By Apoorva Mandhani
Combining protection and growth, along with the flexibility of investing in a range of fund options, is as lucrative as it gets. Bajaj Allianz Life Insurance is bringing just that, with their Bajaj Allianz Life Future Wealth Gain – a non-participating, individual, unit-linked regular/limited premium payment endowment plan with two variants, Wealth Plus and Wealth Plus Care. The plan claims to provide the cushion of security and growth to meet future financial goals, by allowing the flexibility of investing in a wide range of options.
Bajaj Allianz Life Future Wealth Gain: Product features
The policy is open to people up to 60 years of age, in case of Wealth Plus plan, and is eligible for maturity from 18 to 75 years. This variant comes with additional rider benefits such as accidental death benefit rider, accidental permanent total/partial disability benefit rider and waiver of premium benefit rider. For the Wealth Plus Care plan, the minimum age for entry is 18 years and the maximum age is 53 years. It is eligible for maturity from 28 to 70 years. This variant provides benefit of accelerated cancer cover, combined with the income benefit and similar riders.
Moreover, policyholders have the flexibility to switch between two investment portfolio strategies according to their risk appetite and investment decisions, by giving a written notice to the Company thirty days in advance. While unlimited number of such switches can be made during the policy term, the minimum switching amount is Rs. 5,000 or the value of units in the fund to be switched from, whichever is lower. The Company makes the switch by redeeming units from the fund to be switched from and allocating new units in the fund being switched to, at their respective price.
Bajaj Allianz Life Insurance allows policyholders to receive the maturity benefit in installments which are payable yearly, half yearly, quarterly or monthly, spread over a maximum period of 5 years. This facility is provided on deduction of only the fund management charges during the period of settlement. The first installment of the maturity benefit will be payable on the date of maturity of the policy, and the policyholder will have the option to withdraw the Fund Value completely, anytime during the period of settlement. Besides, in case of the policyholders demise during the period of settlement, the Fund Value as on the date of intimation of death shall be paid to the Claimant and the policy will terminate.
Rewards for staying longer
Bajaj Allianz Life Insurance rewards policyholders for staying longer, with its Loyalty Additions at intervals of every 5 years from the 10th policy year onwards. The Guaranteed Loyalty Additions provide policyholders with higher returns, as they provide 90% of one years premium for a policy term of 25 years. Moreover, in case the premium(s) are unpaid and the policy is revived during the revival period by paying all due premiums, the Loyalty Additions due-but-not-allotted during the period the Policy was in discontinuance will be added to the fund on the date of revival.
Further, to enhance Fund Value, Bajaj Allianz Life Future Wealth Gain also offers Fund Boosters that will be added to the regular premiums on maturity when all premiums have been paid up to date and the policy is in-force. Fund Booster returns are as high as 90% of one years premium if the policy term and premium payment term is more than 15 years.
| Fund Booster (% of one Annualized Premium) for Policy Term | Premium Payment Term | |||
| 5 Years | 7 Years | 10 Years | 15 Years | |
| 10 Years | 5% | 7% | 10% | NA |
| 15 Years & Above | 30% | 42% | 60% | 90% |
With the new plan aiding in fortifying the brands overall product offerings and, therefore, helping the buyers to chart their financial planning in a worry-free manner, Bajaj Allianz Life Insurance has yet again stayed true to its motto of helping its customers #JiyoBefikar (live worry-free) and #InvestBefikar.
Photo by Austin Schmid on Unsplash
References:
b) https://www.bajajallianzlife.com/ulip/future-wealth-gain.jsp
c) https://www.bajajallianzlife.com/pdf/ulip/future-wealth-gain.pdf