Bajaj Allianz Life Future Wealth Gain
The Future Wealth Gain Plan by Bajaj Allianz Life is an investment-oriented life insurance policy that helps you take care of specific investment goals. This ULIP comes with a lot of flexibility based on the investment needs of individuals.
Choosing the right investment is a crucial step towards the fulfilment of financial goals that you have set for your future. Among the many investments that are available in the market, ULIPs have been one of the most popular for a variety of reasons.
Unit-linked insurance plans or ULIPs combine the benefit of life cover with capital growth, while allowing the investor the flexibility to choose from a variety of fund options like equity funds, debt funds, money market funds, hybrid funds, etc. If you are looking for a unique and feature-rich ULIP to invest in, then Bajaj Allianz Life Insurance has just the right plan for you.
Presenting the Bajaj Allianz Life Future Wealth Gain, which is a unit-linked, non-participating, endowment plan with a limited and regular premium payment option. This plan is available in two variants - Wealth Plus and Wealth Plus Care.
Advantages of Bajaj Allianz Life Future Wealth Gain
- High sum assured -
With the Future Wealth Gain, you can avail the benefit of getting a high amount of sum assured which will ensure that your loved ones are financially secure if and when misfortune strikes.
- Accelerated Cancer Cover & Income Benefit -
The Wealth Plus Care variant of this plan comes with an Accelerated Cancer Cover (which kicks in if the policyholder is diagnosed with cancer) and also an Income Benefit (which is provided if the policyholder dies or is diagnosed with cancer within the premium payment term).
- 2 portfolio strategies -
At the time of policy inception, policyholders can choose between 2 portfolio strategies - Investor Selectable portfolio strategy and Wheel of Life portfolio strategy.
- Loyalty Additions -
From the 10th policy year onwards, policyholders will be entitled to Loyalty Additions (percentage of the annualized premium) at the end of every 5th policy year.
- Fund Booster -
Policyholders also have the option to enhance their fund value upon maturity by adding Fund Boosters.
- Settlement option -
Policyholders can choose to get their maturity benefit in instalments using the settlement option. The benefit will be paid for a period of 5 years on a monthly, quarterly, semi-annual, or annual basis.
- Multiple policy terms -
This plan comes with a range of policy terms which you can choose from as per your needs and requirements.
Bajaj Allianz Life Future Wealth Gain - Wealth Plus
Eligibility
Age at entry | The min. entry age into this plan is 0 years while the maximum age at entry must not be above 60 years; If policy has more than one rider attached, the max. entry age will be 50 years | ||||||||||||
Age at maturity | The insured must not be less than 18 years and not more than 75 years when the plan matures | ||||||||||||
Policy term | For a 10 year policy term, premium payment term will be 5,7, or 10 years For a 15 to 25 year policy term, the premium payment term will be 5, 7, 10, or 15 years | ||||||||||||
Min. premium | Annual basis: Rs.50,000; semi-annual basis: Rs.30,000; quarterly basis: Rs.15,000; monthly basis: Rs.5,000 | ||||||||||||
Max. premium | To be decided as per the insurer's underwriting policy | ||||||||||||
Premium payment mode | Premiums for this policy can be paid on a monthly, quarterly, semi-annually, or annually | ||||||||||||
Min. sum assured |
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Max. sum assured |
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Benefit Payable
- Maturity Benefit - Once the plan has reached its maturity date, the policyholder will be entitled to the Regular Premium Fund Value + Top-up Premium Fund Value.
- Death Benefit - If the insured policyholder passes away before the end of the policy term, and on the condition that all due premiums have been paid, the death benefit will be paid to the nominee. The death benefit amount shall be the higher of (i) sum assured + top-up sum assured (if any), or, (ii) policy fund value as on the day when the intimation about death is received by the insurer.
Add-on Riders
Under the Wealth Plus variant, policyholders can choose from a range of add-on riders. These include Bajaj Allianz ULIP Accidental Death Benefit Rider, Bajaj Allianz ULIP Accidental Permanent Total/Partial Disability Benefit Rider, and the Bajaj Allianz ULIP Waiver of Premium Benefit Rider. Premiums for these riders will be charged over and above the premiums for the base plan.
Bajaj Allianz Life Future Wealth Gain - Wealth Plus Care
Eligibility
Min. age at entry | The life cover seeker must not be below 18 years of age at the time of entering the policy |
Max. age at entry |
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Age at maturity | The insured must not be less than 28 years and not more than 70 years at the time of plan maturity |
Policy term | For a 10 year policy term, premium payment term will be 5,7, or 10 years For a 15 to 25 year policy term, the premium payment term will be 5, 7, 10, or 15 years |
Min. premium | Annual basis: Rs.50,000; semi-annual basis: Rs.30,000; quarterly basis: Rs.15,000; monthly basis: Rs.5,000 The minimum amount of top-up premium is Rs.5,000 |
Max. premium | To be decided as per the insurer's underwriting policy |
Premium payment mode | Premiums for this policy can be paid on a monthly, quarterly, semi-annually, or annually |
Min. sum assured |
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Max. sum assured |
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Top-up sum assured |
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Benefits Payable
- Death Benefit - The death benefit under the policy will be payable, subject to payment of all due premiums, if the insured policyholder is diagnosed with cancer (subject to the waiting period) for the first time, or passes away before the end of the policy term. The death benefit in this case shall be either (i) the sum assured + top-up sum assured (if any), or, (ii) the policy's fund value on the date of intimation of the policyholder's demise, whichever is greater.
- Maturity Benefit - Once the plan matures, the insured policyholder will be entitled to the top-up premium fund value + regular premium fund value.
- Income Benefit - This is an additional benefit which will be payable if the policyholder is first diagnosed with cancer (subject to a waiting period) or passes away during the policy's premium payment term.
- The benefit amount will be equal to the sum of all regular policy premiums which will be pending after the date of cancer diagnosis or death, whichever is applicable.
- Amount paid under each Income Benefit instalment will be equal to amount of one regular policy premium.
- The Income Benefit will be paid, following first diagnosis of cancer or death, to the policyholder/nominee on the due premium payment date for the remainder of the premium payment term.
- This benefit will paid only for policies which are still in-force. It will not be payable if the policy has been discontinued or acquired a paid-up status.
- If the policyholder is first diagnosed with cancer or passes away during the premium payment term, the Income Benefit will not be payable.
Add-on Riders
Under the Wealth Plus Care variant, there are 2 add-on rider options available which policyholders can attach to their base plan. These are the Bajaj Allianz ULIP Accidental Death Benefit Rider and the Bajaj Allianz ULIP Accidental Permanent Total/Partial Disability Benefit Rider.
Features of Bajaj Allianz Life Future Wealth Gain
Policy surrender | The policy can be surrendered at any time |
Waiting period | This policy comes with a waiting period of 180 days, which begins from the date of risk cover commencement or from the most recent date on which the policy has been revived, whichever happens later |
Loyalty additions |
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Fund booster |
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Portfolio strategies | Under the Future Wealth Gain plan, policyholders can choose from two portfolio strategies which are (i) Investor selectable Portfolio Strategy, and (ii) Wheel of Life Portfolio Strategy. One of these strategies can be chosen at the time of policy inception or even on a later policy anniversary |
Fund switching |
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Premium appointment |
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Change portfolio strategy |
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Change in premium payment frequency | Policyholders can change the frequency of premium payment at any time, regardless of whether it is regular or limited; change in premium payment frequency will be done subject to conditions |
Top-up premiums |
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Partial withdrawal |
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Settlement option | Policyholders can choose to get their maturity benefit in instalments using the settlement option. The benefit will be paid for a period of 5 years on a monthly, quarterly, semi-annual, or annual basis. |
Tax benefits | Policyholders can avail tax benefits on the premiums paid towards the policy, as well as the death benefit, maturity benefit, and surrender benefit as per the provisions of Income Tax Act |
Grace period | Policyholders will be allowed a grace period of 30 days to pay any due annual premiums; for policies with a monthly premium payment mode a grace period of 15 days will be permitted |
Free look period | For reviewing the terms and conditions of the policy, a free look period of 15 days will be granted. For those who have obtained their policy via distance marketing channels, a free look period of 30 days will be granted. |
Assignment | Assignment facility is permitted as per Section 38 of the Insurance Act, 1938 |
Nomination | Nomination facility is provided as per Section 39 of the Insurance Act, 1938 |
About Bajaj Allianz Life Insurance
Established in 2001, Bajaj Allianz is a joint venture between India's Bajaj Finserv Limited and Allianz SE, a Europe-based financial services company. As one of the leading insurance providers in the Indian insurance space, Bajaj Allianz works with the aim of providing people with affordable and efficient insurance products.
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