Future Generali Life - Freedom Plus Plan - Future Income Fund

The Future Freedom plan from future Generali is designed to help the discerning investor who decides to take that step
Future Income
Strategy
Investments in assets of low or moderate risk.
Objective
To provide stable returns by investing in assets of relatively low to moderate risk levels. The interest credited will be a major component of the fund's return. The fund will invest primarily in fixed interest securities, such as government securities of medium to long duration, corporate bonds, and money market instruments for liquidity.

Composition	Min.	Max.	Risk Profile
Fixed Interest Investments, Cash and Money Market Instruments	0%	100%	Low
Equity Instruments	0%	0%

Key Features Of Future Freedom Plan
1. An ideal all-in-one investment and insurance package
2. Short premium paying term of three years
3. Flexibility to vary the premium payment from second policy year subject to a minimum of Rs. 10,000 without changing the risk coverage
4. Gives you a choice of four investment funds, structured in a way to take care of your financial liabilities, providing the flexibility to change fund allocation at any time as per your requirement
5. Additional allocation of fund(s) to your kitty through top-up single premiums, providing you with comprehensive financial solutions
6. Partial withdrawal after the completion of three full policy years
7. Tax benefits on premiums paid and benefits received, as per the prevailing Income Tax Rules
Other Features
A)Free look-in period
If you are not satisfied with the terms and conditions under your policy, you may cancel the policy within the free look period of 15 days from the date of receipt of the policy document. We will refund the premium paid subject to the deduction of the proportionate risk premium for the period of cover, the expenses incurred by us towards medical examination, if any, and stamp duties. Where premiums have been allocated to units, the Fund Value, as on the date of cancellation, will be payable.
B)Grace Period
30 days for all premium payment frequencies other than monthly, where it is 15 days. If the premiums are not paid during the grace period, the policy lapses. The policy benefit thereafter would have no further value except for surrender value less of surrender charges.
C)Discontinuance of due premiums:
If all the due premiums have not been paid within the days of grace, the insurance cover shall ceaseimmediately after the days of grace. The policy will continue to participate in the performance of the funds and policy administration charges will continue to be deducted.
A policy may be revived within the revival period of three years from the due date of first unpaid premium.
In case a policy is not revived during this period, the policy shall be terminated and the surrender value, if any, shall be paid at the end of the period allowed for revival. Further, during the period allowed for revival, if the fund value falls below the minimum premium of Rs. 10,000, the policy shall be terminated and the fund value will be payable.
If a policyholder surrenders a policy before the end of revival period, the surrender value will be kept in suspense till the end of three policy years, and will be payable at that time. No subsequent charges will be deducted for such a policy.
D)Reinstatement
If premiums are not paid within the period of grace and the policy is not surrendered, the policy may be reinstated for full benefits within three years
from the date of the first unpaid premium and before the date of maturity while the life assured is still alive. The reinstatement will be considered on receipt of written application from the policyholder along with the proof of continued insurability of life assured and on payment of all overdue premiums. The reinstatement will be effected on company's discretion and subject to such conditions as the company, in its discretion, may decide. Any reinstatement of riders will be considered along with the reinstatement of the basic policy, and not in isolation.
E.Nomination & Assignment
Provided the policyholder is the life assured, he / she may, at any time before the policy matures for payment, nominate a person or persons as per Sec 39 of the Insurance Act 1938, to receive the policy benefits in the event of his / her death.
The policyholder can also assign the policy to a party by filing a written notice to us. The assignment should either be endorsed upon the policy itself or documented by a separate instrument signed in either case by the Assignor, stating specifically the fact of assignment. Only the entire policy can be assigned and not individual benefits or any part thereof.

Benefits Of Future Freedom Plan
1.Choice of Investment Fund
Your premium is invested in unit funds of your choice. Currently, you have a choice of four investment funds, providing you with the flexibility to direct your investments in any of the following unit linked funds of the Company. The funds invest in a mix of cash / other liquid investments, fixed interest securities and equity investments in line with their risk profile.
2.Maturity Benefit

On maturity i.e. on survival to end of ten policy years, the Fund Value as on the date of maturity becomes payable and the policy is terminated thereafter.

Under Settlement Option, the maturity benefit may be taken in lump sum or installments spread over a period of up to five years from the date of maturity.

3.Death Benefit**

On the unfortunate death of the life assured, the nominee receives the higher of the following:

The Fund Value as on the date of death of the life assured

Sum assured plus all applicable top-up sum assured net of all Deductible Partial Withdrawals, (if any)

**For purpose of determining the Death Benefit, the Deductible Partial Withdrawal(s) mean the higher of sum of all partial withdrawals paid (excluding top-ups) from the relevant Account(s) (i) during the 24 months immediately preceding insured's date of death, or (ii) in case the life assured has completed 60 years of age, all partial withdrawals made.

4.Tax Benefits

Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961.

Any sum received under this plan is exempt from tax under section 10(10D) of the Income Tax Act, 1961.

The above is based on the current tax laws and is subject to change.

Premium Paying Frequency Yearly /Half-Yearly / Quarterly / Monthly (ECS)

You can enhance your investment by way of top-up, anytime during the tenure of the plan; whereby you can add over and above to your regular premiums provided you have paid your due basic premiums to date. The minimum top-up premium amount is Rs. 5,000. There is no limitation to the number of top-ups that can be made in a single policy year. Every top-up made during the tenure of the policy has a lock-in period of three years.

a)Minimum Sum Assured
For Top-up Single Premium - 110% of single top-up premium in excess of the 25% of the total regular premiums paid till date and will be subject to the underwriting norms of the company. For Regular Premium -5*Annual Premium.
b)Maximum Sum Assured
M* First Year Annual Premium, where M is the multiple which depends on the age at entry.
- Up 25 years lbd - 85
- From 26 years to 35 years lbd - 55

Choice of Investment Fund

Your premium is invested in unit funds of your choice. Currently, you have a choice of four investment funds, providing you with the flexibility to direct your investments in any of the following unit linked funds of the Company. The funds invest in a mix of cash / other liquid investments, fixed interest securities and equity investments in line with their risk profile.

1.Future Secure
Strategy
Low risk investment, such as money market investments.
Objective
To provide stable returns by investing in relatively low risk assets. The fund will invest exclusively in treasury bills, bank deposits, certificate of deposits, other money market instruments and short duration government securities.

Composition	Min.	Max.	Risk Profile
Money Market, Cash and Short Term Debt	0%	100%	Low
Equity Instruments	0%	0%

2.Future Income
Strategy
Investments in assets of low or moderate risk.
Objective
To provide stable returns by investing in assets of relatively low to moderate risk levels. The interest credited will be a major component of the fund's return. The fund will invest primarily in fixed interest securities, such as government securities of medium to long duration, corporate bonds, and money market instruments for liquidity.

Composition	Min.	Max.	Risk Profile
Fixed Interest Investments, Cash and Money Market Instruments	0%	100%	Low
Equity Instruments	0%	0%

3.Future Balance
Strategy
Balances high returns and high risk from equity investments by the stability provided by fixed interest instruments.
Objective
To provide a balanced return from investing in both fixed interest securities as well as in equities in order to balance stability of return through the former, and growth in capital value through the latter. The fund will also invest in money market instruments to provide liquidity.

Composition	Min.	Max.	Risk Profile
Fixed Interest including Cash and Money Market Instruments	10%	70%	Medium
Equity Instruments	30%	90%

4.Future Maximize
Strategy
Investment in a spread of equities. Diversification by sector, industry and risk.
Objective
To provide potentially high returns to unit holders by investing primarily in equities to target growth in capital value of assets. The fund will also invest to a certain extent in government securities, corporate bonds and money market instruments.

Composition	Min.	Max.	Risk Profile
Fixed Income including Cash and Money Market Instruments	10%	50%	High
Equity Instruments	50%	90%

Allocation of investments under money market instruments in Future Income, Future Balance and Future Maximize will be limited to 20%. Further, a policyholder's exposure to Future Secure Fund (Liquid Fund) will be limited to a maximum of 25% of his total portfolio to ensure that the total exposure to money market investments does not exceed 40%.

Partial Withdrawal
a) Partial withdrawal is allowed after the completion of the third policy year, or once the life assured completes 18 years of age, whichever is later
b) There is a lock-in period of three years for all single top-up premium(s)
c) After each withdrawal, the fund value should be at least the higher of:
- Rs. 15,000/-
- The top-up single premiums paid in the last three years
d) Partial withdrawals will attract partial withdrawal charges as stated below
e) Minimum partial withdrawal amount is Rs. 5,000

Premium Allocation Charge
This 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.
First year: 5% of regular premium Second year: 2% of regular premium Third year: 2% of regular premium
For top-up single premium - 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 Name	FMC
Future Secure	1.10% p.a.
Future Income	1.35% p.a.
Future Balance	1.45% p.a.
Future Maximize	1.50% p.a.

The policy administrative charge is:
First year: Rs. 15 per 1,000 sum assured for sum assured up to Rs. 50,000 and Rs. 2 per 1,000 sum assured for sum assured beyond Rs. 50,000.
Second year onwards: Rs. 600 per annum.
This charge will be recovered by cancelling units on a monthly basis proportionately from each investment fund. The charge is guaranteed for the policy term.

Switching Charge
This is the charge deducted on switching from one fund to another within the plan. Four free switches are allowed in a policy year, thereafter switches are subject to a switching charge of Rs. 100 per switch, and subject to increase in the future up to Rs. 200 per switch. Unused free switches cannot be carried forward to the next policy year.

Claim Ratio	Solvency Ratio
96% (2023-24)	2% (March 2024)