Investment Plans October 12, 2021

Future Generali Select Insurance Plan is a unit-linked endowment policy that provides you life cover with the benefit of investment. You can invest in any fund of your choice from the available options and receive the fund value at the end of the term. The key features of this Future Generali Life Insurance Plan are shown below –

  • Death Benefit
  • Maturity Benefit
  • Settlement Option
  • Rider Option
  • Five Fund Options

Investment

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Read this page and know more about these and other features of the Future Generali Select Insurance Plan.

Future Generali Select Insurance Plan Base Cover

The insurance company provides the following benefits under this plan-

Death Benefit

The death benefit payable under this ULIP is higher of the following:

  • Sum of the Sum Assured and Fund Value
  • 105% of the paid premiums – partial withdrawals, if made in 2 years before the date of death.

Maturity Benefit

Upon survival till the maturity date, the Fund Value shall be payable to you. You’ll also get an option to receive the proceeds in periodical payments instead of a lump sum payout on maturity. To avail of this benefit, you need to send a notice at least 30 days before the maturity date. You can redeem the unit any time up to 5 years from the date of maturity.

During the settlement period, you’ll get no life cover, but the policy administration charges and fund management charges will continue to deduct. Upon death during the settlement period, the fund value shall be payable to your nominee.

Note – Partial withdrawals and switching are allowed during the settlement period, while the investment risk in the investment portfolio shall be borne by you.

Rider Coverage Available Under Future Generali Select Insurance Plan

You can customize the Future Generali Select Insurance Plan by adding any of the following riders to it –

Accidental Death Rider

If the death happens due to an accident, the accidental death sum assured shall be payable to the nominee in addition to the basic sum assured. You’ll get coverage under this rider up to the policy term of the base policy, or 70 years, whichever is earlier. The insurance charge, applicable service tax, etc. shall be deducted for the same period. Your nominee can receive the rider benefit if you die within 180 days of the occurrence of the accident. Accidental death rider benefit isn’t payable in case of the following circumstances –

  • Self-inflicted injury, suicide, or death under the influence of intoxicating alcohol, or narcotic substances
  • Riots, civil commotion, rebellion, war, invasion
  • Hunting, mountaineering, steeplechasing or racing of any kind, bungee jumping
  • River rafting, scuba diving, paragliding or any such adventurous sports or hobbies
  • Committing a breach of law
  • Working in the armed forces or military service of any country at war or engaged in duties of any paramilitary, security, naval or police organization.
  • Working in aviation or aeronautics

Accidental Total and Permanent Disability Rider

If due to an accident, you are totally and permanently disabled during the policy term, the rider sum assured is paid to you in 10 equal annual installments. In case of your death, surrender or maturity of the policy before the payment of the rider benefit, the insurer shall pay the balance installments in a lump sum. You’ll get coverage under this rider up to the premium paying term of the base policy or 65 years, whichever is earlier. The rider benefit shall cease when a claim is accepted by the company. However, the Base Policy Benefit shall continue.

Note – The above disability shall be payable if it has lasted for at least 180 consecutive days without interruption and is confirmed by a panel of medical practitioners appointed by the insurance company.

Unit Linked Critical Illness (Core) Rider

The rider Sum Assured shall be payable to you in case you are diagnosed with one or more of the following critical illnesses during the policy term.

  • Cancer
  • Stroke
  • Heart Attack
  • Coronary Artery Bypass Surgery
  • Kidney Failure
  • Major Organ Transplant

A survival period of 28 days shall apply, which means you can avail of the rider benefit if you survive for 28 days after the diagnosis of the critical illness. Thereafter, the rider benefit shall cease. However, the Base Policy Benefit shall continue.

Note – The cover is subject to a maximum of the premium paying term of the base policy or 65 years, whichever is earlier.

Future Generali Unit Linked Premium Waiver Benefit Rider

If the proposer and life assured are different in the base policy, only this rider can be added to the Future Generali Select Insurance Plan. In case of death or total permanent disability of the proposer due to accident, provided the life assured is still alive, all future premiums till the maturity shall be waived. However, the base plan and other rider benefits on the life of life assured shall continue till maturity.

All the future premiums shall be paid by the company and allocated to the unit funds in the same proportion as chosen by you. All applicable charges such as insurance charges, rider charges, if any, shall continue to be deducted from the unit fund. The total permanent disablement is considered valid for a claim if it happens due to an accidental bodily injury caused by outward, violent and visible means. And the injury affects your activities of daily living or your loss of both hands or both feet, or both eyes, or a combination of any two.

Note – The disability must last for at least 180 consecutive days and be confirmed by a panel of medical practitioners appointed by the company.

Future Generali Select Insurance Plan Fund Options

The following five funds are available Future Generali Select Insurance Plan:

  • Future Secure
  • Future Income
  • Future Balance
  • Future Apex
  • Future Opportunity

Free Look Period

A 15-day free look period starts from the date of receipt of the policy document during which you can review the terms and conditions. If you are not satisfied with the same, return the policy stating the reasons for it. After that, the company shall refund the base premium with a deduction for the period on cover, stamp duty and medical examination, if any. If any top-up single premium is allocated to units, the Fund Value as on the date of cancellation shall be payable to you.

Note: If Future Generali Select Insurance Plan is purchased through Distance Marketing, the free look period is 30 days.

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