Investment Plans 1523 views December 9, 2020

Bajaj Allianz Future Gain Plan is a Non-Participating, Life, Individual, Regular & Limited premium Unit-Linked Endowment Plan that provides life cover to you along with a choice of two investment portfolio strategies across the option of seven funds. Under this, you have an option to take Death and Maturity Benefit in installments. You can top-up premium, reduce the regular premium, or change the premium payment frequency as per your choice during the policy term of this investment plan from Bajaj Allianz. And you will also have an option to make withdrawals from the funds. Read this page and know more details of this life cum investment plan.


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Bajaj Allianz Future Gain Plan Maturity Benefit

On the policy maturity date, the Life Assured will receive the Regular Premium Fund Value plus Top-up Premium Fund Value if the policy is in force and all due premiums have been paid.

Bajaj Allianz Future Gain Plan Death Benefit

If the Life Assured dies before the maturity date, the nominee will receive a death benefit which is the highest of the Prevailing Sum Assured, Regular Premium Fund Value plus Top-up Premium Sum Assured and Top-up Premium Fund Value (if any). Bajaj Allianz Future Gain Plan Death Benefit is subject to the Guaranteed Death Benefit, which is 105% of the Total Paid Premiums as on the date of death.

The policy Sum Assured or Guaranteed Death Benefit is reduced to the extent of any partial withdrawals from the Regular Premium Fund during two years from the date of death (if made). Whereas, if a partial withdrawal is made from the Top-up Premium Fund, it shall not be deducted from the death benefit.

Bajaj Allianz Future Gain Plan Surrender Benefits

You can surrender your policy any time during the policy term. At the surrender, the following will be payable:

Regular Premium Fund Value – Discontinuance/Surrender Charge + Top-up Premium Fund Value (if any, as on the date of surrender).

The Discontinuance Value at the end of the lock-in period is available to you as Surrender Benefit. And when you surrender the policy after the lock-in period, the Surrender Benefit will be as follows:

Regular Premium Fund Value + Top-up Premium Fund Value (if any, as on the date of surrender).

Once the surrender benefit is paid, the policy shall terminate immediately.

Bajaj Allianz Future Gain Plan Riders

For the extra coverage, you can add the following riders at a minimal cost.

  1. Bajaj Allianz Accidental Death Benefit: In this, an additional sum assured over and above the base sum assured becomes payable if you die in an accident.
  2. Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit: Under this rider, a sum is payable to the Life Assured if he/she suffers from total or partial disability due to an accident.
  3. Bajaj Allianz Critical Illness Benefit: A lump sum amount is provided to you if you are diagnosed with any of the covered critical illnesses.
  4. Bajaj Allianz Family Income Benefit: 1% of the rider sum assured will be paid every month to your family in contingencies like death, critical illness, or permanent total disablement (caused by an accident).
  5. Bajaj Allianz Waiver of Premium Benefit: A waiver of premium is provided under the policy if you don’t pay the premium due to death, critical illness, or permanent total disability (caused by an accident).

Bajaj Allianz Investment Options and Funds

Bajaj Allianz Future Gain Plan is not only a normal life cover but also an investment plan. And under this, you can get two unique portfolio strategies, which you can choose at the policy inception or anniversary:

Investor Selectable Portfolio Strategy

Under this, you can allocate your premiums based on your personal choice and decision. And if you opt for this strategy, you can choose from the following seven funds as per your investment plan.

  1. Equity Growth Fund II
  2. Accelerator Mid-Cap Fund II
  3. Pure Stock Fund
  4. Asset Allocation Fund II
  5. Bluechip Equity Fund
  6. Bond Fund
  7. Liquid Fund

Wheel of Life Portfolio Strategy

If you choose this strategy, you will have a “Years to maturity” based portfolio. Under this, your Regular, Limited, and Top-up Premium net allocation charge is allocated in various funds. For instance, Bluechip Equity Fund, Equity Growth Fund II, Accelerator Mid-Cap Fund II, Bond Fund, and Liquid Fund.

In this each Policy Anniversary, the company will relocate your Fund Value among various funds in the proportion based on your outstanding years to maturity. This ensures a balance between your “years to maturity” and the level of risk attached to your investments, thereby optimizing the returns.

Under this, you will not have the option to switch units or change the premium to various funds. And if you want to switch portfolio strategy, you need to send a written notice to the company 30 days in advance at any policy anniversary.

In the case of partial withdrawal, the withdrawal units from each fund will be balanced to the same proportion. Under this, you will not have the freedom to opt for the fund from which the partial withdrawal of units is done.

Top-up Premium

Make a lump sum investment under the policy any time except during the last five policy years. This Top-up premium will be over and above the Regular or Limited Premiums payable, provided all due Premiums have been paid full till that date. Top-up Premiums are treated as a Single Premium and the minimum amount is INR 5,000.

The Top-Up Premium amount will decide your Top-Up Sum Assured on your life which will be 1.25X Top-Up Paid Premium. While claiming, the total Top-up Paid Premiums shall not exceed the total of Regular or Limited Paid Premiums. A Top-Up Premium has a lock-in period of five years, except for complete surrender. And the company reserves the right to disallow Top-Up Premium based on the board approved underwriting guidelines.

Bajaj Allianz Future Gain Plan Partial Withdrawal

In this unique life cum investment plan, the Life Assured can make partial withdrawals anytime after the 5th policy year subject to meeting the following conditions:

  1. The minimum withdrawal amount is INR 5,000
  2. The policy Regular Premium Fund Value shouldn’t have fallen below 3 times the prevailing Annualized Premium post the partial withdrawal.
  3. The amount will be paid to you by canceling the Units at the prevailing Unit Price
  4. All partial withdrawals are first made from eligible Top-up Premium Fund Value if any, on a First in First out (FIFO) basis. And when the Top-up Premium Fund Value is exhausted, the partial withdrawals will be made from the Regular Premium Fund Value.
  5. Every payment of Top-up Premium have a lock-in period of 5 years for partial withdrawals
  6. A maximum limit of partial withdrawal is 10% of the total paid premiums as on the date of withdrawal request
  7. Maximum 2 partial withdrawals can be made in a policy year
  8. Throughout the policy term, the withdrawal amount cannot exceed 50% of the total paid premiums
  9. The time interval between 2 partial withdrawals should not be less than 3 months
  10. Your partial withdrawal request shall be disallowed if it results in the termination of the policy contract.
  11. For a minor life, the partial withdrawal is allowed when the Life Assured attains the age of 18 years.
  12. If you have a Selectable Portfolio Strategy, you can choose the funds from which you want to make partial withdrawals.
  13. For the Wheel of Life Portfolio Strategy, the partial withdrawal of units from each fund will be done in the same proportion to maintain the balance.

Bajaj Allianz Life Insurance Company Limited can change the following after getting the approval from the IRDAI by giving you a 3-month advance notice:

  1. Minimum and Maximum value of Units to be withdrawn
  2. The maximum number of withdrawals allowed during a policy year
  3. The maximum amount of total withdrawal allowed during the policy term
  4. The time gap between two withdrawals
  5. The minimum balance value of Units to be maintained after partial withdrawals

Bajaj Allianz Future Gain Premium Apportionment

Under the Bajaj Allianz Future Gain plan, the premium allotment is done as per the following conditions:

  1. You can invest fully in any one fund or allocate your premiums into various funds in a proportion that suits your investment plan. For this, the premium apportionment to any fund must be at least 5% (available under Selectable Portfolio Strategy)
  2. The company has the right to revise the minimum apportionment by giving you a written notice of not less than three months after obtaining clearance from the IRDAI.
  3. You can change the proportion of premium to the invested funds anytime
  4. You can’t choose the premium proportion under the Wheel of Life Portfolio Strategy. It will be as per the Wheel of Life Portfolio Strategy table. And few miscellaneous charges are applicable for a change in premium apportionment

Bajaj Allianz Future Gain Fund Switching

The Life Assured has the flexibility to switch units between his/her investment funds according to the risk appetite and investment plan. As per the terms and conditions of the company, one can make unlimited free switches. And the minimum switching amount is INR 5,000 or the value of units in the fund (whichever is less). Here, the company may affect 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 unit price.

Bajaj Allianz Regular and Limited Premium Reduction

You can reduce the prevailing Regular or Limited Premium of the Bajaj Allianz Future Gain plan after the first five policy years. This can be up to 50% of the Regular or Limited payable premium. And once the policy is reduced, the same cannot be increased.

When you get a receipt of the reduced premium, the prevailing Sum Assured under the policy will be corresponding to it. And if you have any riders, the rider sum assured will also be adjusted.

Free Look Period

You have 15 days from the date of policy receipt to review the terms and return the same if dissatisfied, stating your reason, and 30 days in the case of distance marketing mode. And if no claim has been made, on cancellation, you will get a refund comprising the Premium Allocation Charge, a cancellation charge of Units, Regular Premium Fund Value minus the proportionate risk premium, incurred medical expenses, and stamp duty charges.

Tax Benefits

The premium, Maturity Benefit, Death Benefit, and Surrender Value are eligible for Tax benefits as per the Income Tax Act.

Important Information about Bajaj Allianz Future Gain Plan

  1. Entry Age: 1-60 years
  2. Maturity Age: 18-70 years
  3. Policy Term: 10-30 years
  4. Premium Payment Term: 5-30 years
  5. Premium Payment Mode: Yearly, Half-yearly, Quarterly, and Monthly

Note- Age is calculated as per the age on last birthday.

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