Future Generali Nivesh Plan – Single & Simplest ULIP
Future Generali Nivesh Plan – Single & Simplest ULIP Contact Nitin Kathuria 09416113046
Key features
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICY HOLDER
One investment now. Wealth for a lifetime
Future Generali Nivesh Preferred is the simplest ULIP in the market because it practically takes care of itself. All you need to do is make a single investment at the start of your policy term, ensuring that you stay protected and also receive maximum returns on your investments. Thereby, being certain of achieving all your medium to long term financial goals is simple, isn't it?
- Freedom to strike balance between Insurance and Investment - the way you want to match your financial goals.
- Option A offers a judicious mix of protection and investment to maximize your investment portion
- Option B offers flexibility to have higher protection throughout the policy term.
- 98% of the premium allocated to your funds on Day 1
- Loyalty Addition up to 7% of premium at the end of the fifth policy year** Conditions Apply
- Policy Administration Charge of 1.75% of premium (subject to a maximum of Rs 6000 per annum) for the first five years inflating at 5%per annum only
- Choice of 6 investment funds to match your risk appetite
- Enhanced protection with Accidental Death Rider
**At the end of the 5th policy year the company will allocate loyalty addition at the then prevailing unit price of an amount equivalent to 3.00% of the Single Premium for Rs. 50,000 to less than Rs. 100,000, 5.00% of the Single Premium for Rs. 100,000 to less than Rs. 250,000 and 7.00% of the Single Premium for Rs. 250,000 and above
Your Benefits
3.1 Maturity Benefit:
On maturity of the policy, Fund Value as on the date of maturity is payable to the life assured.
The life assured may also choose to receive the maturity benefit under Settlement Option explained in the later portion.
3.2 Loyalty Addition:
Loyalty Addition will be allocated at the end of fifth policy year. The Loyalty Addition will depend on the single premium amount as shown below:
| Single Premium (Rs) | As a % of Single Premium |
| 40,000 to 49,999 | Nil |
| 50,000 to 99,999 | 3% |
| 1,00,000 to 2,49,999 | 5% |
| 2,50,000 & above | 7% |
3.3 Death Benefit:
If case of demise of the life assured during the policy term, Higher of
- Fund Value as on date of intimation of death or
- Sum assured less partial withdrawals made in the last 2 years prior to the date of death will be payable under the policy
Note: If the proposer predeceases the life assured during the minority of the life assured, no benefit will be payable. A new Proposer will be appointed
5.1 Riders To enhance your coverage under the policy the Accidental Death Rider (UIN: 133C001V01) can be added to your base plan.
Accidental Death Benefit -In an unfortunate event of demise of the life assured due to an accident, the rider sum assured is payable to the nominee.
5.2 Switching between the Funds This option allows you to switch your existing fund to another fund and thus actively manage your investment on your own. 12 switches are free in a policy year. The minimum amount that can be switched is Rs. 5,000/-. Any switch over and above the available free switches in a policy year is subject to a charge. The unused free switches in a policy year cannot be carried forward to the next policy year.
5.3 Decrease in Sum Assured Decrease in sum assured is available under Option B only.The sum assured may be decreased from 2nd policy year onwards subject to minimum allowed conditions. This option can be exercised only once during the policy term. Once the sum assured is reduced, it cannot be increased. However the premium will not be reduced and remain same
5.4 Surrender The policy can be surrendered any time during the policy term. If the policy is surrendered before the completion of 5 policy years, the surrender value equal to Fund Value at the prevailing NAV will be kept in Discontinued Policy Fund and no subsequent charges will be deducted & that surrender value will be paid after the lock in period of 5 years from the policy commencement date. The surrender value will accrue a minimum interest rate of 3.5% p.a. compounding annually while it is in Discontinued Policy Fund and is paid after the lock in period of 5 years. If the policy is surrendered after the lock-in period, then the Surrender Value is the Fund Value at the prevailing NAV. It will be paid immediately on surrender. In case of surrender of policy after loyalty additions have been infused into the fund, the total fund value becomes payable as Surrender Value.
5.5 Partial Withdrawal Partial withdrawals can be made after the completion of lock in period of 5 policy years. Four partial withdrawals are allowed per policy year free of cost and thereafter it is subject to a partial withdrawal charge. Partial withdrawal can be made if the attained age of the life assured at the time of withdrawal is 18 years or above, or by the proposer during his/her lifetime if the life assured is a minor. The minimum amount that can be withdrawn is Rs.5, 000/- (in multiple of '000). The Fund Value after a partial withdrawal should be at least Rs. 10,000.
5.6 Loan: Not allowed under the policy
5.7 Settlement optionThis option enables the policyholder to take the maturity proceeds in periodical payments after the maturity date instead of a lump sum on maturity.The policyholder must give a notice to us, at least 30 days before maturity date stating his intention of exercising settlement option. The units in the unit fund can be redeemed any time up to 5 years from the date of maturity.
During this settlement period, there will be no life cover. The fund management charges will continue to be deducted.
On death of the life assured during the settlement period, the Fund Value will become payable.
Partial withdrawals and switching will be allowed during the settlement period subject to conditions mentioned against partial withdrawal & switching above. During the settlement period, the investment risk in investment portfolio will continue to be borne by the policyholder
Charges Under your Policy
6.1 Premium 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 fund allocation specified by you.
Premium allocation charge is 2% of Single Premium paid.
6.2 Fund Management Charge 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 in the NAV.
| Fund Management Charge (% p.a.) | |
| Future Secure Fund (SFIN: ULIF001180708FUTUSECURE133) | 1.10% |
| Future Income Fund (SFIN: ULIF002180708FUTUINCOME133) | 1.35% |
| Future Balance Fund (SFIN: ULIF003180708FUTBALANCE133) | 1.35% |
| Future Maximize Fund (SFIN: ULIF004180708FUMAXIMIZE133) | 1.35% |
| Future Apex Fund (SFIN: ULIF010231209FUTUREAPEX133) | 1.35% |
| Future | 1.35% |
6.3 Policy Administration Charge
1.75% of the Single Premium for the first five years inflating at 5%per annum and thereafter nil.
The policy administration charge will not exceed Rs 6000 per year. It is 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 a policy by cancellation of units.
6.4 Switching Charge
Twelve free switches are allowed each policy year. Subsequent switches will attract a charge of Rs.100 per switch. The switching charges are subject to increase up to Rs. 250 per switch.
6.5 Insurance Charge Below mentioned are the sample
insurance charges for various age groups for Rs.1000 of sum at risk;
| Age as on last birthday | 25 | 35 | 45 | 55 |
| Insurance Charge | 1.53 | 1.88 | 4.36 | 12.06 |
Sum at risk at any point of time is equal to sum assured less Fund Value
6.6 Accidental Death Rider Charge
Rs.0.50 per Rs.1000 of sum at risk would be charged in case the rider is opted for.
6.7 Discontinuance Charge
There is no Discontinuance Charge under this plan
6.8 Partial Withdrawal Charge
After 4 free partial withdrawals in a policy year, a charge of Rs 200 will be levied per withdrawal
Service tax will be applicable as per the prevailing tax rules.
Eligibility Criteria
| Base Plan | |||||||||||||||
| Minimum | Minimum: 7 years (as on last birthday) | ||||||||||||||
| Minimum | Minimum: 18 years (as on last birthday) | ||||||||||||||
| Premium | Single Premium only | ||||||||||||||
| Policy Term | 7 years / 10 years / 15 years / 20 years | ||||||||||||||
| Sum | Fixed Sum Assured :
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| Sum | M * Single Premium, where M is a
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| Minimum / Maximum |
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| Accidental Death Rider (UIN: 133C001V01) | |||||||||||||||
| Minimum / Maximum |
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| Minimum / Maximum |
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| Minimum / Maximum |
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| Minimum / Maximum |
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Exclusions & Other Restrictions
No benefit will become payable in respect of any condition arising directly or indirectly through or in consequence of the following exclusions and restrictions
Suicide Exclusion
If the life assured commits suicide within one year from the Policy Commencement 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.
However, for certain hazardous occupations and/or pastimes, exclusions may be made in specific cases as per Company's underwriting policy. Further, such exclusions will be subject to the consent of the policyholder.
Rider exclusion for Accidental Death Rider
- Arising out of self inflicted injury, suicide, or death whilst under the influence of intoxicating alcohol, or narcotic substances;
- Arising out of riots, civil commotion, rebellion, war (whether war be declared or not), invasion, hunting, mountaineering, steeple chasing or racing of any kind, bungee jumping, river rafting, scuba diving, paragliding or any such adventurous sports or hobbies;
- As a result of the life assured committing any breach of law;
- Arising from employment of the life assured in the armed forces or military service of any country at war (whether war be declared or not) or from being engaged in duties of any para-military, security, naval or police organization; and
- As a result of accident while the life assured is engaged in aviation or aeronautics in any capacity other than that of a fare-paying, part-paying or non-paying passenger, in any aircraft which is authorised by the relevant regulations to carry such passengers and flying between established aerodromes
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