GENERALI VISION REVIEW
Who are Generali Worldwide?
Generali Worldwide is a wholly-owned subsidiary of the Generali Group. Founded on the strength of this international presence and wide-ranging expertise, Generali Worldwide specialises in offering life-insurance-based wealth management and employee benefit solutions to a global audience, including multi-national organisations, international expatriates and local resident populations in licensed territories.
The company’s head office is based in Guernsey, a premier international financial centre, and is a Registered Insurer under the Insurance Business (Bailiwick of Guernsey) law, 2002 (as amended). It is also an authorised insurer in the Bahamas, British Virgin Islands, Cayman Islands, Hong Kong, Jersey and Singapore.
Generali offers a range of individual unit-linked regular and single premium-based savings, retirement and investment plans and an open-architecture portfolio bond along with group retirement and savings products, group life and disability and healthcare products.
What is their Vision solution?
Generali Vision is a regular savings plan that helps expats with a disciplined saving approach towards mid to long term financial goals whether that be education fee planning for the children or retirement planning for your financial future.
Technically speaking, Vision is a regular premium, unit-linked, whole of life, life assurance policy. It sounds a lot scarier than it is. These products offer an alternative savings vehicle to traditional bank accounts and investment policies. It offers a wide range of investment funds and relatively short initial periods (lock-in periods). As specialists in this marketplace, Generali Worldwide have good administrative and technological systems in place.
What’s the investment choice?
It offers a selection of around 200 investment options, from leading external fund managers and internally managed funds by Generali Worldwide, to match a wide variety of investment profiles. The Vision savings plan is a doorway for savers to access direct funds from some world-leading global fund houses.
You may select up to 10 different investment choices corresponding to underlying funds at outset into which your premiums may be invested, provided that the amount to be allocated in relation to each investment choice is above the minimum allocation requirement.
Is the Generali Vision multi-currency?
Policies are available in GB pound, US dollar, Hong Kong dollar, Japanese yen or Euro.
What’s the minimum amount I can contribute to my Generali Vision plan?
The minimum regular premiums for terms of more than 10 years are:
£200 Monthly, £600 Quarterly, £1,200 Half Yearly, £2,400 Annually (or currency equivalent.)
For plans with a premium payment term of less than 10 years, the minimum regular premiums are 2.5 times those above.
How many lives can be assured with the Generali Vision?
Plans are available on a single life or joint life basis. The maximum number of lives assured under a plan is therefore two.
How do I get a valuation or see my plan statements?
Keep in touch with your investments 24/7 from wherever and with any device with online access.
What are the charges?
Charges will vary according to the type of plan taken out from Generali as they offer different charging structures. However typically you will see the following;
Initial period: The Initial Period is determined by the Premium Payment Term of your Plan. It is the period during which Initial Units are allocated. Initial Units incur additional charges at commencement, and then throughout the term to cover the cost to set up the policy. After the initial period, accumulation units are purchased which are much cheaper in cost.
- Plan fee: £3 per month or currency equivalent.
- Establishment charges: Applies only to single premiums and levied at 1.5%
- Service Charge is GBP 500 (or currency equivalent) per annum.
- Fund management charges are usually between 1% to 2.5% pa each year- depending on the funds chosen.
What if I need to access my money?
If the Plan is fully surrendered, early discontinuance charges will be deducted from the Investment Value, but significant early redemption charges may apply and savers are likely to lose their bonus payments.
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