• Future Generali Bima Advantage Plus Plan

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    Future Generali Bima Advantage Plus is a unit linked, endowment plan that provides life coverage to the policyholder. The plan offers dual benefit of financial protection and wealth creation opportunities. Whether it is medium or long-term financial goals, the flexibility of choosing the investment funds, policy term, sum assured, partial withdrawal, etc. makes Future Generali Bima Advantage Plus an interesting plan for customers. With a minimum annual premium of Rs.20,000, the policy can be taken for 10 to 20 years of policy term where the premium payment term remains the same as the policy term. Moreover, the policyholder can also choose to attach add-on/rider to this plan in order to further strengthen their financial security. The plan offers a host of other benefits in addition to maturity and death benefits.

    In order to purchase this plan, the customer is required to determine the policy term and premium amount based on his/her financial goals. The sum assured is a crucial element that is calculated based on the life cover requirements of the customer. The policyholder is provided with six different fund asset options where he/she can choose to invest in one, multiple or all of the available market linked investment funds. Future Generali India Life Insurance Company will consider the following eligibility criteria for buying the Future Generali Bima Advantage Plus Plan:

    Eligibility -Who is the Future Generali Bima Advantage Plus Plan for?

    The individuals who would like to take advantage of a unit linked insurance plan that offers dual advantage can consider this plan for various reasons and benefits. The plan offers growth of savings through market linked returns while the insurance cover provides relief to the policyholder knowing that his/her family is safe. Following are the eligibility criteria for the Future Generali Bima Advantage Plus Plan:

     Parameters Eligibility
    Minimum age at entry 7 - 65 years
    Age at entry 18 - 75 years
    Policy term 10 - 30 years
    Premium payment term Same as the policy term
    Premium amount Minimum Rs.20,000, no limit on the maximum premium amount
    Premium payment mode Yearly
    Sum assured Minimum Sum Assured - Calculated using the following methods:
    • If the entry age is 45 years or below - Maximum (10, 0.5 x Policy Term) x Annual Premium
    • If the entry age is 45 years or above - Maximum (7, 0.25 x Policy Term) x Annual Premium
    Maximum Sum Assured - Based on the multiple of annual premium
    • If the entry age is between 7-44 years - Maximum multiple of 25 times
    • If the entry age is between 45-54 years - Maximum multiple of 15 times
    • If the entry age is between 55-65 years - The limit is same as minimum sum assured

    The age is age is calculated based on the last birthday of the individual.

    Sum Assured and Premium Range- What You Get and What It Costs

    • Sum Assured – The Future Generali Bima Advantage Plus Plan offers a guaranteed sum assured amount to the policyholder which is given as maturity benefits or death benefits. The policyholder can choose a certain sum assured amount based on his/her life cover. The sum assured amount is largely based on the premium amount that the policyholder decides to pay based on his/her financial goals and income opportunities. The plan will also look into the policy entry age of the policyholder to determine the minimum and maximum sum assured amount.
    • Premium – The premium is the amount that the policyholder agrees to pay annually at the time policy's inception. The premium is required to keep the policy active in order to take advantage of the benefits and life cover. The policy term for Future Generali Bima Advantage Plus Plan can vary from 10-30 years based on the policy term chosen by the policyholder. In order to purchase this plan, the policyholder needs to pay a minimum premium amount of Rs.20,000 yearly for the entire policy term. The plan has no limit on the maximum premium amount, however, it is subject to underwriting.

    Plan Coverage- What the Future Generali Bima Advantage Plus Plan covers

    The unit linked, endowment plan offers life insurance coverage along with market-linked unit returns. The plan enables the policyholder to boost their saving through regular savings. The policyholder can consider this plan for achieving various types of financial goals. The Future Generali Bima Advantage Plus Plan covers

    Death Benefits In the event of policyholder's death during the policy term, Future Generali Bima Advantage Plus Plan entitles the nominee for death. The death benefit is higher of:
    • Sum assured after deduction of partial withdrawal, if any
    • Total fund value
    • 105% of basic premiums paid till date of death
    During the term of the policy, if the premiums are discontinued and the policyholder dies during the notice period, the nominee will still be entitled to the death benefits of the policy. Additionally, once the death benefits are paid, the policy will be terminated and no further benefits will be payable. More details on death benefits can be found on the Policy Brochure.
    Maturity Benefits If the policyholder survives till the end of the policy term, he/she will be eligible to claim for maturity benefits. The maturity benefits include the total fund value as on the date of maturity. The plan enables the policyholder to opt for maturity proceeds in periodical payments. The policyholder is required to send an advance 30 days notice to Future Generali India Life Insurance Company informing about the mode of fund disbursal. Instead of receiving a lump sum amount on maturity, the policyholder can choose to break it down into any number of payments for a maximum of five years from the date of maturity.
    Nomination The nominee will be entitled to the death benefits in the event of policyholder's unfortunate death. The nomination details provided at the inception of the policy can be changed by the policyholder by contacting Future Generali India Life Insurance Company. The policyholder will be required to fill-in the details on the nomination form and submit at one of the insurer's outlets.
    Flexibility The plan offers flexible options to the policyholder when it comes to choosing the policy term, premium amount, sum assured amount, and the investment funds. The policyholder can direct his/her investment towards a particular market linked units based on his/her requirements. Moreover, the policyholder can decide to invest in a single or multiple investment funds based on his her requirements and risk appetite.

    Riders / Add-On Plans – Additional coverage under the Future Generali Bima Advantage Plus Plan

    Under the Future Generali Bima Advantage Plus Plan, the policyholder can choose to purchase an additional add-on plan/rider, the following add-on plans/riders are provided to further strengthen the financial security:

    • Future Generali Linked Accidental Death Rider - The customer has an option to buy the Future Generali Bima Advantage Plus Plan with the Future Generali Linked Accidental Death Rider for securing additional insurance cover along with the existing insurance plan. In order to buy the rider, the policyholder is not required to pay any additional premium amount, instead, the units from the fund policy are deducted on a monthly basis to keep the rider active. The rider provides a cover that is paid out to the nominee/beneficiary in the event of policyholder's accidental death due to an accident.
    • Future Generali Linked Accidental Total & Permanent Disability Rider - If the policyholder chooses to attach the Future Generali Linked Accidental Total & Permanent Disability to the Future Generali Bima Advantage Plus Plan, he/she will be provided with additional insurance cover in the event of total and permanent disability resulting from an accident.

    Exclusions - What the Future Generali Bima Advantage Plus Plan doesn’t cover

    Future Generali Bima Advantage Plus Plan comes with suicide exclusion. If the policyholder/life insured under the plan commits suicide within 12 months from the date of policy inception or policy revival, whether sane or insane, the benefits under the death benefit will be limited to the fund value and no other benefits will be paid out. If there are any charges deducted from the funds subsequent to the date of death, it will be paid to the nominee/beneficiary along with the death benefits.

    Additionally, if the policyholder has attached any rider to the plan, he/she will need to consider the exclusions mentioned under each of the riders to determine the extent of life cover.

    Other Key Features – Freelook Period, Surrender Values, Grace Period, etc.

    Free Look Period After buying the Future Generali Bima Advantage Plus Plan, if the customer is not satisfied/agreeable to the terms and conditions of this plan, he/she is provided with a free look period of 15 days to return/cancel the policy. Future Generali India Life Insurance Company will process a refund for the premiums paid, subject to deductions of the proportionate risk premium and other charges such as medical examination, stamp duty, if any. In order to cancel/return a policy, the policyholder is required to return the original policy document to the insurer with a statement of objection that provides the reason for canceling the plan. If the plan was purchased from one of the Distant Marketing Channels, a free look period of 30 days will be applicable.
    Surrender Values The policyholder can choose to surrender the policy at any time during the term of the policy. If the policy is surrendered, the policyholder will be entitled to a surrender value which is the fund value after deduction of the discontinuance charge. if any, as mentioned below. The policy has a lock-in period of five years, if the policyholder decides to surrender before the end of the lock-in period, he/she will be entitled to a surrender value which is the fund value after the deduction of discontinuance and fund management charges, however, the surrender value will be moved to the discontinued policy fund that is payable once the lock-in period ends. The surrender value in the discontinued policy fund will accrue a minimum guarantee return till the date of payment. In the event of policyholder's death during the lock-in period after surrendering the policy, the nominee/legal heir will be entitled to the proceeds.
    Grace Period and notice period The plan provides a grace period of 30 days to the policyholder. The grace period of 30 days from the premium due date indicates that the policyholder has to pay the due premium within that period. If the policyholder fails to make the payment within the grace period, a 30 days' notice period is sent to the policyholder reminding about the premium payments, after which the policy is marked as lapsed if the policyholder doesn't respond.
    Nomination The nomination details are furnished by the policyholder at the inception of the policy. During the policy term, if the policyholder wants to change the nomination details or nominate someone else as the beneficiary, he/she will be required to get in touch with Future Generali India Life Insurance Company to make the changes.

    Tax benefits – How you can save with the Future Generali Bima Advantage Plus Plan

    The investments and returns under the Future Generali Bima Advantage Plus Plan are subject to tax benefits. This plan helps the policyholder in saving tax through tax deductions and tax exemptions as per the Income Tax Act, 1961. The benefits are based on the current tax rules and regulations which are subject to change from time to time. The customers are advised to read the policy document carefully and also to consult a qualified tax advisor before making a purchase decision.

    Other benefits – How you can save with the Future Generali Bima Advantage Plus Plan

    The plan allows the policyholder to choose the premium amount, sum assured, and investment funds based on his/her needs. Under this plan, the policyholder is investing a particular premium amount that is affordable by him/her. If the risk appetite of the policyholder is higher, he/she can choose to switch to another high-risk investment fund that provides more returns compared to a low-risk investment fund. Since the policyholder has control over the allocation of investment funds, premium amount, and sum assured amount, he/she is able to save as much as possible based on the financial goal.

    Why you should buy the Future Generali Bima Advantage Plus Plan from Future Generali India Life Insurance Company?

    Future Generali Life Insurance company is a joint venture between Future Group, Generali Group, and Industrial Investment Trust Limited (IITL). Registered as Future Generali India Life Insurance Company Ltd., the company offers expertise in insurance and investment market along with in-depth knowledge of the retail market in India. With a vision to actively protect and enhance people’s lives, the company's product portfolio includes schemes for savings, family protection, ULIPs, group plans, etc

    Future Generali Bima Advantage Plus Plan provides a dual advantage to the policyholder through market linked returns and life cover. The individuals who wish to maximize their investment can choose from various investment funds. Moreover, the policyholder can attach a rider to this plan to increase the insurance cover. The investment funds are categorized to indicate the level of risk associated with the market linked returns. The policyholder has the flexibility of choosing the premium amount, policy term, sum assured, and the fund option that makes Future Generali Bima Advantage Plus Plan a popular avenue to boost savings while being protected with an insurance cover. 

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