Bajaj Allianz Fortune Gain is a non-participating single unit linked single premium endowment plan offered by Bajaj Allianz. It offers up to 99.5% of premium allocation to ensure that your investment is fully utilised. This plan provides benefits for the investment made. It also ensures that the deduction in charges are minimum.
Listed below are the features of Bajaj Allianz Fortune Gain.
- It is a non-participating unit linked single premium endowment plan
- 99.5% premium allocation for single premium of 10 lakh and above
- The plan offers 7 types of funds
- Loyalty Additions of 3% of the single premium depending on the single premium & policy term chosen
- Option to decrease sum assured
- Top ups are allowed in this policy
- The plan offers the option of switching between funds to manage your investments better
- Option to obtain maturity benefit in installments
- Death benefit-A lump sum amount will be paid to the nominee in case of unfortunate death of the insured.
- Maturity benefit- The maturity benefit paid on the maturity date includes the single premium fund value plus top up premium fund value.
- Loyalty addition-The insured will get loyalty additions on the policy for a premium above Rs.10,000 for a policy term between 10 to 30 years.
- Surrender benefit- On surrendering the policy after the lock in period of 5 years, the insured will still avail the single premium fund value plus the top up premium fund value.
- Claw back additions- Non negative additions will be added to single premium fund value in order to meet the maximum reduction in yield criteria.
- Switching option- The fund offers systematic switching option that ensures that you earn the best from your investments.
- Tax benefits- The plan offers tax benefits under section 80C and section 10D under the Income Tax Act.
- Decrease in sum assured- The insured has the option of reducing the single premium sum assured after the first policy year.
- 7 types of funds to choose from:
- Equity growth fund
- Accelerator midcap fund
- Pure stock fund
- Asset Allocation fund
- Blue Chip Equity fund
- Bond fund
- Liquid fund
- Age:Minimum- 1 year Maximum- 63 years
- Maturity age: Minimum- 18 years Maximum- 70 years
- Policy term: 7 to 30 years
- Premium Payment frequency: Single
- Sum assured: 1.25 times single premium if age is less than 45 years times single premium if age is more than 45 years
GST of 18% is applicable on life insurance effective from the 1st of July, 2017