Future Generali Pramukh Nivesh ULIP Plan

Details About Premium

Policy Details

Grace period: The Grace Period is not applicable as it is a single premium payment plan.

Policy termination or Surrender Benefit: The policy may be surrendered any time during the policy period. The Surrender Value is the fund value at the prevailing NAV. If the policy is surrendered before the completion of five policy years then the insurance cover ceases and the Surrender Value will be kept in the Discontinued Fund of the policy. If surrender of the policy happens after completing five policy years, the insurance cover ceases, the Surrender Value is paid immediately and the policy is terminated. Termination occurs on payment of the Death Benefit.

Free look period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. If the policyholder does not wish to continue with the policy, then he or she has to return the policy stating their objections. The Fund Value as on the cancellation date and the non-allocated premium that was paid will be refunded minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.

Inclusions

• With the Settlement option, the policyholder can opt to receive the maturity benefit in periodical payments after the date of maturity rather than as a lump sum.

Additional features or riders

Various charges apply to this policy. They are as follows:

• A Policy Administration Charge is deducted from the unit account at the beginning of each month.
• Fund Management Charges are deducted on a daily basis and is charged by adjusted the NAV of the units on a daily basis.
• At the beginning of each month, Mortality Charges are deducted, based on the mortality rates, which are specified for all ages and the amount of cover, provided.
• Switching Charge – Twelve free switches are allowed in a single policy year. Each subsequent switch is charged at Rs. 100.
• Partial Withdrawal Charge – This policy allows four partial withdrawals free of cost in a policy year. For subsequent withdrawals, there is a charge Rs. 200 per withdrawal.
• Mortality Charges are deducted monthly by the cancellation of units.
• Miscellaneous Charges are levied for alterations made to the policy contract, for example, a reduction in the sum assured. The amount is Rs. 250 per alteration.

Exclusions

• The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover or reinstatement. The company will refund only the Fund Value, as Death Benefit.

Documents Required

The policyholder has to fill up an ‘Application form’ with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof and a medical examination.