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Future Generali Dhan Vridhi

Future Generali Dhan Vridhi

  • Premium Payment Term:

    Limited

  • 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:

    8 to 50 years for 5 year premium payment term

  • Policy Term:

    10/15 /20 years

  • Switches:

    Yes

  • Settlement Option:

    Yes

  • Premium Redirection:

    Yes

  • Premium Payment Frequency:

    Yearly

  • Tax Benefit:

    Yes

WHY BUY THIS POLICY?

  • This plan offers you the flexibility of paying limited premiums and staying invested for a longer tenure, allowing you to achieve higher returns for meeting your medium and 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 intermittent needs.

How it Works

The plan lets you invest by paying premiums for a shorter period and allows you to choose the investment objective, while providing a life cover throughout the Policy Term. It offers flexible options of limited premium term, Policy Term and Sum Assured.

Step1Choose the amount and duration
  • Based on your current cash flows, financial goals and the time horizon to achieve those goals, decide the amount of premium and the term for which you would like to pay the premiums.
Step2Choose the coverage
  • Depending on your age, you can choose the Sum Assured allowed under the plan.
Step3Choose your 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.
;

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 basic premiums paid till date of death

*Deductible Partial Withdrawals are:

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

Surrender Benefit

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 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

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 Annual
Premium Paying Term and Policy Term
Fixed Policy Term Available Premium Payment Term
10 years 5 years/ 7 years
15 years 10 years/ 12 years
20 years 15 years/ 17 years
Minimum/ Maximum Sum Assured Minimum and Maximum Sum Assured is as under:
  • 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
Premium Minimum = 20,000/-
Maximum = No Limit, subject to underwriting

 

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 specified fund allocation.

Year 1: 5.25%
Year 2 onwards: 2%
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. The Policy Administration Charge will continue to be deducted until the end of the Policy Term.

Year 1 to 5: 4.5%
Year 6 onwards: 4.2% p.a.
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.

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. 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 reduced by Fund Value under the policy.

Age Mortality Charge
25 years 1.09
30 years 1.17
35 years 1.42
40 years 1.99
Discontinuance Charge This charge is levied where the policyholder 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:


Discontinuance duringthe policy year
Discontinuance Charge where Annualised Premium is less than or equal to Rs. 25,000/- Discontinuance Charge where Annualised Premium is more than Rs. 25,000/-
1 20% of (Annualised Premium or Fund Value whichever is lower), subject to a maximum of Rs. 3,000/- 6% of (Annualised Premium or Fund Value whichever is lower), subject to a maximum of Rs. 6,000/-
2 15% of (Annualised Premium or Fund Value whichever is lower), subject to a maximum of Rs. 2,000/- 4% of (Annualised Premium or Fund Value whichever is lower), subject to a maximum of Rs. 5,000/-
3 10% of (Annualised Premium or Fund Value whichever is lower), subject to a maximum of Rs. 1,500/- 3% of (Annualised Premium or Fund Value whichever is lower), subject to a maximum of Rs. 4,000/-
4 5% of (Annualised Premium or Fund Value whichever is lower), subject to a maximum of Rs. 1,000/- 2% of (Annualised Premium or Fund Value whichever is lower), subject to a maximum of Rs. 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 are 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 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 Dhan Vridhi (UIN: 133L050V01)

  • 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 'Dhan Vridhi' 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.

 

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.

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
Indiabulls Finance Centre, 6th Floor, Tower 3, Senapati Bapat Marg, Elphinstone West Mumbai, Maharashtra
400013 India IRDAI Registration No: 133. Upto 31st March 2018. CIN:U66010MH2006PLC165288
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