To sustain in today's cut-throat world, it is imperative to maintain a robust financial shield. One can efficiently accomplish this with the help of regularly done investments. If you have made up your mind to secure your future by investing, then opting for a Unit Linked Insurance Plan (ULIP) will evolve into an incredible choice. It is a distinctive investment tool that strives to offer extra protection for life insurance. By recurring investments and market-linked returns, ULIPs permit you to devise wealth for your long-term goals such as life post-retirement, your child's higher education, and so forth.
At present, many reliable companies work to offer ULIPs to help customers fulfill their goals without suffering from financial burdens. One of the dependable plans is Bajaj Allianz Future Gain. It is a Unit Linked Insurance plan that is fabricated to boost wealth by investing in the capital market and delivering life insurance coverage.
Fundamental Attributes of Bajaj Allianz Future Gain - Key
It can be defined as a ULIP plan that sustains the varied options of Regular and Limited Pay premium payment
Portfolio Strategies: Investor Selectable Portfolio Strategy and Wheel Of life
Selectable Portfolio Strategies: If the investor wishes to allot his premiums after assessing all the requirements, he/she can choose this strategy to select one out of the seven funds to satisfy his requirements
Wheel of Life Portfolio Strategy: All the premiums issued are invested into 5 funds except Pure Stock Fund and Asset Allocator Fund II in a predefined ratio. This ratio varies as policy term moves towards maturity, largely the funds are headed to Bond Fund and Liquid Fund to safeguard the returns against market volatility
Investment Portfolio Strategy?
When it comes to this Investment Portfolio Strategy, the policyholder becomes eligible to distribute his premiums as per his choice and requirements and can decide to invest amongst the 7 funds that are cited below:
- Equity Growth Fund II
- Bond Fund
- Liquid Fund
- Accelerator Mid-Cap Fund II
- Asset Allocation Fund II
- BlueChip Equity Fund
- Pure Stock Fund
Advantages of Bajaj Allianz Future Gain
Maturity Benefits: During Maturity, the insured shall receive the Regular Premium Fund Value along with top-up Fund Value. The insured can decide to acquire the maturity value in instalments over 5 years via the Settlement Option
Death Benefits: On the demise of the insured, his legatees shall acquire a higher of Sum Assured + (Top-Up Sum Assured - Partial Withdrawals) Or, the Fund Value incorporating the top-up Fund Value
Guaranteed Death Benefit shall be 105% of all premiums disbursed till the date of the policyholder's demise
Tax Benefits: Under Section 80C and 10(10D) of the Income Tax Act, all premiums disbursed and claims acquired are eligible for tax deductions
Policy Details of Bajaj Allianz Future Gain
Grace Period: If the insured is unable to pay his insurance premium by the due date, then a grace period of 15 days is permitted for the monthly premium payment mode, and a grace period of 30 days is assigned for an annual mode of premium payment. Nevertheless, if the insured is unable to pay even within the grace period then his policy shall lapse afterward.
Policy Termination or Surrender Benefit: During the completion of 5 years with the plan, a surrender value gets stimulated. If the insured relinquishes his plan after concluding 5 years with the plan, then he will get the total Fund Value without bearing any additional charges. And, if the insured surrenders his plan before the completion of 5 years with his plan then the Fund Value after making pertinent deductions of discontinuation charges is credited to the Linked Discontinued Policy Fund. The Fund Value shall witness an annual development of 4% p.a which will be delivered to the policyholder after the completion of 5 years with the plan without sustaining any other form of charges.
Free Look Period: In case the plan fails to impress the insurer, then the insured can return his plan within 15 of obtaining the policy documents, but the condition is that no claims have been made yet.
Partial withdrawals: After the completion of 5 plan years, the insured gets the authority to make partial withdrawals against his unit with a minimum value of Rs.5,000
Free Switches: Every year switching between funds is permitted without paying even a penny in the Investor Selectable portfolio strategy.
Switchable Portfolio strategies
Top-up premiums can be disbursed whenever a policyholder wants to improve the fund value with a minimum of Rs.5000
The corresponding Top-Up Sum Assured shall be 1.25 times of Top-Up Premium for Entry Age<45 yrs. or 1.10 times for Entry Age >=45 yrs.
Supplementary Features or Riders
Insured is allowed to relish the rider covers additional top-up covers with the base plan:
- Accidental Death Rider
- Accidental Permanent Total/ Partial Disability Rider
- Critical Illness Rider
- Waiver of Premium Rider
- Family Income Benefit Rider
Suicide: If the insured commits suicide and passes away within 12 months of the plan's commencement or renewal then the nominees will get the fund value on death.
Let's discuss the documents which are needed to be insured under Bajaj Allianz Future Gain Plan:
- Duly filled Application form/Proposal form
- Address Proof
- Age Proof
- Other KYC documents such as PAN Card, Adhaar Card, Tax Details, and more
- Medical History
Benefits that Comes with Bajaj Allianz Future Gain
- Maturity Benefits: During maturity, the policyholder shall acquire the Regular Premium Fund Value that comprises the Top-up Premium Fund Value. A policyholder gets liberty to avail themselves of the maturity value in installments payable monthly, quarterly, half-yearly, or yearly spread over a period of 5 years via the Settlement Option.
- Death Benefits: After the demise of the insured, his beneficiaries shall get the higher of the following sums:
- Sum Assured + (Top-Up Sum Assured - Partial Withdrawals during 2 years instantly before the date of death of the Life Assured)
- Or the Fund Value encompassing the top-up Fund Value.
- Guaranteed Death Benefit shall be 105% of all premiums disbursed up to the date of death.
- Tax Benefits: under Section 80C and 10(10D) of the Income Tax Act, all premiums disbursed and claims acquired are suitable for tax deductions
- Maximum Premium Allocation is performed in the investment portfolio after deducting the mandated low Premium Allocation Charges.
- Limitless Free Switches among the investment portfolio are presented to the investors, boosting their benefits after assessing their risk appetite.