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Investment Plans 407 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.
Table of Contents
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.
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.
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.
For the extra coverage, you can add the following riders at a minimal cost.
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:
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.
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.
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.
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:
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:
Under the Bajaj Allianz Future Gain plan, the premium allotment is done as per the following conditions:
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.
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.
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.
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
Note- Age is calculated as per the age on last birthday.
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