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Review of Future Generali Select Insurance Plan

IndianMoney.com Research Team | Posted On Monday, November 29,2010, 10:52 AM

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Review of Future Generali Select Insurance Plan

 

 

Future Generali Select Insurance Plan

Future Generali Select Insurance Plan is a unit linked insurance plan that provides life cover to you apart from facilitating savings at regular intervals of time. As tiny drops of water make the mighty ocean small savings result in securing your esteemed dreams of wealth creation. Future Generali Select Insurance Plan helps you to get into a discipline of regular savings and build wealth over a period of time. This ULIP gives you freedom from timing the markets and helps you build wealth over time for you and your loved ones apart from offering precious life cover to provide financial security to your family.

Key Features of Future Generali Select Insurance Plan

  • Specially designed Unit Linked Insurance plan to achieve your medium to long term financial security and goals through regular savings.

  • 3% Premium Allocation Charge & 4% Policy Administration Charge in the first year.

  • Advantage of five robust funds to match your risk appetite.

  • Flexi plan where you can decide your premium amount, policy term, mode of premium payment, extent of life cover along with a host of options like switching, partial withdrawal and additional benefit riders.

Future Generali Select Insurance Plan Detail Analysis

Minimum Entry Age

7 years

Maximum Entry Age

60 years

 

Minimum Premium

Yearly - Rs 18,000/-

Half Yearly – Rs 9,000/-

Monthly – Rs 1,500/-

Maximum Premium

Rs.24,000/-

Minimum Age at Maturity

18 years

Maximum Age at Maturity

70 years

 

Premium Paying Frequency

Yearly

Half-Yearly

Monthly

Minimum Policy Term

10 years

Maximum Policy Term

20 years

Premium Paying Term

Regular

 

 

 

Minimum Sum Assured

Age < 45 years – Half the policy term or 10, whichever is higher X annualized premium.

 

Age > 45 years – 0.25 times the policy term or 7, whichever is higher X annualized premium

Maximum Sum Assured

Age at entry

Multiple Factor

7 to 35 years

25 x AP

36 to 44 years

15 x AP

45 to 60 years

10 x AP

*AP – Annual Premium

Funds

Future Secure

Future Income

Future Balance

Future Apex

Future Opportunity Fund

Future Generali Select Insurance Plan Charges

Premium Allocation Charges

The premium allocation charge will be deducted from the premium amount at the time of premium payment and the remaining premium will be used to purchase units in various investment funds according to the fund allocation specified by you.

Policy Year

Percentage Of Premium

1

3%

2 Onwards

2%

Fund Management Charge

FMC will be charged at the time of computation of the NAV, which will be done on a daily basis. This will be charged as a percentage of the value of the assets and will be adjusted towards the NAV.

Fund

Charges

Future Secure

1.10%

Future Income

1.35%

Future Balance

1.35%

Future Apex

1.35%

Future Opportunity Fund

1.35%

Policy Administration Charge

Policy Year

Percentage of Annualised Premium

1

4%

2 onwards

3.5%

Switching Charge

Six free switches are allowed each policy year. Subsequent switches will attract a charge of Rs.100 per switch. The switching charges are subject to increase up to Rs.250 per switch.

Mortality Charge

Below mentioned are the sample insurance charges for various age groups for Rs.1000 of sum at risk.

Age

25

35

45

55

Mortality Charge

1.58

1.94

4.35

12.06

Discontinuance Charge

In case of discontinuance of the policy during first 4 policy years, the following charges will apply

Discontinuance during the policy year

Discontinuance charge

1

20% of annualized premium or Fund Value whichever is lower, subject to a maximum of Rs. 3,000

2

15% of annualized premium or Fund Value whichever is lower, subject to a maximum of Rs. 2,000

3

10% of annualized premium or Fund Value whichever is lower, subject to a maximum of Rs. 1,500

4

5% of annualized premium or Fund Value whichever is lower, subject to a maximum of Rs. 1,000

Partial Withdrawal charge

After 4 free partial withdrawals in a policy year, a charge of Rs 200 will be levied per withdrawal.

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