Human Life Value Calculator
Premium Calculator / Benefit Illustration
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This is an Individual, Unit Linked, Non-Participating(without profits), Life Insurance Plan.
Fund Value at maturity
Sum assured less deductible partial withdrawal, if any or
Fund Value or
105% of basic premiums paid till date of death less deductable partial withdrawals, if any
8 to 50 years for 5 years premium payment terms.
8 to 60 years for other premium payment terms.
10/15 /20 years
Yearly, Half Yearly, Quarterly and Monthly
Your premium, net of applicable charges, is invested in unit funds of your choice. Currently you have a choice of seven investment funds, providing you the flexibility to direct your investments in any of the following unit linked funds of the Company. The funds invest in a mix of liquid investments, fixed income securities and equity investments in line with their risk profile.
|Future Secure Fund
|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.
|Future Income Fund
|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.
|Future Balance Fund
|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.
|Future Apex Fund
|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.
|Future Maximize Fund
|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.
|Future Opportunity Fund
|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.
|Future Midcap Fund
|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.
At maturity, the Fund Value as on the date of maturity is payable to the life assured, provided the policy is inforce.
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:
Deductible Partial Withdrawals are partial withdrawals made 2 years immediately prior to the date of death, of
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
Surrender After Completion of 5 Policy Years
For customers looking for an investment cum insurance plan that will also help them save taxes
|Minimum/ Maximum Age at Entry||For PPT of 5 years = 8 to 50 years (as on last birthday)
Other PPTs = 8 to 60 years (as on last birthday)
(PPT is Premium Paying Term)
|Minimum/ Maximum Age at Maturity||18 to 70 years (as on last birthday)|
|Premium Paying Frequency||Yearly, Half Yearly, Quarterly and Monthly|
|Premium Paying Term and Policy Term||
|Minimum/ Maximum Sum Assured||Minimum and Maximum Sum Assured is as under:
|Premium||Min Yearly = Rs 20,000/-,
Half Yearly = Rs 10000/-,
Quarterly = Rs 5000/-,
Monthly = Rs 2000/-
Max = No Limit, subject to underwriting
|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 specified fund allocation.
|Policy Administration Charge||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 till the end of the Policy Term. The Policy Administration Charge is subject to a maximum of Rs. 500 per month.
|Fund Management Charge||FMC (Fund Management Charge) will be charged 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.
|Mortality Charge||This shall be levied at the beginning of each policy month from the fund. Below mentioned are the sample mortality charges for various ages for 1,000/- of 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 less deductible partial withdrawal reduced by Fund Value under the policy.
|Discontinuance Charge||This charge is levied where the policy holder opts not to pay premiums under the policy. In case of discontinuance of the policy during the first 4 years, the following charge is applicable:
Note: Above charges are subject to applicable tax, if any, as fixed by the Government from time to time. Currently tax is applicable on all the charges deducted under the policy. However, the same may be changed as prescribed by the Government of India from time to time.
Future Generali Linked Accidental Death Rider (UIN: 133A025V01)
In case of an unfortunate event of death of the life assured during the rider term, the rider sum assured is paid along with the death benefit. An Accident is a sudden, unforeseen, and involuntary event caused by external, visible & violent means.
For further information, please refer the rider brochure
Free Look period:
If the policy holder is not satisfied with the terms and conditions of the policy, he can apply in writing to the Company 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 cancellation. On cancellation, 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.
If the Policy is opted through Insurance Repository (IR), the computation of the said Free Look Period will be as stated below:-
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.
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 means the period of 5 consecutive completed years from the date of policy commencement date, during which the proceeds of discontinued policy cannot be paid by the insurer to the insured / policy holder except in case of death or upon any contingency covered under the policy.
Revival Period 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.
“Discontinuance” means the state of a policy that could arise on account of surrender of the policy or non-payment of the contractual premium due before the expiry of the grace period.
Provided that no policy shall be treated as discontinued on non-payment of the said premium if, within the grace period, the premium has not been paid due to the death of the insured or upon the happening of any other contingency covered under the policy.
Policy Discontinuance Within Lock-in Period
Explanation: “Proceeds of the discontinued policies” means the fund value as on the date the policy was discontinued, after addition of interest computed at the interest rate stipulated under the section ‘Discontinued Policy Fund’.
In case of death of the Life Assured while the policy is in the Discontinuance Policy Fund, the lock-in period shall not be applicable and the proceeds under the Discontinuance Policy Fund shall be payable immediately to Nominee or Legal heirs as applicable.
Discontinued policy fund
If the fund value under the policy, subject to Discontinuance Charge (if any) is moved into the Discontinued Policy Fund no further charges except Fund management charge of 0.50% per annum will be levied on the Discontinued Policy Fund. The Discontinued Policy Fund would earn a minimum guaranteed interest as prescribed by IRDAI from time to time. The current minimum guaranteed interest rate applicable to the discontinued fund is 4% per annum. The excess income earned in the Discontinued Policy Fund over and above the minimum guaranteed interest rate will also be fully apportioned to the Discontinued Policy Fund in arriving at the proceeds of the discontinued policies and shall not be made available to the shareholders.
The details of the Discontinued Policy Fund is given below:
Discontinued Policy Fund (SFIN: ULIF013011111FUTDISCONT133)
The investment objective of this fund is to provide return, subject to minimum guaranteed interest, as prescribed by IRDAI from time to time.
The fund will be allocated as per the following asset allocation
Money Market instruments : 0% to 40%
Government Securities : 60% to 100%
Investment strategy: Low Risk Investment
Risk Profile: Low Risk
The fund management charge for the discontinued policy fund will be 0.5% per annum
Policy Discontinuance After Lock-in Period
Paid Up Policy
Paid up sum assured can be determined as
(Number of premiums paid)
Sum Assured x --------------------------------------------------
(Total number of premiums payable)
Under a paid-up policy, the policy administration charge, fund management charge will be deducted. Mortality charge will be deducted with respect to Sum at Risk considering paid-up sum assured.
If the death occurs during the policy term, death benefit considering the paid-up sum assured will be paid. . That is death claims will be settled on original terms and conditions replacing the “sum assured” by “Paid up sum assured”. At maturity or surrender during the policy term, fund value will be payable.
Revival Period 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.
Decrease in Premium
Policy can be surrendered any time during the policy term. The Surrender Value will be the 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 Discontinued Policy Fund & 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 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.
Nomination & Assignment
Nomination and Assignment as per Sec 39 and Sec 38 of the Insurance Act, 1938, as amended from time to time, shall be allowed under the plan.
Net Asset Value (NAV) calculation:
A unit in each fund has its own price called the Net Asset Value (NAV). The NAV of each segregated fund is calculated on daily basis with the following formula:
Market value of investments held by the fund plus the value of any current assets less the value of any current liabilities less provisions, if any divided by the number of units existing at the valuation date (before creation /redemption of units.
In case the valuation day falls on a holiday, then the exercise will be done the following working day
Allocation / redemption of units:
In respect of premiums received up to 3.00 p.m. (or such other time as IRDAI may direct in the future) under a local cheque or a demand draft payable at par or by way of cash, the closing NAV of the day on which the premium is received shall be applicable. In respect of premiums received after 3.00 p.m., the closing NAV of the next business day shall be applicable.
In respect of premiums received under outstation cheques/demand drafts, the closing NAV of the day on which the cheques/demand draft is realized shall be applicable
All valid requests e.g. switch, surrender or maturity claim etc. received up to 3.00 p.m. (or such other time as IRDAI may direct in the future) will be processed at the closing NAV of the day on which the request is received. All such requests received after 3:00 p.m. (or such other time as IRDAI may direct in the future) will be processed at the closing NAV of the next business day.
Premium(s) paid are eligible for tax benefit as may be available under the provisions of Section(s) 80C and 10(10D) as applicable. Please consult your tax advisor for the same
No benefit will be payable in respect of any condition arising directly or indirectly through or in consequence of the following exclusions and restrictions -
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.
For Future Generali Linked Accidental Death Rider
No benefit will be payable in respect of any condition leading to accidental death or arising directly or indirectly from, through or in consequence of the following exclusions:
Future Generali Dhan Vridhi Plan ( UIN : 133L050V03)
For more details on this product including risk factors, terms and conditions, please read the policy document carefully and/or consult your Advisor and/or visit our website before concluding a sale.
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