Future Generali Bima Advantage

Recommendations :No

Name of the policy :
Future Generali Bima Advantage

A brief desciption :

Future Generali Bima Advantage is a basic ULIP policy providing fund value at maturity and higher of Sum Assured or Fund Value or 105% of premiums paid as death benefit. However returns are restricted due to high charges levied. Moreover Sum assured is miniscule which is not sufficient to cover an earning member of the family having dependents. So it is advisable to to go for a simple term plan and invest the extra money elsewhere and earn higher returns.

Started date :
9/6/2011

Type of policy :
Insurance cum Investment

Category :
ULIP

Insurance :
For age less than 45 years - Half the policy term or 10, whichever is higher times annualized premium, For age 45 years & above - 0.25 times the policy term or 7, whichever is higher times annualized premium

Returns expected :
8%-10% (The performance would be less than a performing equity diversified mutual fund)

Entry age :
7-65 Years

Surrender :
If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

Minimum amount :
For 10-14 years term- Rs 20,000 For term 15 years above- Rs 15,000

Mortality Charges :
Mortality Charge will be deducted at each monthly anniversary by cancellation of units. Sample mortality charges per annum per thousand of sum at risk for a healthy male life is shown below: For Age 25- Rs 1.14 , For Age 35- Rs1.39 , For Age 45- Rs 3.27

Unique features :
It offers Enhanced Insurance Cover to enhance the life cover under the policy at inception.


Premium Allocation Charge Year 1 :0%
Premium Allocation Charge Year 2 :0%
Premium Allocation Charge Year 3 :0%
Premium Allocation Charge Year 4 :0%
Premium Allocation Charge Year 5 :0%
Premium Allocation Charge Year 6 :0%
Premium Allocation Charge Year 7 :0%
Premium Allocation Charge Year 8 :0%
Fund Management Charge :Future Secure Fund- 1.10%, Future Income Fund- 1.35%, Future Balance Fund- 1.35%, Future Apex Fund- 1.35%, Future Opportunity Fund- 1.35%, Future Maximize Fund- 1.35%
Surrender/ Premium Discontinuance Charge Year 1 :For Annual Premium upto 25,000- Lower of 20% * (Annual Premium or Fund Value) but not exceeding Rs 3000, For Annual Premium more than 25,000- Lower of 6% * (Annual premium or Fund Value) but not exceeding 6000
Surrender/ Premium Discontinuance Charge Year 2 :For Annual Premium upto 25,000- Lower of 15% * (Annual Premium or Fund Value) but not exceeding Rs 2000, For Annual Premium more than 25,000- Lower of 4% * (Annual premium or Fund Value) but not exceeding 5000
Surrender/ Premium Discontinuance Charge Year 3 :For Annual Premium upto 25,000- Lower of 10% * (Annual Premium or Fund Value) but not exceeding Rs 1500, For Annual Premium more than 25,000- Lower of 3% * (Annual premium or Fund Value) but not exceeding 4000
Surrender/ Premium Discontinuance Charge Year 4 :For Annual Premium upto 25,000- Lower of 5% * (Annual Premium or Fund Value) but not exceeding Rs 1000, For Annual Premium more than 25,000- Lower of 2% * (Annual premium or Fund Value) but not exceeding 2000
Surrender/ Premium Discontinuance Charge Year 5 and above :Nil

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