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Future Generali Bima Advantage Plus

Future Generali Bima Advantage Plus

Bima Advantage Plus Plan
  • Premium Payment Term:

    Regular premium throughout the Policy Term

  • Maturity Benefit:

    Fund Value at maturity

  • Death Benefit:

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

  • 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:

    Yes

  • Premium Redirection:

    Yes

  • Premium Payment Mode:

    Yearly

  • Tax Benefits:

    Yes

WHY BUY THIS POLICY?

  • This plan offers a combination of protection and investment to fulfil your medium to long-term financial goals.
  • It offers you six different fund options between debt, equity and balanced assets to suit your varying risk profile.
  • It allows you to 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

The plan lets you invest regularly in different funds and provides a life cover throughout the Policy Term. It offers flexible Policy Term options and Sum Assured to meet your needs. Here are the steps to invest in Future Generali Bima Advantage Plus:

Step1Choose the amount and duration
  • 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 coverage
  • Depending on your age, you can choose the Sum Assured in multiples of annualized of premium as your coverage amount.
Step3Choose the fund options
  • Depending on the extent of the risk you wish to take, choose any or all of the six available funds.
Step4Pay the premium
  • Fill up the proposal form 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 Benefits:

  • The Fund Value (market value of the investment) as on the date of maturity is paid.

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 the basic premiums paid till date of death

*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 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 IRDA, 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.

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 years: Maximum (10, 0.5 x Policy Term) x Annual Premium
  • Age >= 45 years: Maximum (7, 0.25 x Policy Term) x Annual Premium

Maximum Sum Assured (as a multiple of Annual Premium)

Age Maximum Multiple
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 Annual

 

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 specified fund allocation.

Year 1: 9%
Year 2 to 5: 5%
Year 6 onwards: 3%
Policy Administration Charge The maximum Policy Administration Charge will not exceed 6,000/- per annum. 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 IRDA.

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 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) 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 25,000/- Discontinuance Charge where Annualised Premium is more than 25,000/-
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 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 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: Service tax & cess is applicable on the above charges as per prevailing tax rules. 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 without the increase. Any change in the amount or the rate of charges as stated above will be subject to IRDA approval.

EXCLUSIONS

Suicide Exclusions:If the Life Assured commits suicide within 12 months from the policy commencement date or revival date, whether sane or insane at that time, the company will limit the Death Benefit to the Fund Value and no insurance benefit will be payable. Any charges recovered subsequent to the date of death will be paid back to the nominee or beneficiary along with Death Benefit.

DISCLAIMERS

Future Generali Bima Advantage Plus (UIN: 133L049V01)

  • 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 insurance company and ‘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 service 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.
  • Insurance is the subject matter of solicitation.
Copyright © 2016. Future Generali India Life Insurance Company Ltd. All Rights Reserved.

Tax benefits are as per Income Tax Act, 1961, and are subject to modifications made thereto from time to time. Insurance is the subject matter of the solicitation. BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDAI clarifies to public that IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.

REGISTERED & CORPORATE OFFICE

Future Generali India Life Insurance Co. Ltd, Indiabulls Finance Centre, Tower 3,6th Floor, Senapati Bapat Marg, Elphinstone(W), Mumbai-400013. IRDAI Registration No: 133. CIN:U66010MH2006PLC165288

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