Life is unpredictable and it is important for individuals to ensure that they have adequate protection to enable them to sustain themselves in case of unfortunate instances. Which is why, procuring insurance plans are highly important and the right one, at that. The Pramukh Nivesh ULIP by Future Generali is an insurance plan that is single premium unit linked and comes with zero premium allocation charges which ensures that individuals can avail returns on their investment apart from insurance cover.
This plan does not have limitations on the premium and comes with six different fund options for every discerning customer. Individuals can avail maturity benefit via Systematic Transfer Fund option and liquidity through partial withdrawals. Additionally, individuals can procure further protection through the Accidental Death Rider.
In order to avail the above ULIP plan, individuals will have to satisfy the following eligibility criteria:
|Age at Entry (in years)||
|Age at Maturity (in years)||
Individuals must note that age is as on the previous birthday.
The Sum Assured that can be availed is dependent on the premium that is paid and the payment tenure.
|Frequency of Premium Payment||Single Premium|
Customers will have to note that premium varies based on location,age, premium payment term and other factors.
There are four steps to this plan, as listed below:
The complete premium that is paid is invested in the fund chosen by the customer and allotted to their policy account at the unit price that is prevalent at that point of time.
There are six investment fund choices available under this plan. Customers can invest in any of the provided options based on their preferences and risk appetite. The funds are invested in a mix of liquid investments, equity investments and cash.
If customers choose this plan, returns are provided through investments in low-risk assets such as Bank Deposits, Treasury Bills, Certificate of Deposits, etc.
|Cash, Money Market, Short-term Debt||-||100%||Low|
Returns are provided under this option by investments in assets that constitute low to moderate level of risk. Interest that is credited will be an important aspect of the fund’s returns. Investment is primarily done in Corporate Bonds, Government Securities and other Fixed Income Securities.
|Money Market and Fixed Income Investments||-||100%||Low|
Investments are made in both Equities as well as Fixed Income Securities so as to maintain stability of return. Investment is also made in Money Market Instruments.
|Money Market and Fixed Income Investments||10%||70%||Medium|
In order to provide customers with high returns, investment in this fund option is mainly done in Equities. A certain amount is also invested in Corporate Bonds, Government Securities and Money Market Instruments.
|Money Market, Cash and other Fixed Income Investments||10%||50%||High|
Investment under this option is done in Equities mainly along with Corporate Bonds, Government Securities and Money Market Instruments.
|Money Market and other Fixed Income Investments||0%||50%||High|
In order to provide growth that is long-term and to increase capital appreciation, investments are made in a portfolio that consists mainly of Equity related instruments.
|Money Market and other Fixed Income Investments||0%||20%||High|
Plan Coverage - What the Future Generali Pramukh Nivesh ULIP covers
|Death Benefit||In case of untimely demise of the policyholder, the Sum Assured and Fund Value will be paid to his/her nominee. This amount will not be lesser than 105% of all premiums that have been paid by the policyholder.|
|Maturity Benefit||Upon policy maturity, the market value of that particular investment will be paid to the policyholder.|
|Surrender Benefit||Policyholder have the option to surrender their policy after a period of 5 years in order to receive the benefits of the fund without having to pay additional charges.|
In case the policyholder commits suicide within a year of policy commencement, regardless of whether he/she is sane or insane at that point of time, the Death Benefit will be the Fund Value as available on the date of the policyholder’s death and insurance benefit will not be payable.
Charges that are recovered after date of policyholder’s death will be returned to the nominee along with the Death Benefit.
|Free Look Cancellation||In case customers are not happy or satisfied with the policy, they can return the same along with stated reasons, within a period of 15 days from the date given on the policy receipt. In case the policy has been sold through Distance Marketing channels, a period of 30 days is available.|
|Cancellation of Policy||This policy can be cancelled and premiums will be refunded wherein the premium amount will be returned minus stamp duty and medical examination charges, if any.|
|Systematic Transfer of Fund||Policyholders can opt for Systematic Transfer of Fund at policy inception or during the tenure but 60 days before the STP period commencement which is 36 months before maturity.|
|Switching between funds||Through this potion, individuals can switch money between existing funds. In one policy year, 12 free switches are permitted and the minimum amount that can be switched is Rs.5,000. Switch over and above this will be charged. Switching will not be permitted during the Systematic Transfer of Fund period.|
|Reduction in Sum Assured||The Sum Assured may be reduced from the 2nd year of policy onwards and is subject to a minimum amount. However, premium cannot be reduced.|
|Partial Withdrawal||Partial withdrawals can be done after the lock-in period of 5 policy years has been completed. Four such withdrawals will be allowed during a policy year for no additional cost and after that a certain amount will be charged. The minimum amount that can be withdrawn is Rs.5,000. Customers should ensure that the value of the fund after a partial withdrawal is at least Rs.10,000.|
|Loan||This provision is not allowed under the policy.|
|Settlement Option||Through this option, customers can avail the maturity proceeds in periodical payments post date of maturity instead of a lump sum on maturity.|
|Allocation Charge||There is no allocation charge.|
There are no tax benefits available under this plan.
One of the premier insurance providers in the country, Future Generali boasts of unique insurance plans, hassle-free procurement and a high claim-settlement ratio. The Future Income Fund has been consistently ranked as number 1 and 80% of the funds have outperformed all benchmarks consistently. More than 11 lakh individuals have been successfully insured by Future Generali.
Individuals can also avail plans online easily by visiting the Future Generali website. Additionally, individuals can also utilise the calculators available on the website to find out their premium and other information.
Future Generali has also won a number of awards as a testament to their fantastic products and services such as HR Excellence Awards and Skoch Technologies for Growth Award.
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