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