Future Generali’s Easy Invest Online Plan is a unit linked plan which is available for purchase online. The plan promises capital appreciation as well as insurance protection. Flexibility is provided through partial withdrawals, switching and choice of investment funds. Moreover, Loyalty Additions are also added to the Fund Value which increases the benefits.
Step 1 – the policyholder chooses the premium amount, policy term and premium paying frequency. The minimum and maximum Sum Assured would then be calculated and the policyholder should decide the coverage amount.
Step 2 – the policyholder then chooses to invest the allocated premium in any of the available 5 funds. The funds are Future Income Fund, Future Balance Fund, Future Maximize Fund, Future Apex Fund and Future Opportunity Fund.
Step 3 – the policyholder can make partial withdrawals, premium redirections or switch his investments if required.
Step 4- in case of death during the plan term, the death benefit is paid.Step 5 – if the insured survives the plan tenure, the maturity benefit is paid which is the Fund Value.
Kavita, aged 40 years, buys the plan at a premium of Rs.50, 000. She chooses a term of 15 years and her Sum Assure dis Rs.5 lakhs.
Option 1 – Kavita dies in the 12th year of the plan. On her death, her nominee receives higher of the Sum Assured or Fund Value or 105% of total premiums paid till her death.
Option 3 – if the plan matures and Kavita is alive, the Fund Value is paid. Kavita can choose to take the Fund Value in lump sum or in instalments over a 5-year tenure post maturity.
Kavita can enjoy flexible benefits in the plan. She can make partial withdrawals, switch between funds and also redirect future premiums to any other fund.
If the life insured dies before reaching 60 years of age, the Sum Assured would be deducted for any partial withdrawals made during two years prior to death
If the life insured dies after attaining 60 years, any partial withdrawals made after crossing 58 years of age would be deducted from the Sum Assured.
|Policy term selected||Rate of Loyalty Addition|
|10 to 14 years||1.10%|
|15 to 19 years||1.15%|
|Age at entry (in completed years)||0 years||50 years|
|Age at maturity (in completed years)||18 years||70 years|
|Term of the plan||10 years||20 years|
|Premium paying options||Regular pay|
|Premium Paying term||Equal to plan tenure|
|Premium amount||Yearly - Rs.40,000
Monthly – Rs.4000
|Sum Assured||10 times the annual premium|
In case of suicide committed within 12 months of inception or revival of the plan, the available Fund Value and any top-up premium Fund Value is paid.
There are different types of charges included in the plan. These charges include premium allocation charge, policy administration charge, discontinuance charge if the policy is discontinued before the completion of the lock-in period of 5 years, fund management charge, mortality charge and miscellaneous charge. Switching and partial withdrawal charges are applicable if such switches or withdrawals exceed the free limit.
A period of 30 days from policy issuance date is allowed as a free-look period under the plan during which the policyholder can cancel the plan bought.
The plan allows two types of premium paying frequencies. One is annual premium and the other is monthly premium. In case of monthly modes of premium payment, the payment should be done electronically using the Auto Pay System.
Yes, the plan allows a change in premium paying frequencies. Monthly premiums can be converted to annual premiums and vive-versa.
The settlement feature allows the policyholder to take maturity benefit in instalments. The maximum tenure of availing such instalments is 5 years and the maturity benefit can be taken either in 5 annual instalments with each one being 20% of the Fund Value or in 10 semi-annual instalments where each instalment is 10% of the Fund Value.