The Kishore Biyani-controlled Future Group's life insurance joint venture with Generali Group of Italy, Future Generali India Life Insurance Company, today launched Future Freedom Plus, a long-term insurance-cum-investment plan.
ULIPs have primarily been the first choice of Indian investors with a conceptual understanding of markets and who are genuinely looking for a flexible, long-term savings cum insurance solution. This is a medium to long-term plan providing the benefit of low premium allocation charges, with higher investment in funds.
With the rising optimism in the stock markets, Future Freedom Plus is a great way to draw the returns of investing in equities, at a lower risk while enjoying insurance protection, thus introducing the new Future Dynamic Growth Fund with equity / debt exposure of up to 100 per cent with a start up NAV of Rs10.
Future Freedom Plus allows customers to choose a limited or regular premium payment options on policy term ranging from 10 to 20 years, with three fund options to choose from. The minimum sum assured is five times the annual premium and the minimum premium is Rs25,000.
From the second policy year, the policyholder can pay as low as 75 per cent of the first year premium without any reduction in the initial sum assured.
In the event of demise of the policyholder, the sum assured will be paid over and above the fund value to the nominee. On maturity of the policy, the fund value will be paid as a lump sum or can be settled in annual installments for up to five years from the maturity date. Future Freedom Plus can be availed by persons aged 0-65 years, with options for top-ups, partial withdrawal, switches and surrender. Accidental death and permanent disability benefits can be availed as optional riders if the life assured is not a minor.