FAQs

1. What kind of a plan is Future Idols Gold+?
Future Idols Gold+ is a Participating Traditional Child Protection cum Savings Plan. This plan creates a corpus at maturity by means of bonuses on the policy. In case of the unfortunate demise of the life insured, an immediate payout, monthly payouts and final maturity benefit are part of the death benefit.


2. What is a participating plan?
In a participating plan, the policyholder would be eligible to participate in the profits arising from the portfolio of such policies. The Company will carry out a valuation (as per the current IRDA regulations) at the end of each financial year and may declare the following bonuses:

  • Compound Reversionary Bonus
  • Final Bonus (if any)

 

3. What type of reversionary bonus does Future Idols Gold+ offer?
Future Idols Gold+ offers compound reversionary bonus.


4. What is compound reversionary bonus?
This is a regular bonus expressed as a percentage of the total of Sum Assured and the reversionary bonus amount already attached to your Policy. Any bonuses declared by the Company during first three policy years shall vest in the policy only after the policy has been in-force for full policy benefits during three policy years. However, this condition will not apply to policies resulting into claims by death during this period.


5. What is Final bonus?
Final bonus is a onetime bonus paid on the termination of the policy due to death, surrender or maturity.


6. Who can buy this plan?
Anyone between the ages of 18 – 50 years , depending on policy term can opt for a Future Idols Gold+ plan subject to a maximum maturity age of 65 years. While securing the child’s future is one of the key benefits of the plan, it can be purchased to fulfill other financial needs too.


7. What are the policy terms available?
Policy terms available are 15 years, 20 years and 25 years.


8. What are the different premium payment terms available in Future Idols Gold+?
Future Idols Gold+ has a regular and limited premium payment term, as given below: -

For policy term of 15 years    8/10 years premium payment term
For policy term of 20 years    12/20 years premium payment term
For policy term of 25 years    15/25 years premium payment term


9. What are the premium modes available in Future Idols Gold+?
The customer can pay premium by Monthly, Half Yearly and Yearly modes.
Monthly Mode only via Credit Card, Direct Debit or ECS. Quarterly Mode is not available.

10.What is the minimum annual premium in Future Idols Gold+?
The minimum annual premium is Rs.10,800/- (excluding Service Tax & Education Cess).


11. What is the Minimum and Maximum Sum Assured available in Future Idols Gold+?
Minimum SA: Rs.1,50,000/-
Maximum SA: Rs.5,00,00,000/-


12. Sanjay wants to know what is the Death benefit under Future Idols Gold+ is.
On unfortunate demise of the life insured during the policy term  subject to policy being in-force, Death Sum Assured along with accrued Reversionary Bonus and Interim Bonus, if any and Final Bonus, if any, is payable.

For Entry Age - less than 45 years
Highest of:

  • 10 times the Annualized Premium* OR
  • 125% of base Sum Assured OR
  • Sum of 50% of the Base Sum Assured payable at the time of death PLUS 125% of the Base Sum Assured payable on the scheduled maturity date PLUS 1% of Base Sum Assured payable every month from month of death to the end of the policy term further subject to a minimum of 36 monthly payments even if this requires payments after the policy term is over

For Entry Age 45 years and above
Highest of:

  • 7 times the Annualized Premium* OR
  • 125% of base Sum Assured OR
  • Sum of 50% of the Base Sum Assured payable at the time of death PLUS 125% of the Base Sum Assured payable on the scheduled maturity date PLUS 1% of Base Sum Assured payable every month from month of death to the end of the policy term further subject to a minimum of 36 monthly payments even if this requires payments after the policy term is over

13. Rajan, while discussing Future Idols Gold + with the DPLI sales representative, is keen to know what is the maturity benefit and if there is any bonus in the plan?
Yes, Maturity benefit includes bonus, subject to policy being in force. 

  • 125% of Base Sum Assured (chosen at inception) +
  • Accrued Reversionary Bonus +
  • Final Bonus (if any)

14. How does the plan work?

  • Select a basic Sum Assured, subject to a minimum of Rs.1,50,000
  • Select the term of policy from 15 years, 20 years or 25 years
  • Choose  a regular or a limited premium payment term from the options available
  • Pay the premium based on the Age, basic Sum Assured and the Premium Payment Term chosen

15. Can the premium payment term be changed at a later date?
No, premium payment term, once chosen, cannot be changed at a later date.


16. Can the monthly payout be increased or decreased?
No, the monthly payout cannot be increased or decreased.
Monthly payout is calculated as 1% of the base Sum Assured starting from the month of death for the remaining policy term subject to minimum 36 monthly payouts.


17. Can the policy be surrendered?
Yes, the policy can be surrendered after paying premium for first 2 policy years in full.


18. In case of surrender of policy, will the customer get any surrender value?
Yes, the customer will get the surrender value and the policy will terminate and no further benefits would be paid on death or maturity.
On surrender, Surrender Value equal to higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV) would be paid. The GSV is X% of total premiums paid plus the GSV of the Accrued Reversionary Bonuses, where X is as defined below


Year In Policy Is Surrendered Gsv As Percentage Of Premium Paid(X)
2 and 3 30.00%
4 to 10 50.00%
11 Onwards Increasing every year by 1.5% subject to maximum of 70%

The Special Surrender Value is not guaranteed and may change depending on the prevailing market conditions.


19. Let us assume a customer buys a Future Idols Gold+ policy for a term of 20 years. He stops paying premiums after 3 years and informs the company that he would be unable to pay future premiums. However in the 9th policy year, he wants to again start paying the premium. Would we allow him to do so? If yes, are there any T&C.

  • No, the customer cannot restart paying the premium. Revival of a policy is available for up to 2 years from the date of first unpaid premium
  • Payment of all unpaid premiums with interest is required to reinstate the policy in all cases
  • Once the policy is revived, all the benefits and bonuses under the policy would be reinstated
  • On revival of a paid-up policy, any final paid-up bonus added at the time of conversion of a policy to paid-up would be reversed

20. What is the revival period available under Future Idols Gold+ plan?
The policy can be revived within two years from the due date of the first unpaid premium.


21. Is there any exclusion under Future Idols Gold+ plan?
Yes. The exclusions are as under:

  • If the life insured commits suicide within 12 months from the coverage commencement date the Company would pay an amount equal to 80% of the premiums paid (excluding any underwriting extra, service tax, education cess and survival benefit already paid, if any) as death benefit
  • In case of suicide within one year of the date of revival, higher of 80% of premium paid till the date of death or surrender value would be paid as death benefit.

 

22. Can I reinstate the policy at a later stage?

  • Revival of a lapsed or paid-up policy is available up to 2 years from the date of first unpaid premium
  • Payment of all unpaid premiums with applicable interest is required to revive the policy in all cases
  • Once the policy is revived, all the benefits and bonuses under the policy would be reinstated
  • Further, any final paid-up bonus added at the time of conversion of a policy to paid-up would also get reversed.

 

23. What if I want to cancel my policy since I do not agree with the terms and conditions mentioned in the policy?
You will have a period of 15 days (30 days in case the policy is sold through distance marketing) from the date of receipt of the policy bond to review the terms & conditions of the Policy and where you disagree to any of these terms & conditions, you have an option to return the policy stating the reasons for objection. On receipt of the letter along with the policy bond, the Company will refund the premiums paid, subject to the deduction of proportionate risk premium and any expenses incurred by the Company on insurance stamp duty and medical examination. Distance Marketing entails to the sale of the product through a mode other than personal interaction.


24. What are the tax benefits available under the DPLI Future Idols Gold+ plan?
Tax benefits will be applicable as per prevailing tax laws. Tax laws are subject to change. Please consult your tax advisor for details.


25. What is the maximum premium one can opt under Future Idols Gold+?
Maximum premium under Future Idols Gold+ depends on the chosen base Sum Assured, Age at Entry, Policy Term, Premium Payment Term and subject to underwriting extra (if any).


26. Can loans be availed against Future Idols Gold+ policy?
Yes, loans will be available after the policy acquires Surrender value, up to 80% of the Surrender value.


27. What is the Grace period available under the Future Idols Gold+ plan?
30 days from the premium due date is allowed for payment of premiums through all modes.


28. Can extra loading on premium be applied under any circumstances?
Yes, if the occupation of life insured is associated with any specific hazard as mentioned in the application form, extra loading on the premium may be applied.