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Future Protect Insurance Plan is a non-participating Unit Linked Insurance Plan that helps save systematically to ensure a better and more secured tomorrow. This plan provides higher returns from your investment along with an adequate life cover.BUY NOW
This policy offers 4 investment funds and you have the option to invest in any one or combination of fund options.
No rider can be opted under this plan.
In the event of death of the life assured while the policy is in-force, the Death Benefit payable is higher of Sum Assured or Fund Value. The total death benefit should not be less than 105% of the total premiums paid.
The amount of all partial withdrawals made from the fund during the period of 2 years before the date of death are deducted from the Sum Assured. However, if death occurs after the age of 60, all partial withdrawals made from the fund after attaining the age of 58 but within 5 years of the date of death, are deducted from the Sum Assured.
Increase in Sum Assured
This option provides you a flexibility to increase your life cover up to 50% of the original base Policy Sum Assured or Rs. 10 lacs (whichever is lower). You may exercise this option at certain stages in your life, such as marriage or child birth.
This facility should be availed within the first 3 months of the date of marriage or child birth. You should not be more than 40 years of age at the time of exercising this option. Your balance Policy Term should be at least 5 years. You can use this facility up to 2 times during the policy term.
On survival of the life insured till the end of the policy term, Total Fund value (including the Top-Up Fund Value) is payable on the maturity date. You can receive this benefit as a lump sum or structured payout by using ‘Settlement Option’.
On maturity, you can opt to receive your money in installments over a maximum period of 5 years, after the date of maturity. It provides you an option to remain invested in funds beyond the policy maturity date. You have the option to withdraw the entire fund value during the settlement period. Only fund management charge is levied during this period. You can exercise this option by intimating the company at least 90 days before the Date of Maturity.
Invest Protect Option
Upon choosing Invest Protect Option, it helps you gain from your investment plus minimizes the risk to your returns as your policy approaches to maturity. It protects your money by systematically shifting your money from Accelerator Fund to Secure Fund during the last 3 policy years.
When not opted for invest protect option, the policyholder needs to choose the allocation proportions for unit linked funds available under this policy.
At the end of every policy year, it automatically rebalances the allocation of your investments in various funds as per the allocation proportions opted by you. It is free of cost when opted during the policy inception.
A top-up premium is an additional amount of premium over and above the basic premiums. Facility for Top-up Premium is available through the entire policy term, except the last 5 policy years. The minimum amount of top-up premium allowed is Rs 5,000. The total top-up premium should not exceed the total premiums paid. Payment of top-up premium enhances your insurance cover.
Top up premium increases the sum assured by 1.25/1.10 times the top up amount, if the age at entry is below 45 years/45 years and above, respectively. The policyholder has the option of selecting top-up sum assured up to 10 times the top-up amount.
Switching can be done among 4 available fund options to suit your changing investment needs.
Premium Re-direction facility is available to alter future premium allocation and it will apply to your subsequent premiums.
Partial Withdrawal is allowed from 6th policy year onwards (in case of minor lives, the life assured attains 18 years). The maximum partial withdrawal allowed in a policy year is up to 20% of the fund value at the beginning of that policy year. The minimum amount of any partial withdrawal should not be less than Rs 5,000. The minimum fund value required after each withdrawal should be an amount equal to 2 years’ annualized premium.
You have an additional flexibility as Systematic Partial Withdrawal by which company redeem units periodically from your unit account and credit the money to your bank account. You can opt for systematic partial withdrawal frequency as monthly, quarterly or annually for the duration you choose. The minimum installment value of your systematic partial withdrawal should be Rs 2,000. Systematic Partial Withdrawal is available under the ECS facility only.
This plan is not eligible for the bonuses, as it is a non-participating insurance plan.
No loan benefit can be availed under this plan.
Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. The applicable fund management charge of the Discontinued Policy Fund is levied. The proceeds after addition of minimum guaranteed interest rate of 4% p.a or as stipulated by IRDAI is payable after the end of the lock-in period.
Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately and the policy then terminates.
|Age (as on last birthday)||7 Years||50 Years|
|Age at Maturity||-||65 Years|
|Policy Tenure||15/20/25/30 Years||35 Years|
|Premium Paying Term (PPT)||Equal To Policy Tenure||-|
|Premium Paying Mode||Annually, Semi Annually & Monthly||-|
|Annualized Premium Amount||Rs 20,000 (annually), Rs 30,000 (semi Annually), Rs 36,000 (monthly)||-|
|Sum Assured on Death||Age At Entry Less Than 45 Years- 10 Times Of Annualized Premium Or 0.5 * Policy Term * Annualized Premium Age At Entry 45 Years & Above- 7 Times Of Annualized Premium Or 0.25 * Policy Term * Annualized Premium||20 Times Of Annualized Premium|
|Freelook Period||15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy||-|
|Grace Period||30 Days (15 Days For Monthly Mode)||-|
Premium Allocation Charges: The premium allocation charge is 4.50%/4%/3%/2%/1% for the 1st policy year/2nd & 3rd policy year/4th & 5th policy year/6th to 10th policy year/11th policy year onwards, respectively. Top-up premium allocation charge is 3%.
Policy Administration Charge: The Policy administration charge is 0.25%/0.18%/0.15% per month levied for annualized premium of less than Rs 36,000/Rs 36,000 to less than Rs 50,000/Rs 50,000 and above, respectively. This charge increases at 5% per annum at the start of every policy year from the second policy year onwards, subject to a maximum of Rs 500 per month. This charge is deducted at the beginning of every policy monthly anniversary by cancelling appropriate units.
Mortality Charges: Mortality charge is applicable for providing the risk cover and it is deducted by cancellation of Units at the prevailing Unit Price at the beginning of each month of your policy.
Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a. for Accelerator Fund & Stable Fund, 1.10% p.a for Debt Fund, 1% p.a for Secure Fund, 0.50% p.a for Discontinued Policy Fund. The Fund management charges of all funds except Discontinued Policy Fund may be revised up to a maximum of 1.35% p.a upon prior approval from IRDAI.
Auto Rebalancing: Rs 200 for addition/removal after inception of the policy.
Switching Charge: Switching up to 4 times in a policy year is free of charge. Each subsequent switch in the same policy year is charged @0.1% of amount switched or Rs 500, subject to minimum amount of Rs 100 to be switched.
Premium Re-direction: 2 free premium redirections are allowed during a policy year. A minimum of Rs 200 or maximum of Rs 500 is levied per additional redirection request.
Partial Withdrawal Charge: 4 free partial withdrawals are allowed during a policy year. The subsequent withdrawals in the same policy year is charged at Rs 200. No charge is levied for systematic partial withdrawal. The switching/premium re-direction/partial withdrawal charges may be revised upon prior approval from IRDAI, but up to a cap of Rs 500.
Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.
Taxes: The charges mentioned under this plan are subject to applicable tax and cess, as applicable.
Tax benefits can be availed under section 80C & 10 (10D) under the Income Tax Act, subject to change in tax laws.
Mr. Mahesh aged 30 years, is leading a happy life with his wife ananya and a daughter sanya. He wants to build a corpus amount, so his family can achieve their dreams such as sanya’s education, her marriage, etc. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for Future Protect Insurance Plan with the policy term of 30 years, annual premium of Rs 50,000 and sum assured of Rs 10,00,000. He also opts for the Invest Protect Option.
Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Total Fund value (including the Top-Up Fund Value) is payable on the maturity date. You can receive this benefit as a lump sum or structured payout by using ‘Settlement Option’.
Scenario B- Death Benefit: In the event of his death during the policy term, the Death Benefit payable is higher of Sum Assured or Fund Value.