Key Benefits of Bajaj Allianz Life Future Gain Insurance
Option to make partial withdrawals from the Funds:
- 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
Choice of Seven (7) funds
In the Investor Selectable Portfolio Strategy, the net premium is invested in a choice of 7 funds. The funds are:
- Equity Growth Fund II
- Accelerator Mid-Cap Fund II
- Pure Stock Fund
- Asset Allocation Fund II
- Bluechip Equity Fund
- Bond Fund
- Liquid Fund
Maximum Premium Allocation
A very low premium allocation charge is deducted from the premiums paid so that the policyholder can enjoy maximum premiums being allocated to the wealth creation portfolio
Option to pay Top-up Premium
- 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
Choice of 2 Investment 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
Option to Alter 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.
Partial Withdrawals
Partial withdrawals are allowed after 5 completed policy years. The minimum amount of withdrawal allowed is 10% while the maximum amount is 10% of the total premiums paid. A maximum of 2 partial withdrawals are allowed in a policy year.
Option to take Death Benefit/Maturity Benefit in Instalments (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.
Option to enhance Coverage with Rider Benefits
There are five riders available with the plan which can be added to the base policy. The riders include:
- Bajaj Allianz ULIP Accidental Death Benefit Rider
- Bajaj Allianz ULIP Accidental Permanent Total/Partial Disability Benefit Rider
- Bajaj Allianz ULIP Critical Illness Benefit Rider
- Bajaj Allianz ULIP Family Income Benefit Rider
- Bajaj Allianz ULIP Waiver of Premium Benefit Rider
Benefits of Future Gain Plan
Maturity Benefit
On maturity, the regular premium Fund Value and any top-up premium Fund Value is paid to the policyholder. The policyholder, if wishes, can also avail the maturity benefit in instalments over a period of 5 years post the date of maturity under the Settlement Option.
Death Benefit
If the insured dies when the plan is in-force, higher of the following would be paid as the death benefit:
- Sum Assured including any top-up premium Sum Assured
- Fund Value as on the date of death including any top-up premium Fund Value
The death benefit should be a minimum of 105% of the total premiums paid till death.
- If the policyholder is below 60 years of age when he dies, the Sum Assured would be net of partial withdrawals made in the last 2 years preceding death. If the policyholder is 60 years and above as on the date of death, partial withdrawals made after attaining 58 years of age would be deducted from the Sum Assured.
Surrender Benefit
- Within the first 5 policy years : The policy has a 5 year lock-in period. If the policy is surrendered within the first 5 years, the regular premium Fund Value and any top-up premium Fund Value would be transferred to the Discontinuance Policy Fund after deducting the Discontinuation charges. The life cover would cease to apply. The money would remain in the Discontinuance Policy Fund till the completion of 5 years and the Fund Management charges would be deducted as and when applicable. If the policyholder dies during this period, the Fund Value as on the date of death would be paid. Otherwise, after the completion of the lock-in period of 5 years, the available Fund Value would be paid
- After 5 years : If the plan is surrendered any time after the completion of 5 years, the available regular premium Fund Value and any top-up premium Fund Value would be paid without deduction of any charges.
- Making the policy paid-up : Paid-up facility is available only if the first 5 years’ premiums have been paid. The benefits payable are reduced if the policy becomes a paid-up policy.
Tax benefitPremiums paid under the plan would be exempt from tax under Section 80C up to a limit of Rs.1.5 lakhs. The death benefit or the maturity benefit received would also be tax exempt under Section 10(10D) of the Income Tax Act.
