Investment Plans 1046 views November 20, 2021

Bajaj Allianz New UnitGain is a regular premium unit-linked policy that provides a wide range of investment options along with a life cover. With this insurance plan, you can achieve your financial goals along with the security of life cover. The key features of this Bajaj Allianz Life Insurance Plan are as follows –

  • Death Benefit
  • Maturity Benefit
  • Loyalty Units
  • Partial Withdrawal
  • Seven Fund Options

Let’s take a look at the details of these and other features of the Bajaj Allianz New UnitGain.

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Benefits of the Bajaj Allianz New UnitGain Policy

You and the nominee are eligible for the following benefits under Benefit the Bajaj Allianz New UnitGain Policy.

Death Benefit

Your nominee will receive a death benefit in case of your demise before the maturity date. If the death happens before the policy anniversary provided you have attained the age of 7 years, the Regular Premium Fund Value and the Top-Up Premium Fund Value (if any) shall be payable to the nominee as on the date the company receives the death intimation.

Whereas, if you die on or after the policy anniversary provided you have attained the age of 7 years, the higher of the following shall be payable to the nominee.

  • Sum Assured – Units Withdrawn from Regular Premium Account 24 months before the date of death via partial withdrawal
  • Regular Premium Fund Value as on the date the company receives the intimation of death

The above payout is the same for the nominee if you die before the policy anniversary after attaining the age of 60 years.

Plus, the nominee will receive the higher of –

  • Top-Up Sum Assured – Units Withdrawn from Top-Up Premium Account 24 months before the date of death or after attaining the age of 60 years via partial withdrawal
  • Top-Up Premium Fund Value as on the date the company receives the intimation of death

If this life insurance policy lapses, the Regular Premium Fund Value plus the Top-Up Premium Fund Value, if any, as on the date of receipt of death intimation shall be payable to the nominee.

Maturity Benefit

The company shall pay you the Regular Premium Fund Value and the Top Premium Fund Value (if any) at the prevailing rate on the maturity date.

Loyalty Units

You will get loyalty units equal to 5.1% of the annual premium on your respective fund from the 4th policy year onwards till the end of the 13th policy year. This benefit is applicable if all due premiums are paid up to the date of each loyalty unit allocation.

Note – No loyalty units shall be allocated in respect of top-up premium.

Partial Withdrawal

Partial withdrawals of units are allowed after three policy years, provided regular premiums are paid till that date. For this, you need to send a written notice to the company specifying the amount you are withdrawing. And if you have chosen the Investor Selectable Portfolio Strategy, you need to select the fund from which you need to withdraw. Whereas, in the case of the Wheel of Life Portfolio Strategy, the amount is withdrawn from each of your funds in the same proportion as the value of the units held in each.

The minimum amount of withdrawal is INR 5,000, and you need to maintain a balance of Regular Premium Fund Value after the withdrawal i.e, 3X the annual premium (across all funds). If you are minor, partial withdrawals are not allowed until you attain the age of 18 years.

Note – Each top-up premium has a lock-in period of three years for partial withdrawals.

Bajaj Allianz New UnitGain Investment Options

You can choose any one of the following portfolio strategies under Bajaj Allianz New UnitGain Policy.

Investor Selectable Portfolio Strategy

You’ll have the following fund options to invest your money in –

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

Note – The company may add, close, merge, modify or consolidate the above funds after getting approval from the Insurance Regulatory and Development Authority of India (IRDAI).

Wheel of Life Portfolio Strategy

Under this investment strategy, your premium will be allocated after applying the premium allocation rate and reallocated into the various funds at each policy anniversary based on the outstanding years to the maturity date. Check out the table below and see how the relocation takes place during the policy term.

Years till the MaturityEquity Index
Fund II
Equity
Growth Fund
Accelerator MidCap FundTotalBond
Fund
Liquid
Fund
20 and above20503010000
1930502010000
1830502010000
1730502010000
1630502010000
154040159550
1440401090100
134040585150
124040080200
114035075250
104030070300
94025065350
84020060400
74015055450
64010050500
5405040550
4300030600
3200020650

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