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Future Generali Bima Gain Plan

What is the Plan all About?

Future Generali Bima Gain is a Non-Participating & Single Premium Unit Linked Insurance Plan that helps you meet the dual objectives of wealth creation and life protection. This plan provides you the flexibility to invest in fund options of your choice, so you can fulfill your long-term goals.

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What are the Key Features?

  • Wealth creation plus life protection
  • Invest in 6 varied investment fund options
  • Receive Fund Value as Maturity Benefit
  • Maximized allocation based on the premium amount
  • Host of flexible options
  • Enjoy tax benefits

What are the Fund Investment Options?

This policy offers following 6 investment funds and you have the option to invest in any one or combination of fund options.

  • Future Secure Fund
  • Future Income Fund
  • Future Balance Fund
  • Future Maximise Fund
  • Future Apex Fund
  • Future Opportunity Fund

What are the Plan Benefits?

Death Benefit

    In the event of death of the life assured while the policy is in-force, the Death Benefit payable is Sum Assured plus Fund Value till the date of intimation of death. The minimum Death Benefit is never less than 105% of the single premium paid.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Fund Value is payable at maturity. You can receive this benefit as a lump sum or as periodic installments by using ‘Settlement Option’.

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. In order to exercise this option, you need to give a notice to the company 30 days prior the policy maturity. You also have the option to completely withdraw the fund value at any time during the settlement period. No life cover is applicable during this settlement period. Partial Withdrawals and switching are not allowed during the Settlement Period.

    You have the option to get maturity benefit through Option A & Option B.

    Option A: 5 annual payments for next 5 years. 20% of the available Fund Value is payable for the first 4 annual payments. The balance Fund Value is then payable on 5th annual payment.

    Option B: 10 half yearly payments for next 5 years. 10% of the available Fund Value is payable for first 9 payments. The balance Fund Value is then payable on 10th installment.

Switching

    You can switch among 6 available fund options to suit your changing investment needs. The minimum switch amount allowed is Rs 5,000.

Partial Withdrawal

    Partial Withdrawal is allowed from 6th policy year onwards (in case of minor lives, life assured attains 18 years). The minimum partial withdrawal amount allowed is Rs 5,000 (in multiple of Rs 1,000). The fund value required after each such withdrawal should be equal to at least Rs 10,000.

Bonus

    The plan is not eligible for the bonuses, as it is a non-participating insurance plan.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    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 Fund Management Charge is deducted. The proceeds after addition of interest subject to a minimum guaranteed return 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.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 8 Years 65 Years
Age at Maturity 18 Years 75 Years
Policy Tenure 10 Years -
Premium Paying Term (PPT) Single -
Premium Paying Mode Single Pay -
Single Premium Amount Rs 50,000 Rs 20,00,000
Sum Assured 1.25 Times The Single Premium Age At Entry 8 To 47 Years- 10 Times The Single Premium Age At Entry 48 To 65 Years- 1.25 Times The Single Premium
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period Nil -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider can be opted under this plan.

What are the Plan Charges?

Premium Allocation Charges: This charge is deducted from the premiums paid and the balance amount is then allocated to funds chosen. The premium allocation charge is 2% of the single premium.

Policy Administration Charge: The Policy administration charge is 2.5%/1.68% of single premium, subject to a maximum of Rs 6,000 per annum levied for 1st policy year/2nd to 5th policy year respectively. This charge is deducted at the start of every month by cancelling appropriate units from the fund value.

Mortality Charges: Mortality charge is levied at Sum at Risk and it is applicable for providing you with the risk cover. Sum at Risk is the Sum Assured at any time under the policy.

Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a. for Future Income Fund, Future Balance Fund, Future Apex Fund, Future Opportunity Fund and Future Maximise Fund, 1.10% p.a. for Future Secure Fund, 0.50% p.a. for Discontinued Policy Fund.

Switching Charge: You can avail 12 free switches during a policy year. A charge of Rs 100 is levied per switch when opted for more than 12 switches in the same policy year. This charge can be revised to a maximum of Rs 250 upon prior approval from IRDAI. No option is there to carry forward the unused free switches.

Partial Withdrawal Charge: 4 free partial withdrawals are allowed during a policy year. Rs 200 is levied for each partial withdrawal, in excess of free withdrawals allowed. This charge can be revised to a maximum of Rs 500 upon prior approval from IRDAI.

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.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C, 80CCC(1), 80D, & 10(10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Mr. Raman aged 35 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 Generali Bima Gain with the policy term of 10 years, single premium of Rs 5,00,000 and sum assured of Rs 10,00,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Fund Value is payable at maturity. You can receive this benefit as a lump sum or as periodic installments by using ‘Settlement Option’.

Scenario B- Death Benefit: In the event of his death during the policy term, the Death Benefit payable is Sum Assured plus Fund Value till the date of intimation of death. The minimum Death Benefit is never less than 105% of the single premium paid.