• Future Generali Bima Gain 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

    The Future Generali Bima Gain plan from Future Generali is a non-participating unit-linked life insurance plan that offers policyholders coverage at up to 10 times the premium amount being paid. The plan provides policyholders with life cover as well as investment opportunities, thus protecting them and providing them with an income generator. The plan provides policyholders with a choice of up to 6 funds and options such as partial withdrawal, fund switching and settlement, which the policyholder can utilise to make the maximum gain from his/her investments. Policyholders can also choose their sum assured, thereby deciding on the amount they would receive at the end of the policy term. Additionally, the policy allows the policyholder to choose the premium amount, based on the individual’s savings and wealth generation plan, thus making it a personalised policy.

    Eligibility- Who is the Future Generali Bima Gain for?

    The Future Generali Bima Gain is an ideal plan for individuals looking to secure their financial future and that of their family through systematic investments while also receiving life cover. The plan has certain eligibility criteria that have to be met, which are presented in the table below:

    Parameter Eligibility
    Minimum entry age 8 years
    Maximum entry age 65 years
    Maturity age 75 years
    Policy term 10 years
    Premium paying term Same as policy term
    Premium paying mode Single premium payment

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

    Sum Assured:

    The sum assured amount is the guaranteed amount that is payable at the policy’s maturity, provided all premiums have been paid. The sum assured under the plan would depend on the age of the policyholder. The Future Generali Bima Gain plan provides policyholders with the following sum assured options:

    Minimum 1.25 times single premium  
    Maximum Age in years Maximum sum assured
      8-47 10 times single premium
      48-65 1.25 times single premium

    Premium:

    The premium amount is payable by the policyholder as a charge for the coverage provided. The minimum premium amount under the plan is Rs.50,000 while the maximum amount is Rs.20 lakh. The premium is payable one time only.

    Plan Coverage- What the Future Generali Bima Gain covers

    The Future Generali Bima Gain coverage is as follows:

    • The individual chooses the single premium amount he/she wishes to pay. This is the amount that will be invested in funds during the policy term.
    • Following this, the sum assured amount is to be selected. The individual can choose up to the maximum based on the table given above.
    • The individual then chooses the funds he/she wishes to invest in, based on risk appetite and returns expected.

    The coverage under the plan is given in the table below:

    Maturity benefit If the policy is still in force at the time of maturity, the policyholder stands to receive the fund value as on the date of maturity.
    Death benefit In the event of the death of the policyholder during the policy term and provided the policy is still in force, the nominee stands to receive the following:
    • Fund value on the date of intimation of demise
    • Sum assured under the policy.

    Riders/ Add-on Plans

    There are no riders or add-on plans available in conjunction with this plan.

    Exclusions

    The exclusions under the Future Generali Bima Gain plan are as mentioned below:

    In the event of the policyholder committing suicide within 12 months of the policy coming into force or 12 months from the date of the policy being revived, no death benefit will be paid. The nominee will instead receive the fund value available on the date of death.

    Fund Options

    The Future Generali Bima Gain offers policyholders a choice of funds to invest in. the plan provides a basket of funds that cater to the risk appetite of every policyholder, as listed in the table below:

    Fund name Objective Asset allocation Risk
    Future Secure Stable returns through low-risk investments. Fixed income and money market- 0 % to 100% Low
    Future Income Fund Stable returns through low to medium risk, such as securities and corporate bonds. Fixed income and money market- 0 % to 100% Low
    Future Balance Fund Balanced returns through investments in equities and fixed income. Equity- 30% to 90% Fixed income and money market- 10% to 70% Medium
    Future Apex Fund High returns through investments in equities and few securities. Equity- 50% to 100% Fixed income and money market- 0% to 50% High
    Future Maximise Fund Primarily equity investments with a few government securities. Equity- 50% to 90% Fixed income and money market- 10% to 50% High
    Future Opportunity Fund Bulk of investments in equities and related portfolios. Equity- 80% to 100% Fixed income and money market- 0% to 20% High

    Plan Charges

    The following are the charges associated with the Future Generali Bima Gain plan:

    • Premium allocation charge: This is deducted from the single premium and is used to buy units in the funds mentioned. The charge is fixed at 2% of the single premium amount.
    • Policy administration charge: This is a charge that is levied on an annual basis but deducted monthly from the units bought. The charge varies depending on the policy year and ranges from 2.5% (first year) to 1.68% (2nd to 5th policy year) of the single premium amount.
    • Fund management charge: The fund management charge is levied at the time of NAV computation and is deducted based on this figure. It would differ based on the funds invested in.
    • Switches: The plan allows for 12 free switches between funds. Following this, a charge of Rs.100 per switch would be levied.
    • Partial withdrawal: The policy allows for 4 free partial withdrawals during one policy year. A charge of Rs.200 per withdrawal would be charged thereafter.
    • Mortality charge: A mortality charge would be levied each month by deducting units. This would be calculated based on the Sum at Risk and would depend on the policyholder’s age at the time, with the charge increasing as the policyholder gets older.
    • Discontinuance charge: A discontinuance charge would be levied in the event of the policy being discontinued. The rate would depend on the policy year in which the policy was discontinued. There is no discontinuance charge levied after the 5th policy year.
    • All above taxes are subject to service tax, unless otherwise specified by the Government of India.

    Other Key Features- Freelook Period, Surrender Value, Grace Period etc.

    Other features and benefits of the Future Generali Bima Gain plan are mentioned in the table below:

    Free look period If the policyholder is dissatisfied with any of the provisions of the policy, he/she may return it along with a reason behind the return within the free look period to avoid any cancellation charges or fees. The free look period is 15 days from the date of receipt of the policy document and 30 days in case of distance marketing policies.
    Grace period There is no grace period since the policy is a single premium policy.
    Lock-in period The policy has a lock-in of 5 consecutive years from the date of commencement of the policy. No benefits or proceeds would be paid till the end of the lock-in period.
    Nomination The policy allows for nomination as per the guidelines laid down by the law, which allows the policyholder to nominate a person/persons to receive the policy benefit in the event of the policyholder’s death.
    Assignment The policy allows the policyholder to assign the policy to another individual by requesting for the same in writing.
    Top-up premium Top-up premiums are not allowed under the policy.
    Partial withdrawal Partial withdrawals are allowed after the 5th policy year. 4 partial withdrawals are free of charge each policy year. A minimum amount of Rs.5,000 can be withdrawn, provided the fund value after withdrawal is at least Rs.10,000.
    Loan Loans are not available under the policy.
    Switches Money can be switched between funds, with 12 free switches provided in a policy year. The minimum amount required for a fund switch is Rs.5,000.
    Surrender before lock-in In the event of the policy being surrendered before the lock-in period, the funds will be transferred to a discontinued policy fund and the amount will be payable at the end of the lock-in period.
    Surrender after lock-in The funds would be payable immediately after the surrender of the policy.
    Settlement option The policyholder can choose to receive the maturity benefit periodically, as listed below: Option A- The policyholder would receive 5 annual payments over 5 years. Option B- The policyholder would receive 10 half-yearly payments over the next 5 years, with the balance fund value payable at the last instalment.
    Termination of policy The policy will be terminated on the completion of maturity benefit payments or following the death benefit payment.

    Tax Benefits- How You Can Save With the Future Generali Bima Gain

    The Future Generali Bima Gain offers policyholders tax benefits through investing in the policy as well as a chance to build their wealth through investing in mutual funds. In addition to these benefits, policyholders can also receive tax benefits by virtue of owning a life insurance policy. The tax benefits offered to policyholders are as listed below:

    • The policyholder can avail tax benefits on insurance premiums paid under Section 80C of the Income Tax Act of 1961.
    • Under Section 10(10D) of the Income Tax Act of 1961, all benefits received from a life insurance policy such as maturity benefit, death benefit, survival benefit etc. are eligible for tax deductions.

    It is to be noted that tax exemptions are subject to change. It is advisable to consult with a tax advisor for information on current exemptions.

    Other Benefits- How You Can Save With Future Generali Bima Gain

    The Future Generali Bima Gain plan offers policyholders the chance to increase their wealth while also providing life cover, as well as tax benefits. Future Generali policyholders can also look forward to ease of claims filing and a quick claims disbursal procedure, ensuring their claims are processed in the quickest possible time.

    Policyholders can also choose to pay their premiums through multiple avenues, such as through netbanking, credit or debit cards and by online transfer (NEFT or RTGS). Other means of paying premiums include cash and cheque.

    Policyholders looking for details and information pertaining to their policy can access all of it at the click of a few buttons, as Future Generali has made all information pertaining to their plans and policies available on their website.

    Individuals looking to ascertain the premium amount they would have to pay can do so by using the company’s online premium calculators, based on which they can make a decision regarding policy purchase or renewal.

    Assistance on filing a form or the status of a claim can be sought through the customer helplines as well as through the live chat feature.

    Why you should buy the Future Generali Bima Gain from Future Generali?

    Future Generali is a joint venture between the Future Group and Generali, an Italian insurance company. With over 180 years in the insurance and banking sectors, the Generali group lends insurance expertise to the wide network that the Future Group has built across the country. Established in 2007, the privately held company has been building a reputation thanks to its wide range of insurance products across general and life categories.

    Providing more than just insurance products, the company strives to ensure its customers receive the best service and assistance, and has leveraged on the skill sets of both partners to provide the same. With one of the best claim settlement ratios in the insurance sector as well as its award-winning customer service, the company provides insurance products throughout the country.

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