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Future Generali Easy Invest Online Plan

What is the Plan all About?

Future Generali Easy Invest Online Plan is a Regular Premium Unit Linked Plan that provides you the flexibility to invest your money in varied fund options. This plan helps save systematically over a long term, so you can easily achieve your financial goals. This ULIP plan also provides life insurance coverage that ensures financial security for your loved ones.

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What are the Key Features?

  • 5 investment fund options
  • Systematic saving over a long term
  • Loyalty Additions to boost maturity value
  • Life insurance coverage along with investment
  • Option of switching and redirecting funds
  • Partial Withdrawals to meet any financial contingency
  • Buy plan online in just a few clicks
  • Flexibility to alter the premium payment mode
  • Avail tax benefits

What are the Fund Investment Options?

This policy offers following 5 investment funds and you have the option to invest in any one or combination of fund options.

  • Future Income Fund
  • Future Balance Fund
  • Future Maximize 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 higher of Sum Assured (less Partial Withdrawals#), Fund Value, or 105% of the total premiums paid till the date of death.

    #Before age 60 years of the life insured, Base Sum Assured is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. Upon attaining 60 years of age, Base Sum Assured is reduced to the extent of all Partial Withdrawals made after attaining 58 years.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Total 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 annually, semi annually, quarterly or monthly installments over a maximum period of 5 years, after the date of 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.

Loyalty Additions

    Loyalty Addition as 1.10%/1.15%/1.20% is allocated as extra units at the end of every policy anniversary, during 10th to 14th policy year/15th to 19th policy year/20th policy year, respectively. The last (?nal) Loyalty Addition is payable on the date of maturity. The Loyalty Additions are payable during the last 5 policy years.

    Loyalty Addition except the last loyalty addition is a percentage of simple average of fund values on the last day of previous eight calendar quarters, before the policy anniversary in which the loyalty additions are payable. The last loyalty addition a percentage of simple average of fund values on the last day of previous eight calendar quarters, before the maturity of the policy.

Switching

    You can switch among 5 available fund options to suit your changing investment needs.

Premium Re-direction

    Premium Re-direction facility is available to alter future premium allocation and it will apply to your subsequent premiums. This benefit is applicable after completion of first policy year. The policyholder may instruct the company in writing 30 days prior the next premium due date to avail redirection of future premiums.

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 multiples of Rs 1000). The fund value required after such withdrawal should be at least two years’ annualized premium.

Bonus

    This plan is not eligible for the bonuses.

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. A fund management charge of 0.50% per annum of the Discontinued Policy Fund is applicable. The proceeds after addition of interest subject to a minimum guaranteed interest rate of 4% per annum 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) 0 Year 50 Years
Age at Maturity 18 Years 70 Years
Policy Tenure 10 Years 20 Years
Premium Paying Term (PPT) Equal To Policy Tenure -
Premium Paying Mode Annually & Monthly -
Premium Amount Rs 40,000 (annually), Rs 4,000 (monthly) No Limit
Sum Assured 10 Times The Annualized Premium -
Freelook Period 30 Days From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Online -

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 5%/3.5% for 1st policy year/2nd to 5th policy year, respectively. No such charge is levied from 6th policy year onwards.

Policy Administration Charge: The Policy administration charge is 0.1% per month of annual premium, subject to a minimum of Rs 50 per month and maximum up to Rs 500 per month. 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 higher of (Sum Assured less Partial Withdrawals, 105% of premiums paid) less Fund Value 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 Maximize 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.

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.

Miscellaneous Charges: Alterations made in premium mode and premium re-direction attracts the charge of Rs 250 per alteration.

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 & 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 Easy Invest Online Plan with the policy term of 15 years, annual premium of Rs 50,000 and sum assured of Rs 5,00,000.

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

Future Generali Easy Invest Online Plan Scenario 1


Scenario B- Death Benefit: In the event of his death during the policy term, the Death Benefit payable is Sum Assured (less Partial Withdrawals), Fund Value, or 105% of the total premiums paid till the date of death.
 

Future Generali Easy Invest Online Plan Scenario 2