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Future Generali Wealth Protect Plan

Future Generali Wealth Protect Plan

  • Maturity Benefits

    Fund Value at maturity

    Guaranteed loyalty addition.

  • Death Benefit

    Higher of Sum Assured less withdrawals or Fund Value or 105% of Premium paid till date of death less withdrawals

  • Surrender Benefit after 5 Policy Year

    Fund Value

  • Age at Entry

    7 to 60 years

  • Policy Term

    15 to 40 years

  • Premium Payment Term

    Regular premium throughout the Policy Term

  • Premium Payment Mode

    Yearly/ Half-Yearly/ Quarterly/ Monthly (ECS)

  • Switches

    Yes

  • Settlement Option

    Yes

  • Premium Redirection Facility

    Yes

  • Tax Benefit

    Yes

  • Guaranteed Loyalty Addition

    Yes

WHY BUY THIS POLICY?

  • This plan offers a combination of high cover (up to 30 times the annual premium) and investment to fulfil your long-term financial goals while safeguarding the interests of your dependents.
  • On maturity, you get guaranteed loyalty addition.
  • Invest systematically in small instalments with monthly, quarterly and half-yearly payment frequencies.
  • The plan offers you six different fund options of debt, equity and balanced assets to suit your investment needs.
  • You can make the most of the opportunities in the market by switching from one fund to another.
  • After 5 years, you can avail partial withdrawals for your short-term needs.

How it Works

Step1Choose the amount
  • The amount you want to invest will depend on your current cash flows, financial goals and the time horizon to achieve those goals.
Step2Choose the duration
  • Choose the duration during which you want to stay invested. During this period, you will have to pay regular premiums
Step3Select the Life Insurance cover
  • Depending on your age, you can choose the Sum Assured in multiples of annualized premium as your coverage amount.
Step4Choose your fund options
  • Depending on the extent of the risk you wish to take, choose any or all of the six available funds.
Step5Pay the premium
  • Fill up the application and pay the premium.
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Fund Options

Fund Name Risk Profile Investment Objective Portfolio Allocation
Future Secure Fund
(SFIN: ULIF001180708FUTUSECURE133)
Low Risk Provide stable returns by investing in relatively low risk assets.
  • 100% in Money Market, Cash and Short-Term Debt
Future Income Fund
(SFIN: ULIF002180708FUTUINCOME133)
Low Risk Provide stable returns by investing in assets of relatively low to moderate level of risk. The fund's return depends on the interest received from the investments.
  • 100% in Fixed Income Investments and Money Market Instruments
Future Balance Fund
(SFIN: ULIF003180708FUTBALANCE133)
Medium Risk Provide balanced returns by investing in both; fixed interest securities as well as in equities. While fixed interest securities offer stability of return, equities provide growth in capital. The fund will also invest in money market instruments to provide liquidity.
  • Equity Instruments: 30% - 90%
  • Fixed Income and Money Market Instruments: 10% - 70%
Future Maximize Fund
(SFIN: ULIF004180708FUMAXIMIZE133)
High Risk Provide potentially high returns to unit holders 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.
  • Equity Instruments: 50% - 90%
  • Fixed Income Including Cash and Money Market Investments: 10% - 50%
Future Apex Fund
(SFIN: ULIF010231209FUTUREAPEX133)
High Risk Provide potentially high returns to unit holders 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.
  • Equity Instruments: 50% - 100%
  • Fixed Income and Money Market Investments: 0% - 50%
Future Opportunity Fund
(SFIN:ULIF012090910FUTOPPORTU133
High Risk Generate capital appreciation and provide long-term growth opportunities by investing in a portfolio predominantly 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.
  • Equity Instruments: 80% - 100%
  • Fixed Income and Money Market Investments: 0% - 20%

 

BENEFITS

Maturity Benefit

  • On maturity of the policy, the Fund Value (market value of the investment) plus guaranteed loyalty addition as on the date of maturity is paid.
  • Guaranteed loyalty addition:

    5% of the first year annualised premium for Gold option

    7.5% of the first year annualised premium for Platinum option

Death Benefit

In case of demise of the Life Assured during the Policy Term, while the policy is in force, the nominee receives the higher of:

  • Sum Assured less Deductible Partial Withdrawals*, if any, or
  • Fund Value under the policy, or
  • 105% of the total premiums paid, less Deductible Partial Withdrawals, if any

*Deductible Partial Withdrawals are:

  • In case of death before attaining the age of 60 years: Partial withdrawals made in 2 years immediately prior to the date of death
  • In case of death after attaining the age of 60 years: Partial withdrawals made under the policy 2 years before attaining the age of 60 years and all the partial withdrawals after attaining the age of 60 years

Surrender Benefit

  • The policy can be surrendered anytime during the Policy Term. The Surrender Value will be the 'Fund Value less Discontinuance Charge', if any. If the policy is surrendered before the completion of the lock-in period of 5 policy years from the policy commencement date, the Surrender Value equal to Fund Value less applicable Discontinuance Charge will be kept in the Discontinued Policy Fund of the company. No subsequent charges except Fund Management Charge for the Discontinued Policy Fund will be deducted, subject to a minimum guarantee of interest as prescribed by IRDA from time to time. The proceeds of the discontinued policy will be paid only after the completion of 5 policy years from the Policy Commencement Date. In case of death of Life Assured during this period, the proceeds will be payable to the nominee/ legal heirs as applicable. If the policy is surrendered after the lock-in period, then the Surrender Value, that is the Fund Value, will be paid immediately.

Target Group
For customers looking for an investment cum insurance plan that will also help them save taxes

Eligibility

Minimum - Maximum Age at Entry Minimum: 7 years (as on last birthday)
Maximum: 60 years (as on last birthday)
Minimum - Maximum Age at Maturity Minimum: 22 years (as on last birthday)
Maximum: 75 years (as on last birthday)
Premium Modes
Gold Annual Premium = 25,000/- Platinum Annual Premium > 25,000/-
Yearly/ Half-Yearly mode Yearly/ Half-Yearly/ Quarterly/ Monthly (ECS) mode
Policy Term 15 to 40 years
Premium Paying Term Equal to Policy Term
Sum Assured Minimum Sum Assured
  • For ages < 45: Half the Policy Term or 10, whichever is higher the number of times of annualised premium
  • For age >= 45: 0.25 times the Policy Term or 7, whichever is higher the number of times of annualised premium
  Maximum Sum Assured
M* annualised premium where M is a factor which depends upon the entry age (of the Life Assured)

Age at Entry (in years) Maximum Multiple
7 to 44 30
45 to 50 20
51 to 55 15
56 to 60 10
Minimum Premium
Premium Payment Mode Premium Amount (Rs.)
Gold (Annual Premium = 25,000/-) Platinum (Annual Premium > 25,000/-)
Yearly 25,000/- 25,001/-
Half-Yearly 12,500/- 12,501/-
Quarterly NA 6,251/-
Monthly by ECS NA 2,500/-
Maximum Premium Gold Option = 25,000/-
The maximum annualised premium that can be opted for under the Platinum Option is 200,000/-

 

Charges

Charges Description of Charges
Allocation Charge The Premium Allocation Charge will be deducted from the premium amount at the time of premium payment and the remaining premium will be used to purchase units in various investment funds according to the fund, allocation specified by you. Year 1: 5% Year 2 to 5: 3% Year 6 onwards: 2%
Policy Administration Charge The annual Policy Administration Charges, as a percentage of annualised premium, are given below but is subject to a maximum of Rs. 6,000/- p.a.:

Policy Year Gold (for Annual Premium = Rs. 25,000/-) Platinum (for Annual Premium > Rs. 25,000/-)
1st year 3.75% 3.00%
2nd year onwards 2.85% 2.45%


The Policy Administration Charges are determined using 1/12th of the annual charges given above and are deducted from the unit account monthly, at the beginning of each monthly anniversary of a policy by cancellation of units.
Fund Management Charge The Fund Management Charges will be levied at the time of computation of the NAV, which will be done on a daily basis. This will be charged as a percentage of the value of the assets and will be adjusted towards the NAV.

Future Secure Fund 1.10% per annum
Future Income Fund 1.35% per annum
Future Balance Fund 1.35% per annum
Future Apex Fund 1.35% per annum
Future Opportunity Fund 1.35% per annum
Future Maximize Fund 1.35% per annum
Mortality Charge Below mentioned are the sample Mortality Charges for various ages for Rs. 1,000/- of sum at risk:

Age 25 35 45 55
Mortality Charge 1.14 1.39 3.27 9.05


At the given point of time the sum at risk = Sum Assured - Fund Value
Discontinuance Charge
Discontinuance during Policy Year Discontinuance Charge where Annualised Premium = Rs. 25,000/-
1 20% of Annualised Premium or Fund Value whichever is lower, maximum of Rs. 3,000/-
2 15% of Annualised Premium or Fund Value whichever is lower, maximum of Rs. 2,000/-
3 10% of Annualised Premium or Fund Value whichever is lower, subject to maximum of Rs. 1500/-
4 5% of Annualised Premium or Fund Value whichever is lower, maximum of Rs. 1,000/-
Discontinuance during Policy Year Discontinuance where Annualised Premium charge > Rs. 25,000/-
1 6% of Annualised Premium or Fund Value whichever is lower, maximum of Rs. 6,000/-
2 4% Annualised Premium or Fund Value whichever is lower, maximum Rs. 5,000/-
3 3% Annualised Premium or Fund Value whichever is lower, maximum Rs. 4,000/-
4 2% Annualised Premium or Fund Value whichever is lower, maximum Rs. 2,000/-
Other Charges
    • Up to 12 switches per year are free. Additional switches will attract a charge of Rs. 100/- per switch.

    • Up to 4 withdrawals per year are free. Additional partial withdrawals will attract a charge of Rs. 200/-per partial withdrawal.

  • Policy alteration is charged at Rs. 250/-

Note: Goods & Services Tax is applicable on the above charges as per the prevailing tax rules. A notice period of one month is given to the policyholder in case of an increase in charges. This 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 IRDA approval.

EXCLUSIONS

Suicide Exclusion: If the Life Assured commits suicide within one year from the risk commencement date or revival date, if revived, whether sane or insane at that time, the Company will limit the Death Benefits to the Fund Value as available on the death date and no insurance benefit will be payable. However for certain hazardous occupations and/or pastimes, exclusions may be made in specific cases as per company’s underwriting policy. Further, such exclusions will be subject to the consent of the policyholder.

DISCLAIMERS

Future Generali Wealth Protect Plan (UIN: 133L036V02)

  • Unit Linked Life Insurance Products are different from the traditional insurance products, as in the former, the investment risk in the investment portfolio is borne by the policyholder.
  • ‘Future Generali Life Insurance Company’ is only the name of the insurance company and ‘Future Generali Wealth Protect Plan’ is only the name of the Unit Linked Life Insurance Contract and does not in any way indicate the quality of the contract or its future prospects of return.
  • Please know the associated risks and the applicable charges from your insurance agent or the intermediary or policy document of the insurer.
  • The various funds offered under this contract are the names of the funds and do not in any way reflect their quality, their future prospects and returns.
  • The premium paid in Unit Linked Life Insurance Policies are subject to investment risks associated with capital markets and the NAVs of the units may go up and down based on the performance of the funds and the factors influencing the capital market and the insured is responsible for his/her decisions.
  • Past performance of funds is no indicator of future performance, which may be different.
  • All premiums/benefits payable under this plan are subject to applicable laws and taxes including Goods & Services Tax, as they exist from time to time.
  • For more details on risk factors, terms and conditions please read the sales brochure and/or sample policy document on our website carefully and/or consult your advisor before concluding the sale.
  • Insurance is subject matter of solicitation.

 

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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