Investment Plans 137 views July 16, 2021

Bajaj Allianz Life Future Wealth Gain Plan

Bajaj Allianz Life Future Wealth Gain Plan can help individuals fulfill their different financial goals. This plan from Bajaj Allianz Life allows you to choose between multiple investment options according to your future goals. You can check the key advantages and features of this plan mentioned below before we move to the next section.

  1. Option to Choose from Two Plan Variants
  2. Higher Life Insurance Cover
  3. Flexible Investment Portfolio Strategies
  4. Multiple Policy & Premium Payment Term Options
  5. Option to Receive Death & Maturity Benefit in Installments
  6. Option to Enhance Fund Value at Maturity
  7. Multiple Premium Payment Frequency Options
  8. Option to Reduce Regular Premium
  9. Additional Rider Options
  10. Partial Withdrawal Facility
  11. A Grace Period of 15 or 30 Days
  12. Tax Benefits under Income Tax Act, 1961
  13. A 15 or 30-day Free Look Period

Read through this page to understand these features of the Bajaj Allianz Life Future Wealth Gain plan.

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Let’s Understand the Features and Benefits of Bajaj Allianz Life Future Wealth Gain Plan in Detail

Bajaj Allianz Life Future Wealth Gain Plan is a non-participating, individual, life, unit-linked regular/limited premium payment endowment plan. You can enjoy the dual benefit of protection and growth of your investment with this plan.

We have talked about the several features and benefits of this plan below. Do check.

Option to Choose from Two Plan Options

Under the Bajaj Allianz Life Future Wealth Gain Plan, you can choose from two plan options according to your investment needs – Wealth Plus and Wealth Plus Care.

What is the Policy and Premium Payment Term?

Under the two plan variants, you can choose from multiple policy & premium payment term options according to your convenience. To know more, check the below table.

Plan OptionsPolicy Term (In Years)Premium Payment Term (In Years)
Wealth Plus & Wealth Plus Care105, 7 or 10
15 - 255, 7, 10 or 15

What is the Minimum and Maximum Sum Assured?

Please check the below table to know the minimum and maximum sum assured for the Wealth Plus and Wealth Plus Care plan options.

Plan OptionMinimum Sum Assured (In INR)Maximum Sum Assured (In INR)
Wealth Plus7 times the Annualized PremiumDepends on the Age of the Policyholder and Multiplier

Multiplier for different age groups is shown below

0-25 years - 40
26-35 years - 30
36-40 years - 20
41- 44 years - 15
45 and above - 10
Wealth Plus Care7 times the Annualized Premium10 times the Annualized Premium up to INR 1 crore including top-up sum assured

Maturity Benefit

On the maturity of your policy, you will get the regular premium plus top-up premium fund value.

Death Benefit

If an insured person dies during the policy term and all due premiums have been paid, the policy will pay a death benefit that will be higher of the following amounts.

  1. Regular Premium Prevailing Sum Assured Plus Top-up Sum Assured (If any)
  2. Fund Value as on the date of receipt of intimation of death

Note: The guaranteed death benefit will be 105% of the total premiums paid until the date of death.

Income Benefit for Wealth Plus Care Variant

If the death of the insured person or the first diagnosis of cancer occurs during the premium payment term, the plan will provide an additional income benefit. It will be equal to the total of all the prevailing regular premiums due under the policy after the date of death or diagnosis of cancer. Each installment of the income benefit is equal to one premium amount.

Loyalty Additions

Bajaj Allianz Life also offers loyalty additions to the regular premium fund value. It will be a percentage of the one annualized premium at the end of every 5th policy year starting from the 10th policy year. To know more, check the below table.

At the End of the Policy YearLoyalty Additions (% of One Annualized Premium)
1015
1520
2025
2530

Settlement Option

Under the settlement option, this plan allows policyholders and nominees to get maturity and death benefits, respectively, in installments at one of the following payment frequencies over a maximum of 5 years.

  1. Monthly
  2. Quarterly
  3. Half-yearly
  4. Yearly

The money in the plan will remain invested in the same fund/s and in the same proportion as on the maturity date. Each installment will be equal to the outstanding fund value (on the installment date) divided by the number of outstanding installments.

Additional Rider Benefits

Policyholders can also choose additional riders to enhance their overall coverage. Both plan variants give different rider options to the customers. To know more, check the below table.

Wealth Plus OptionWealth Plus Care Option
Bajaj Allianz ULIP Accidental Death Benefit Rider

Bajaj Allianz ULIP Accidental Permanent Total/Partial Disability Benefit Rider

Bajaj Allianz ULIP Waiver of Premium Benefit Rider
Bajaj Allianz ULIP Accidental Death Benefit Rider

Bajaj Allianz ULIP Accidental Permanent Total/Partial Disability Benefit Rider

Multiple Premium Payment Frequency Options

This plan from Bajaj Allianz offers policyholders several premium payment frequency options – Yearly, Half Yearly, Quarterly & Monthly. You can also change your existing premium payment frequency at any time to the other frequency. You can look at the frequency factors in the below table.

Premium Payment FrequencyFrequency Factor
Yearly1
Half yearly1/2
Quarterly1/4
Monthly1/12

Note: Quarterly & Monthly premium payment frequency will be available under the salary deduction scheme & ECS.

What is the Minimum Premium Amount?

The minimum premium amount depends on the premium payment frequency option. To know more, check the below table.

Plan OptionMinimum Premium Amount (In INR)Maximum Premium Amount (In INR)
Wealth Plus & Wealth Plus CareAnnual - 50,000
Half-yearly - 30,000
Quarterly - 15,000
Monthly - 5,000
Depends on the maximum sum assured

Bajaj Allianz Life Future Wealth Gain Plan Eligibility Criteria

To get the Future Wealth Gain Plus Plan, you will need to fulfill the following conditions.

Eligibility ConditionWealth Plus (In Years)Wealth Plus Care (In Years)
Minimum Age at Entry018
Maximum Age at Entry603 for Policy Term and Premium Payment Term Combination of 10 and 5 years, respectively

55 years for all other combinations

If more than one rider is chosen under the policy, the maximum age at entry shall be restricted to 50 years.
Minimum Age at Maturity1828
Maximum Age at Maturity7570

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