Future Generali Bima Advantage Plus

This is an Individual, Unit Linked, Non-Participating(without profits), Life Insurance Plan.

Future Generali Bima Advantage Plus

  • Premium Payment Term:

    Regular premium throughout the Policy Term

  • Maturity Benefit:

    Fund Value at maturity

  • Death Benefit:

    Higher of Sum Assured less deductible partial withdrawal, if any or Fund Value or 105% of premiums paid till date of death less deductible partial withdrawals, if any

  • Surrender Benefit After 5 Policy Years:

    Fund Value

  • Age at Entry:

    7 to 65 years

  • Policy Term:

    10 to 30 years

  • Switches:

    Yes

  • Settlement Option:

    No

  • Premium Redirection:

    Yes

  • Premium Payment Mode:

    Yearly, Half Yearly, Quarterly and Monthly

  • Tax Benefits:

    Yes

Why settle for less when you can get more?

Protection + Wealth Creation

We always want to get the most out of everything we buy. Why should it be any different when you choose an insurance plan? Future Generali Bima Advantage Plus is an individual, unit-linked, non participating life insurance plan that not only helps you build wealth, but also offers you the added advantage of protection. It also offers a wide choice of investment funds to match your risk appetite and a host of other flexible options for your unique needs. So, don't settle for just any ULIP. Demand more with Future Generali Bima Advantage Plus.

KEY FEATURES

  • A unique combination of protection and investment that helps fulfil your medium to long term financial goals.
  • Helps maximize your returns by investing in a choice of 7 investment funds to match your risk appetite.
  • Flexibility to choose policy term, sum assured and other optional features like switching, re-direction & partial withdrawals.
  • Premium(s) paid are eligible for tax benefit as may be available under the provisions of Section(s) 80C and 10(10D) as applicable.

How does it Works

Step1Decide your Premium Amount
  • Based on your financial /savings plan, decide the amount you want to invest as premium for the desired policy term.

Step2Decide your Sum Assured
  • Based on your life cover requirement choose your sum assured multiple.

Step3Choose your Investment Funds
  • Depending on your risk appetite, you can choose to invest in any or all the  seven available funds.

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YOUR INVESTMENTS

Your premium, net of applicable charges, is invested in unit funds of your choice. This plan provides for seven investment funds, thereby, adding flexibility in directing your investments to any or all following unit linked funds of the company. The funds invest in a mix of cash/other liquid assets, fixed income securities and equity investments in line with the objective of the fund.

Future Secure Fund
(SFIN: ULIF001180708FUTUSECURE133)
Objective To provide stable returns by investing in relatively low risk assets. The fund will invest exclusively in treasury bills, bank deposits, certificate of deposits, other money market instrument and short duration govt. securities.

Composition Min. Max. Risk Profile
Money Market Instruments 0% 75% Low
Short Term Debt 25% 100%
Future Income Fund
(SFIN: ULIF002180708FUTUINCOME133)
Objective 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 income securities, such as Govt. securities of medium to long duration and Corporate Bonds and money market instruments for liquidity.

Composition Min. Max. Risk Profile
Fixed Income Instruments 50% 100% Low
Money Market Instruments 0% 50%
Future Balance Fund
(SFIN: ULIF003180708FUTBALANCE133)
Objective 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. The fund will also invest in money market instruments to provide liquidity. The risk profile of the fund is moderate.

Composition Min. Max. Risk Profile
Money Market Instruments 0% 30% Moderate
Fixed Income Instruments 40% 70%
Equity Instruments 30% 60%
Future Apex Fund
(SFIN: ULIF010231209FUTUREAPEX133)
Objective To 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 govt. securities, corporate bonds and money market instruments. The risk profile of the fund is high.

Composition Min. Max. Risk Profile
Fixed Income Instruments 0% 40% High
Money Market Instruments 0% 50%
Equity Instruments 50% 100%
Future Maximize Fund
(SFIN: ULIF004180708FUMAXIMIZE133)
Objective To 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 govt. securities, corporate bonds and money market instruments.

Composition Min. Max. Risk Profile
Fixed Income Instruments 10% 50% High
Money Market Instruments 0% 40%
Equity Instruments 50% 90%
Future Opportunity Fund
(SFIN: ULIF012090910FUTOPPORTU133)
Objective To generate capital appreciation & provide long term growth opportunities by investing in a portfolio predominantly of equity & equity related instruments generally in S & P CNX Nifty stocks and to generate consistent returns by investing in debt & money market instruments. The risk profile of the fund is high.

Composition Min. Max. Risk Profile
Fixed Income Instruments 0% 15% High
Money Market Instruments 0% 20%
Equity Instruments 80% 100%
Future Midcap Fund
(SFIN: ULIF014010518FUTMIDCAP133)
Objective The investment objective of this fund is to generate long-term capital appreciation by investing predominantly in equity and equity related securities of mid cap companies.

Composition Min. Max. Risk Profile
Money market instruments 0% 20% High
Equity Instruments 80% 100%
(Out of the equity investment, atleast 50% shall be in midcap stocks)

Your Benefits

Maturity Benefits:

On maturity of the policy, the fund value as on the date of maturity is payable to the life assured.

Death Benefits:

In case of an unfortunate 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 Withdrawal, if any or
  • Fund Value or
  • 105% of basic premiums paid till date of death less deductible partial withdrawals, if any.

Deductible partial withdrawals are

  • Partial withdrawals made in 2 years immediately prior to the date of death,

Note:

  • On death of the life assured, the policy will be terminated by paying the death benefit.
  • Risk will commence immediately for minor lives.
  • If the life assured is a minor at the time of issuance of the policy and the proposer predeceases the life assured during the minority of the life assured, no immediate benefit will be payable. On the death of the Policyholder while the life assured is a minor, the policy may be continued by the appointment of a new Policyholder under the policy. However where a new policyholder is not available and / or the legal guardian(s) is not interested to continue the policy, then the policy proceeds would be paid to the Legal Representatives/Legal Guardian(s) of the Policyholder who would take out representation for the moneys under the policy from a Court of a State or Territory of the Union of India that the moneys will be utilized for carrying out day to day expenses /benefit of the minor. The policy proceeds in case of discontinuance of policy will be paid and the policy will be terminated thereafter.

Surrender Benefits

Policy can be surrendered any time during the Policy Term. The Surrender Value will be Fund Value less Discontinuance Charge, if any, as mentioned below:

Surrender Before Completion of 5 Policy Years

  • If policy is surrendered before the completion of 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 and no subsequent charges other than Fund Management Charges for discontinued policy fund will be deducted. The Surrender Value will accrue a minimum guaranteed return as specified by IRDAI, from time to time. Such accumulated Surrender Value will be paid immediately after completion of the lock-in period. In case of death of the Life Assured during this period, the proceeds will be payable to the nominee/ legal heirs as applicable.

Surrender After Completion of 5 Policy Years

    • If the policy is surrendered after the lock-in period, then the Surrender Value is the Fund Value at the prevailing NAV. It becomes payable immediately.

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

Eligibility

Age at Entry(as on last birthday) 7 to 65 years
Age at Maturity (as on last birthday) 18 to 75 years
Policy Term 10 to 30 years
Premium Paying Term Same as Policy Term
Sum Assured Minimum Sum Assured
  • Age < 45 yrs: 10 x Annualised Premium
  • Age >= 45 yrs: 7 x Annualised Premium

Maximum Sum Assured (as a multiple of Annual Premium)

Age at entry Maximum Multiple Factor
7 to 44 years 25
45 to 54 years 15
55 to 65 years Same as Minimum
Sum Assured
Annual Premium Minimum: 20,000/-
Maximum: No limit, subject to underwriting
Premium Payment Mode Yearly, Half Yearly, Quarterly and Monthly

 

CHARGES UNDER YOUR POLICY

Charges Description of Charges
Premium 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 specified fund allocation.

Year 1st: 9%
Year 2nd: 5%
Year 3rdonwards: 3%
Policy Administration Charge The maximum Policy Administration Charge will not exceed 500/- per month. These 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 the policy by cancellation of units for equivalent amount.

Year 1: Nil
Year 2 onwards: 1.6% p.a.
Fund Management Charge Fund Management Charges are deducted on a daily basis at 1/365th of the annual charge in determining the unit price. The company may change the Fund Management Charges from time to time with prior approval from IRDAI.

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
Discontinued Policy Fund 0.50% per annum
Future Midcap Fund 1.35% per annum
Mortality Charge This shall be levied at the beginning of each policy month from the fund. Following are sample mortality charges per Rs. 1,000/- sum at risk.

Age Mortality Charge
20 years 0.98
25 years 1.09
30 years 1.17
35 years 1.42

Mortality Charges are deducted on sum at risk which is calculated as excess of (Higher of (Sum assured less deductible partial withdrawal), 105% of premiums paid less Deductible Partial Withdrawal) over Fund Value.
Discontinuance Charge In case of discontinuance/ surrender of the policy during the first 4 policy years, the following charges will apply:


Discontinuance duringthe 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
Other Charges
    • Up to 12 switches per year are free. Additional switches will attract a charge of Rs. 100/- per switch.

    • Up to 6 partial 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/-

Riders

To enhance your financial protection and to secure yourself/your family against accidental disability or demise, we present to you Riders which you may choose as an additional protection. There are two rider options available under this plan Future Generali Linked Accidental Death Rider (UIN: 133A025V01) and Future Generali Linked Accidental Total & Permanent Disability Rider (UIN: 133A026V01). Please refer to respective rider brochures for details. The premium pertaining to health related or critical illness riders shall not exceed 100% of premium under the basic product, the premiums under all other life insurance riders put together shall not exceed 30% of premiums under the basic product and any benefit arising under each of the above mentioned riders shall not exceed the sum assured under the basic product.

Free Look Period
If the policy holder is not satisfied with the terms and conditions of the policy, he can apply in writing to Future Generali for cancellation of the policy within the free look period of 15 days (30 days if the policy is sold through Distance Marketing) from the date of receipt of the policy document, stating the reason for objection. Future Generali will pay a the Fund Value as on the date of cancellation plus non-allocated premium plus charges levied by cancellation of units less deduction for proportionate cost of insurance cover for the period and expenses towards policy stamp duty and medical examination, will be refunded.

Note: Distance Marketing means insurance solicitation/lead generation by way of telephone calling/ Short Messaging Service (SMS)/Other Electronic modes like e-mail, internet & Interactive Television (DTH)/Direct Mail/ newspaper & magazine inserts or any other means of communication other than in person.

If the Policy is opted through an Insurance Repository (IR), the computation of the said Free Look Period will be as stated below:-

  • For existing e-Insurance Account: Computation of the said Free Look Period will commence from the date of the delivery of the e-mail confirming the credit of the Insurance Policy by the IR.
  • For New e-Insurance Account: If an application for e-Insurance Account accompanies the proposal for insurance, the date of receipt of the ‘welcome kit’ from the IR with the credentials to log on to the eInsurance Account(e IA) or the delivery date of the email confirming the grant of access to the eIA or the delivery date of the email confirming the credit of the Insurance Policy by the IR to the eIA, whichever is later shall be reckoned for the purpose of computation of the Free Look Period.

Grace Period
A grace period of 30 days from the premium due date will be allowed for payment of premiums in yearly, half-yearly & quarterly modes and 15 days for monthly mode.The policy will remain in force during the grace period

Lock-in Period
It is a period of five consecutive completed years from the date of commencement of the policy, during which period the proceeds of the discontinued policies cannot be paid by the insurer to the policyholder or to the insured as the case may be, except in the case of death or upon the happening of any other contingency covered under the policy.

Revival Period
It means the period of three consecutive complete years from the Date of first unpaid premium during which period the Policyholder is entitled to revive the Policy which was Discontinued due to the non-payment of premium.

EXCLUSIONS

No benefit will be payable in respect of any condition arising directly or indirectly through or in consequence of the following exclusions and restrictions -

Suicide Exclusion: In case of death due to suicide within 12 months from the date of commencement of the policy or from the date of revival of the policy, as applicable, the nominee or the beneficiary of the policyholder shall be entitled to fund value, as available on the date of intimation of death.

Further, any charges other than Fund Management Charges (FMC) recovered subsequent to the date of death shall be added back to the fund value as on the date of intimation of death.

DISCLAIMERS

Future Generali Bima Advantage Plus (UIN: 133L049V03)

  • 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 India Life Insurance Company’ is only the name of the life insurance company and ‘Future Generali Bima Advantage Plus’ 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, or its future prospects of return.
  • The premium paid in unit linked life insurance Policies are subject to investment risks associated with the capital markets and the NAVs of the units may go up and down based on the performance of the fund and the factors influencing the capital market and the insured is responsible for his/ her decision.
  • Past performance of the funds is no indication 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.
  • Tax benefits are subject to change as per tax laws.
  • For more details on the risk factors and the 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.

Life Insurance Made Simple

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