Future Generali Wealth Protect Plan

Details About Premium

Policy Details

Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues, without interest. This timeframe is reduced to 15 days if payments are being via monthly mode.

Policy Termination or Surrender Benefit: The policy may be surrendered any time during the policy period. The Surrender Value is the fund value minus the discontinuance charge, if any. If the policy is surrendered before the completion of five policy years then the insurance cover ceases and the Surrender Value equal to Fund Value minus Discontinuation Charge 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. It also occurs when the policy is lapsed by non-payment of three years of premiums and not being revived within the Revival Period.

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 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

There are four additional riders available with this policy, which are:

• Accidental Death Benefit
• Accidental Total and Permanent Disability Benefit
• Unit Linked Life Guardian Rider
• United Linked Critical Illness (Core) Rider

The revival of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of two years from the date of discontinuance.

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

• Premium Allocation Charge, which is deducted from the Premium paid by the customer. The balance is invested in the investments chosen by the policyholder
• Policy Administration Charge is deducted daily and as a percentage of the annualized premium.
• Fund Management Charges are deducted on a daily basis and varies according to the funds chosen by the policyholder.
• At the beginning of each month, Mortality Charges are deducted by cancellation of units from the fund value.
• 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.

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.