Investment Plans 105 views October 25, 2021

Bajaj Allianz Family Assure II is a regular premium unit-linked endowment plan (ULIP) wherein you’ll get the investment benefits and a life cover. Under this ULIP, the Bajaj Allianz Life Insurance offers you the following benefits –

  • Death Benefit
  • Maturity Benefit
  • Loyalty Units
  • Surrender Benefit
  • Partial withdrawal
  • Seven fund options

Investment

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Read this page below and know more about these and other benefits of the Bajaj Allianz Family Assure II.

Bajaj Allianz Family Assure II Base Benefits

You can get the below benefits under Bajaj Allianz ULIP –

What Benefit is Payable Upon Death During the Term?

On your death before the maturity date, the insurance company shall pay the death benefit to the nominee. If the death happens before the date of commencement of risk, the nominee will receive the regular premium fund value and the top-up fund value (if any) at the prevailing rate Whereas, in case of death on or after the date of commencement of risk and before attaining the age 60 years, the nominee will receive higher of –

  • Sum Assured – Regular Premium Fund Value (if partial withdrawal made 24 months before the date of death)
  • Regular Premium Fund Value as on the date of receipt of death intimation

Plus, the nominee will receive the higher of –

  • Top-Up Sum Assured – Top-Up Premium Fund Value (if partial withdrawal made 24 months before the date of death)
  • Top-Up Premium Fund Value at the prevailing rate

If your death happens on or after attaining the age of 60 years, your nominee will receive the higher of –

  • Sum Assured – Regular Premium Fund Value (if partial withdrawal made within 24 months before attaining the age of 60 years and all subsequent withdrawals of regular premium units)
  • Regular Premium Fund Value at the prevailing rate

Plus, the company pays higher of –

  • Top-Up Sum Assured – Top-Up Premium Fund Value (if partial withdrawals made within 24 months before the age of 60 years and all subsequent withdrawals of top-up premium units)
  • Top-Up Premium Fund Value at the prevailing rate

Note – In case the policy has lapsed, the regular premium fund value and the top-up premium fund value (if any) shall be payable to the nominee on the intimation of death.

Maturity Benefit Payable at the End of Term

If the life assured is alive on the maturity date, the regular premium fund value and the top-up premium fund value (if any) shall be payable to you.

Loyalty Units Incurred During the Policy Term

If all premiums are paid and the policy is in force, the company shall allocate loyalty units to the main account at the end of the 11th year. And thereafter at the end of each year, loyalty units equal to 0.35% of the regular premium fund value shall be added at the prevailing unit price.

Note – If the premiums are due, no loyalty units shall be available for that policy year. However, if the policy is revived subsequently after the payment of all due premiums, the allocation of loyalty units will start from the anniversary year following the date of revival. No loyalty units are available for top-up premium fund value.

What is the Surrender Value You’ll Receive?

This Bajaj Allianz ULIP acquires a surrender value after three years from the date of commencement of risk. The payable surrender value is equal to the regular premium fund Value less the surrender charge plus the top-up fund value (if any) at the prevailing rate. After the payment of this benefit, the policy shall stand terminated.

Bajaj Allianz Family Assure II Fund Options

You can invest your premium in the following funds –

  • Accelerator Mid Cap Fund II
  • Equity Growth Fund II
  • Pure Stock Fund
  • Asset Allocation Fund
  • Equity Index Fund II
  • Bond Fund
  • Liquid Fund

How & When to Make a Partial Withdrawal?

You can do partial withdrawals of units after the completion of three policy years, provided all premiums are paid. To get this benefit, you need to send a written notice to the company specifying the amount to be withdrawn and the fund from which you want to withdraw. The minimum amount of withdrawal is INR 5,000 and the remaining balance should not be below 5X the first year annual premium.

The partial withdrawal is subject to the following conditions –

  • Your age should not be less than 18 years at the time of partial withdrawal
  • The withdrawal of units from each fund will be done in the same proportion as the value of units held in the funds as on the date of withdrawal. This withdrawal norm applies to the Wheel of Life Portfolio Strategy.
  • Each payment of top-up premium shall have a lock-in period of three years except for the ones paid within the last three years of the policy term.
  • You can make partial withdrawals from eligible top-up units (if any).
  • After the exhaustion of top-up premium units, further withdrawals will be made from the regular premiums units.
  • The insurance company may change the minimum value of units to be withdrawn and the minimum balance of the value of units after getting approval from the Insurance Regulatory and Development Authority of India (IRDAI).
  • No charge applies to partial withdrawals

Free Look Period

You can return the policy after reading its terms and conditions within 15 days of the receipt of the policy document on finding it unsuitable. Just a reason for dissatisfaction in writing and you are done! For cancellation during the free look period, you need to send a written notice of cancellation to the company along with the policy document. Upon cancellation, you’ll receive a refund comprising the first regular premium plus a top-up premium (if any) after the deduction of the proportionate risk premium for the period on cover and the expenses incurred on medical examination and stamp duty charges.

Note – The refund amount shall reduce or increase based on the regular premium fund value and top-up premium fund value (if any).

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