fund Management Charges are deducted on a daily basis at 1/365th of the annual charge in determining the unit price.

SWITCHING CHARGE

  • Twelve free switches are allowed each policy year. Subsequent switches in that policy year will attract a charge of Rs100 per switch. Unused free switches cannot be carried forward.
  • This charge will be levied at the time of effecting switch and will be deducted from the unit account by cancellation of units.
  • This charge is also subject to increase in future upto Rs250 per switch, subject to prior approval of IRDAI.

PARTIAL WITHDRAWAL CHARGE

Four free Partial Withdrawals are allowed each policy year. Subsequent Partial Withdrawal in a policy year shall attract a charge of Rs200 per withdrawal.

MORTALITY CHARGE

  • The Mortality Charges are determined using 1/12th of the Annual Mortality Charge and are deducted from the unit account monthly at the beginning of each monthly anniversary (including the policy commencement date) of a policy by cancellation of units.
  • The Mortality Charges are levied on Sum at Risk. The Sum at Risk at any point of time is the higher of (Sum Assured less Deductible Partial Withdrawal, 105% of premiums paid) less Fund Value under the policy.
  • For female lives, a 3 year age set back shall be used except for female lives aged 0 to 9 years. For example, Mortality Charge for a 30 year old female shall be that of a 27 year old male. However, Mortality Charge for 9 year old female shall be that of a 9 year old male.

MISCELLANEOUS CHARGE

This charge is levied for any alterations within the insurance contract, such as change in premium mode and premium redirection. The charge is expressed as a flat amount levied by cancellation of units and is equal to Rs250 per alteration.

  • One month Notice Period will be given to the Policyholder in case of an increase in charges. The increase, if any will apply from the Policy Anniversary coinciding with or following the increase.
  • Any change in amount or rate of charges as stated above will be subject to IRDAI approval. All charges are subject to Service Tax, if any, as prescribed by the Government from time to time.

Exclusions

None

SUICIDE

In case of death due to suicide within 12 months from the date of inception of the policy or from the date of revival of the policy, the nominee or beneficiary of the Policyholder shall be entitled to Fund Value/Policy Account Value, as available on the date of death.

Any charges recovered subsequent to the date of death shall be paid back to the nominee or beneficiary along with Death Benefit.

Disclaimers

    Future Generali Easy Invest Online Plan (UIN: 133L061V01)

    • Unit Linked Insurance Products are different from the traditional insurance products and are subject to the risk factors.
    • The investment risk in the investment portfolio is borne by the Policyholder.
    • The Premium paid in Unit Linked Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the Policyholder/Insured is responsible for his/her decisions.
    • Future Generali India Life Insurance Company Limited is only the name of the Insurance Company and Future Generali Easy Invest Online Plan is only the name of the Unit Linked Life Insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
    • Please know the associated risks and the applicable charges, from your Insurance Agent or the intermediary or policy document of the Company.
    • The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. Past performance is not indicative of future performance, which may be different.
    • Tax benefits are subject to change in law from time to time. You are advised to consult your tax consultant.
    • The Linked Insurance products do not offer any liquidity during the first five years of the contract.
    • The Policyholder will not be able to surrender/withdraw the monies invested in Linked Insurance products completely or partially till the end of the fifth year.
    • For the purpose of illustration , we have assumed 4%* p.a and 8%* p.a  as the higher and lower values of investment returns
    • These rates are not guaranteed and they are not the upper or lower limits of returns of the Funds selected in your policy , as the Performance of funds is dependent on a number of factors including future investment performance. These rates in no way signify our expectations of future returns The actual returns may be higher or lower than the above rates.

     

    FREE LOOK CANCELLATION:
    You have a period of 15 days (30 days if the policy is sold through Distance Marketing Mode) from the date of receipt of the Policy document to review the terms and conditions of the Policy. If you are not satisfied with or disagree with any of the terms and conditions, you have the option to Cancel/withdraw and return the Policy along with a letter (dated and signed) stating your intention to cancel the Policy and reasons for the objections/Cancellation, within this period. Cancellation of Policy and refund of premium is allowed under this provision, whereby the amount payable on such cancellation will be equal to the total premium paid less a proportionate cost of insurance for the period of cover and expenses towards Policy stamp duty and medical examination, if any.

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