As an individual you want to be the pillar of strength and support for your family, making sure that their future plans remain undisturbed even when you are not around.
|Policy Term||You can choose any policy term of 10/15/20/25 years|
|Premium Payment Term||You can choose any premium paying term from 10 years to 20 years (in complete years only). Premium payment term should always be lower than or equal to policy term|
|Premium Paying Modes||Monthly and Annual|
|Entry Age (Life Assured)||18 years||Policy Term (years)||Age at Entry (years)||Age at Maturity (years)|
|Maturity Age (Life Assured)||28 years||15||51||66|
|Premium||Policy Term||Payment Mode||No Limit|
|10 years||` 50,000 p.a.||` 5,000 p.m.|
|15/20/25 years||` 25,000 p.a.||` 3,000 p.m.|
|Premium Funding Benefit||You can choose the Premium Funding Benefit only at inception for:
Option I: Death only
Option II: Death or Total & Permanent Disability (TPD)
The option once chosen cannot be changed or opted out later
|Sum Assured||For ages below 45 years: Higher of(0.5 x policy term x Annualized Premium) OrÂ 10 x Annualized Premium||The maximum Sum Assured varies basis age and chosen policy term and is subject to underwriting acceptance. Please refer the product brochure for compete details on maximum Sum Assured multiple available under this product|
|For ages 45 years and above: 7 x Annualized Premium|
Our Future Smart Plan is a unit linked plan that provides long-term investment opportunity to fulfill various family needs like building a asset or to ensure for a bright future for your child. Its comprehensive insurance cover (Sum Assured on death and Premium Funding benefit on death or disability) ensures that your plan for your family continues unaffected, in any unfortunate event.
Fund Switching: You can switch some or all of your investments from one fund to another, any number of times. The minimum amount that you can switch is Rs. 10,000.
Premium Redirection: You can modify the allocation of future premiums once in a policy year. The revised allocation proportion will apply to your subsequent premiums.
Change in Sum Assured: You can increase or decrease your Sum Assured from the 6th policy year, provided all due premiums are paid. This facility is available once every year subject to maximum of 3 times during the Policy Term. There will be no change in your annual premium as a result of change in Sum Assured.
Partial Withdrawal: You can make partial withdrawal for any unforeseen contingency, from the 6th policy year. The minimum amount that you can withdraw is Rs. 10,000 and the maximum is such that the Fund Value after withdrawal does not fall below 120% of the annual premium.
Auto Fund Rebalancing: If you wish to maintain allocation of your investments in a specific proportion across funds, irrespective of market movements, you can do so through Auto Funds Rebalancing. Once opted, after every 3 months, it automatically rebalances the allocation of your investments in various funds to the allocation proportions chosen by you.
Safety Switch Option: As your policy nears maturity, you may want to avoid market movements and safeguard your funds. The Safety Switch Option enables you to move your funds systematically to a relatively low risk Liquid Fund in the last four policy years.
This plan helps you remain at peace knowing that your family's immediate and future financial needs are taken care of even in case of your demise or disability as:
At any point of time, the death benefit will not be less than 105% of the total premiums paid by you
At the end of the Policy Term, you will receive the Fund Value that you can use to fulfill your dreams for your child.
Basis your familyÂ's needs, you can choose the Policy Term (10/15/20/25yrs). Further, you can also choose a Premium Paying Term from 10 to 20 years to suit your earning capacity.
This benefit ensured that the future of your child is not compromised, in case of your death. The policy continues with all the future premiums funded by the company and your child received the fund value at maturity as planned by you.
If you have also opted for Premium Funding Benefit for disability, then in case of your Total & Permanent Disability, all future premiums will be funded by the Company. The Life Cover will continue and Sum Assured will be payable on subsequent death and fund value will be paid at maturity to your child.
You can choose to invest in 5 investment funds with equity exposure ranging 0% to100%, depending on your investment philosophy:
You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80 C of income Tax Act, 1961. Please note that tax laws are subject to amendments from time to time.
#Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.
Mr. Singh, 35 years old, opts for premium funding benefit option I and chooses to pay annual premiums as shown below. He opts for a Sum Assured of 10 times the annual premium with policy term and Premium paying term of 15 years each. The table below shows maturity values for multiple scenarios assuming annual gross investment return of 4% and 8% with 100% investment in Equity II Fund.
|Annual Premium (`)||Sum Assured (`)||Fund Value (`) at the end of 15 years assuming Gross Investment Return of|
The assumed rates of return (4% p.a. and 8% p.a.) shown in the above illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy depends on a number of factors including future investment performance. The Fund Values shown in the above illustrative example are after deduction of service tax and cess (@14.5%).
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