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Investment Plans 896 views March 4, 2021
Bajaj Allianz Fortune Gain could be one of the best options for individuals looking to utilize the bonus or additional investable funds they’ve got in their hands. Simply put, if you want to make the most of equity markets with a one-time investment along with a life cover, this plan from Bajaj Allianz could be the right fit for you! It is a Single premium Unit-linked Investment Plan (ULIP) that can help you stay invested in market-linked funds for a long period. Do remember that this linked insurance plan does not provide any liquidity in the initial five years of your policy, and the investment risk will be totally for you to bear. Before going any further, let’s look at the striking features that make it so popular among customers.
Want to know these features of Bajaj Allianz Fortune Gain in detail? Here, we will be doing the same along with its other necessary aspects such as the policy term, premium amount, eligibility criteria, etc. So, let’s start!
Table of Contents
In the case of Bajaj Allianz Fortune Gain, individuals can choose the policy term from 7-30 years.
Before choosing Bajaj Allianz Fortune Gain, you should know the minimum single premium amount payable. Well, you can start with as low as INR 50,000, while there is no defined maximum limit.
For the Bajaj Allianz Fortune Gain, the minimum sum assured can be 1.25 times your single premium amount. On the other hand, the maximum sum assured will depend on the policy term and the age at the time of entering into the policy. Also, the minimum and maximum sum assured on the top-up premium will be 1.25 times your top-up premium.
Bajaj Allianz Fortune Gain is a non-participating, life, individual, single premium ULIP plan that can grow your money substantially over a period. Here, we will explain all the striking features of this plan so that you can know it even better. Do check!
One of the best things about the Bajaj Allianz Fortune Gain is that you can choose to invest your money from seven funds depending on your financial goals and risk appetite. Also, you can switch between these investment options without any fees. You can check these seven investment fund options below.
At maturity, you will be eligible for loyalty additions that will be a percentage of the single premium. It will be added to your single premium fund value at maturity. To know more, check the below table.
Policy Term | Single Premium | |
---|---|---|
INR 50,000 - 99,999 | INR 1,00,000 and above | |
7 to 9 years | Nil | Nil |
10 to 30 years | Nil | 3% |
You can use the partial withdrawal facility any time after the 5th policy year without paying additional charges. However, the minimum amount of partial withdrawal should be INR 5,000, while the maximum amount at any time is 10% of the single premium paid. Also, the single premium fund value should not reduce below 1/5th of the single premium after a partial withdrawal. Please note that you can do a maximum of 2 partial withdrawals in one policy year.
If you are looking to enhance your overall protection, you can choose optional rider benefits to ensure the same. These rider options are as follows-
Bajaj Allianz Fortune Gain provides policyholders the maturity benefits at the end of their policy term, provided the plan is in force. This benefit will be the single premium fund value plus top-up premium fund value (if any) as on the maturity date.
In case the policyholder dies during the policy term, Bajaj Allianz Fortune Gain will provide a lump sum benefit to the nominee or beneficiary. This amount will be as follows –
If you want to reduce your single premium sum assured for the policy, you can do it after the first policy year. Do remember that it can be done on any monthly due date.
Policyholders can also enjoy tax benefits on the premium paid towards the policy and different benefits (maturity, death and surrender value) received under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.
Check below the eligibility conditions related to the Bajaj Allianz Fortune Gain.