Future Generali Wealth Protect PlanIn this policy, the investment risk in investment portfolio is borne by the policy holder. The linked insurance products do not offer any liquidity during the first five years of the contract. The policy holder will not be able to surrender/withdraw the monies invested in linked insurance products completely or partially till the end of the fifth year.

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

Future Generali Wealth Protect PlanIn this policy, the investment risk in investment portfolio is borne by the policy holder. The linked insurance products do not offer any liquidity during the first five years of the contract. The policy holder will not be able to surrender/withdraw the monies invested in linked insurance products completely or partially till the end of the fifth year.

  • Maturity Benefits

    Fund Value at maturity + Guaranteed loyalty addition.

  • Death Benefit

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

    No

  • Premium Redirection Facility

    Yes

  • Tax Benefit

    Yes

  • Guaranteed Loyalty Addition

    Yes

Stay protected, and wealthy.

Life poses ever increasing demands. With needs always growing, it is imperative that you plan your finances wisely so that you have enough resources when you or your family need them. With this end in mind, we bring you Future Generali Wealth Protect Plan; an individual, unit linked, non-participating (without profits) life insurance plan that offers not only protection, but also an opportunity to create the wealth you desire.

This plan gives you the freedom to decide how much wealth you want to create for yourself and your family and also the flexibility to decide where you want to invest your money at any point in time. Also offering enhanced protection through a host of riders, Future Generali Wealth Protect Plan ensures that you stay protected and are able to make all your wishes come true.

Key Features

  • Comprehensive protection of 7 to 30 times your annual premium depending on your age and term, as per choice.
  • Guaranteed loyalty addition on maturity based on first year premium paid.
  • Distinguished investment opportunity with a choice of 7 investment fund options.
  • Flexibility in choosing the policy term, premium payment mode, sum assured multiplier and a host of options like switching & premium redirection to maximize your returns.
  • Enhanced protection through a choice of 2 additional benefit riders.
  • Access to fund by way of partial withdrawals & surrender benefits.

How Does it Work

Step1Decide your premium amount
  • Based on your financial /savings planning, decide the amount you want to invest as premiums under the policy.

Step2Decide your policy term
  • Depending on your financial planning, you may decide a policy term which helps fulfill your financial goals. You have to pay the premium throughout the policy term.

Step3Decide your sum assured
  • Based on your choice of risk coverage, choose your sum assured multiple as desired from the table given.

Step4Choose 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%
Equity Instruments NIL NIL
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
Money Market Instruments 0% 50% Low
Fixed Income Instruments 50% 100%
Equity Instruments NIL NIL
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
Money Market Instruments 0% 50% High
Fixed Income Instruments 0% 40%
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
Money Market Instruments 0% 40% High
Fixed Income Instruments 10% 50%
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
Money Market Instruments 0% 20% High
Fixed Income Instruments 0% 15%
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)

BENEFITS

Maturity Benefit

Fund Value at maturity + Guaranteed Loyalty Addition

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

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 total premiums paid less deductible partial withdrawals, if any

Deductible partial withdrawals are partial withdrawals made in the 2 years prior to the date of death of the life assured

Note:If the life assured is a minor at risk commencement date:

If the policy has been taken by a person (the proposer) on the life of another person who is a minor(the life assured) and the proposer predeceases the life assured during the minority of the life assured, no immediate benefit will be payable. If the life assured is minor at the time of the death of the proposer, a new proposer would need to be appointed. Partial withdrawal and switching will not be allowed by the appointee during the minority of the life assured in case of continuation of the policy after the death of the proposer. The proposer can be either of the parents or legal guardian of the life assured. If the policy is surrendered, the surrender value under the policy would become payable to the Legal Representatives of the Proposer who would take out representation for the moneys under the policy from any Court of any State or Territory of the Union of India and as per the provisions mentioned in surrender section. The policy will be terminated thereafter.

The policy vests on the life assured on the policy anniversary coinciding with or immediately following the 18th birthday of the life assured.

Upon such vesting, the Policy will be deemed to be a contract between the life assured (also the policyholder thereforth) as the owner of the Policy and the Company. The erstwhile policyholder or his estate shall cease to have any right or interest therein.

Guaranteed Loyalty Addition
Loyalty addition as mentioned below is payable at maturity on an in force policy along with the fund value:

Gold
(for Annual Premium = Rs 25,000)
Platinum
(for Annual Premium > Rs 25,000)
5% of the first year Annualized Premium 7.5% of the first year Annualized Premium

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 age less than 45 years – 10* Annualised Premium
  • For age 45 years & above – 7* 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 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 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. 500 per month.:

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.
Switching Charge Twelve free switches are allowed in each policy year. Subsequent switches will attract a charge of Rs.100 per switch. The switching charges can be increased up to Rs.250 per switch subject to IRDAI approval.
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 (SFIN: ULIF001180708FUTUSECURE133) 1.10% per annum
Future Income Fund (SFIN: ULIF002180708FUTUINCOME133) 1.35% per annum
Future Balance Fund (SFIN: ULIF003180708FUTBALANCE133) 1.35% per annum
Future Apex Fund (SFIN: ULIF010231209FUTUREAPEX133) 1.35% per annum
Future Opportunity Fund (SFIN: ULIF012090910FUTOPPORTU133) 1.35% per annum
Future Maximize Fund (SFIN: ULIF004180708FUMAXIMIZE133) 1.35% per annum
Future Midcap Fund (SIFN: ULIF014010518FUTMIDCAP133) 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 0.99 1.29 3.02 8.29


At the given point of time, the Sum at Risk = Higher of (Sum assured, 105% of premiums paid) less Deductible Partial Withdrawal less Fund Value under the policy
The mortality charges are determined using 1/12th of the mortality charge rates and are deducted from the unit account monthly at the beginning of each monthly anniversary 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 Policy Year Discontinuance Charge where Annualised Premium = Rs. 50 ,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/-
5 onwards Nil
Discontinuance during Policy Year Discontinuance where Annualised Premium charge > Rs. 50,000/-
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/-
5 onwards Nil
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 & OTHER RESTRICTIONS

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.

Riders

To enhance your coverage under the policy the following riders can be added to your base plan

  • Future Generali Linked Accidental death rider (UIN: 133A025V01)
  • Future Generali Linked Accidental Total and Permanent Disability rider (UIN: 133A026V01)

Please refer to rider brochure for further details.

Note: 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.

Premium Redirection:
At any time after completion of one year, you may instruct us in writing to redirect all future premiums in an alternative proportion to the various unit funds available. Redirection will not affect the premium paid prior to the request. Premium redirection can be done maximum twice in a year.

Switching between the Funds:
Switch your existing fund to another fund option available and thus actively manage your own investment. Twelve switches are free in a policy year. The minimum amount that can be switched is Rs. 5,000/-. Any switch over and above the available free switches in a policy year is subject to a charge. The unused free switches in a policy year cannot be carried forward to the following policy year

Surrender:
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 a Discontinued Policy Fund of the company. No subsequent charges except Fund management charge of 0.50% per annum for the Discontinued Policy Fund will be deducted. The Discontinued Policy Fund would earn a minimum guaranteed interest as prescribed by IRDAI from time to time. Currently the minimum guaranteed interest rate is at 4% p.a. The surrender value so accumulated will be paid immediately after the lock in period of 5 years. In case of death of the life assured during this period, the proceeds will be payable immediately 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.

Partial Withdrawal:
Partial withdrawals can be made after the completion of lock in period of 5 policy years. Four partial withdrawals are allowed per policy year free of cost and thereafter is subject to a partial withdrawal charge. Partial withdrawal can be made if the attained age of the life assured at the time of withdrawal is 18 years or above. The minimum amount that can be withdrawn is Rs.5,000/- (in multiple of ‘000). The Fund Value after a partial withdrawal should be equal to at least one year’s annualized premium. Unused free partial withdrawals cannot be carried forward to the following years. Partial withdrawals which would result in termination of a contract are not allowed.

Loan:
Not allowed under the policy

Decrease in Sum Assured:
Decrease in the Sum Assured is allowed during the policy term subject to satisfying minimum conditions. However the premium cannot be reduced and will remain the same as at inception of the policy. Increase in Sum Assured will not be allowed.

Change in premium payment mode:
Mode of premium payment can be changed any time during the policy term. The change of premium mode will be allowed subject to minimum modal premium conditions mentioned in the later portion of this brochure. At any point of time, the annualized premium cannot be changed from what has been paid at inception

Top ups:
Top ups are not allowed under the plan

NOTE ON THE RISK OF INVESTMENT IN THE UNITS OF THIS POLICY

  • Unit Linked Life Insurance products are different from the traditional insurance products and are subject to risk factors .In the former, the investment risks 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 Wealth Protect Plan’ is only the name of the unit linked life insurance contract and does not in anyway 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 market risks associated with the capital markets. The unit prices are not guaranteed and may go up and down based on the performance of the fund and factors influencing the capital market. The policyholder/insured is solely responsible for his/her decisions.
  • 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 , as they exist from time to time.

 

Free Look period:
If you are not satisfied with the terms and conditions under your policy, you may cancel the policy within the free look period of 15 days (30 days if the policy is sold through Distance Marketing Mode) from the date of receipt of the policy document stating the reason for cancellation. Company will pay 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:-

  • For existing e-Insurance Account: Computation of the said Free Look Period will commence from the date of 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.

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.

Life Insurance Made Simple

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