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  • Bajaj Allianz Life Future Wealth Gain

    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
    • Age<45 years – Greater of 10x the Annualized premium or 0.5 x Annualized premium x policy term
    • Age>=45 years - Greater of 10x the Annualized premium or 0.25 x Annualized premium x policy term
    Max. sum assured  
    Age Multiplier
    0-25 years 40
    26-35 years 30
    36-40 years 20
    41-44 years 10
    45 years + Greater of 0.25 x Annualized premium x policy term OR 10x Annualized premium

    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
    • For a policy term/premium payment term of 10/5 years, the maximum entry age must not exceed 53 years.
    • For other policy term/premium payment term combinations, the maximum entry age must not exceed 55 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 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
    • Age<45 years – 0.5 x Annualized premium x policy term OR 10x the Annualized premium, whichever is greater
    • Age>=45 years - 0.25 x Annualized premium x policy term OR 10x the Annualized premium; whichever is greater
    Max. sum assured
    • Age<45 years – 0.5 x Annualized premium x policy term OR 10x the Annualized premium, whichever is greater
    • Age>=45 years - 0.25 x Annualized premium x policy term OR 10x the Annualized premium; whichever is greater
    • Maximum sum assured will not exceed Rs.1 crore, incl. the top-up sum assured
    Top-up sum assured
    • For age under 45 years - 125% of top—up premium
    • For age greater than or equal to 45 years – 110% of top-up premium

    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
    • Loyalty additions, which are a set percentage of the annualized premium, will be payable from the 10th policy year onwards at an interval of every 5 policy years;
    • Amount of loyalty additions will increase every 5 years; Subject to payment of all due premiums
    Fund booster
    • Fund Boosters are a percentage of one annualized premium which are added to the Regular Premium Fund Value which is paid at the time of plan maturity.
    • This will be applicable only if all due policy premiums have been paid
    • No Fund Booster will be offered on top-up premium paid or on paid-up/lapsed/discontinued policies
    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
    • The option of fund switching is only available under the Investor Selectable Portfolio Strategy
    • Policyholders can switch units among different funds depending on their risk appetite and after providing the insurer with a written notice about the same
    • There is no restriction on the number of fund switches one can make within the policy term
    • The min. fund switching amount will be the lower of (i) Rs.5,000, or (ii) Value of units in the fund being excited
    Premium appointment
    • The facility of premium appointment is only available with the Investor Selectable Portfolio Strategy
    • The min. premium appointment to a fund must not be below 5%
    • Policyholders can alter the percentage of regular premium and top up premium to be invested into a fund at any time
    Change portfolio strategy
    • Policyholders have the liberty to switch between the two portfolio strategies at any policy anniversary
    • Change in portfolio strategy will be applicable only after a prior 30-day written notice has been submitted to the insurer about the same
    • When switching from Wheel of Life Portfolio Strategy to the Investor Selectable Portfolio Strategy, the new premium paid and existing funds shall be re-directed to a fund of the policyholder’s choice
    • When switching from Investor Selectable Portfolio Strategy to the Wheel of Life Portfolio Strategy, the new premium paid and existing funds shall be assigned on the basis of ‘Years to maturity’
    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
    • Policyholders will be allowed to pay top-up premiums over their limited/regular premiums for the purpose of making lump sum investments during the policy tenure.
    • Top-up premiums cannot be paid at any time during the concluding 5 policy years due premiums have been paid.
    • The min. amount of a top-up premium must not be below Rs.5,000
    Partial withdrawal
    • Policyholders can make partial withdrawals from the policy only after the 5th policy year
    • Partial withdrawal must be made for an amount not below Rs.5,000
    • In case of a minor, the partial withdrawal cannot be made till the minor attains majority (is 18 years of age)
    • Maximum partial withdrawal amount, incl. top-up premiums paid, must not exceed 10% of the total premiums paid
    • Within a policy year, only 2 partial withdrawals can be made
    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.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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