Investment Plans 454 views October 27, 2021

Bajaj Allianz Unit Gain Easy Pension Plus Policy is a regular premium paying unit-linked deferred annuity plan where the premiums can be allocated among equity, debt and balanced funds. Equity funds are for the ones who want high returns and can take high investment risks of equities. Whereas debt funds can ensure conservative returns by investing in debt instruments. Such investments mostly suit investors with a low-risk appetite. Balance funds, as the name suggests, help strike a balance by investing in both equities and debts. Plus, you’ll get a life cover, so your family stays financially protected in case of your absence. The key features of this Bajaj Allianz Life Insurance Plan are as follows –

  • Death Benefit
  • Vesting Benefit
  • Five Fund Options

Let’s learn more about the benefits of Bajaj Allianz Unit Gain Easy Pension Plus on the page below.

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Bajaj Allianz Unit Gain Easy Pension Plus Payable Benefits

You or your spouse shall get the following benefits under the Bajaj Allianz Unit Gain Easy Pension Plus Plan.

Payouts Upon Death

The spouse shall receive the account value at the prevailing rate as defined on the valuation date, provided the insurer has received the intimation of death. And if the age of your spouse is above 45 years, he/she can receive a part of the account value in a lump sum as on the valuation date following the intimation of death received by the company. The balance amount will go on to purchase an immediate annuity from the insurance company or any other institution in the open market as chosen by the spouse.

Upon the Westing of the Policy

On the vesting date, you’ll receive the account value as on the valuation date, and it will be utilized to purchase an immediate annuity for the life assured from the company or any other institution in the open market as chosen by you. You can choose to have a maximum of 1/3rd of the account value in a lump sum up as on the valuation date. And the balance amount will be utilized to purchase an immediate annuity. You can exercise this option six months before the vesting date.

Note – If the immediate annuity is purchased from Bajaj Allianz Life Insurance Company, the account value shall increase by 2%.

The minimum annuity payout shall be INR 1,000 irrespective of the mode of payment. You can receive the annuity payout at any of the following intervals-

  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly

If the annuity installment of your chosen mode of payment is below INR 1,000, it will convert into a lower frequency where the installment is more than or equal to INR 1000. And if the yearly installment is still less than INR 1,000 after such conversion, the corresponding account value as on the valuation date shall go on to purchase an immediate annuity from any other institution in the open market as chosen by you. Or you will get the account value in a lump sum, if permissible, subject to prevailing tax laws.

Note – A valuation date is a date when the assets of the funds are valued. And this will be determined by the insurance company.

Bajaj Allianz Unit Gain Easy Pension Plus Premium Payment Options

The premium payment term is regular pay in this unit-linked plan, so the premiums are payable till the end of the policy term. You have an option to change the premium payment mode by giving written notice to the company. The insurer provides you the following premium payment frequencies –

  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly

The monthly premiums are allowed under the salary deduction schemes only. You have the option to pay an additional premium, and it would be treated as a single premium top-up. If the premium is due before the payment of two full years premium including top-up, the policy shall lapse. However, if the regular premium plus top-up premium is paid within the first two years, the policy shall acquire a surrender value.

Note – You can increase the regular premium amount at any time, and it will be allocated to your chosen funds at regular premium allocation rates.

Bajaj Allianz Unit Gain Easy Pension Plus Fund Options

You can invest your premium amount in any of the following funds –

Equity Index Fund

The objective of this fund is to give you capital appreciation through investments in equities. The investments shall be done to the extent possible to underlie the NIFTY index of the National Stock Exchange. Check out the indicative portfolio allocation – Equity not below 85% Cash or Debt not more than 15% of the paid premium.

Equity Plus Fund

Same as the above, this fund provides capital appreciation through investment in select stocks (high capital appreciation). Here, 85% of the paid premium is invested in equities and up to 15% in debt instruments.

Debt Plus Fund

Get regular income through this fund, as it invests in high-quality fixed income securities such as – G-Secs, and corporate debt rates AA and above. 100% of the paid premium is allocated to debt and money market instruments.

Cash Plus Fund

Under this fund, you’ll get guaranteed capital through investments in liquid money markets and short-term instruments – Commercial Papers, Certificate of Deposits, Money Market Mutual Funds, Bank FDs, etc. 100% of the paid premium is allocated in money market instruments.

Balanced Plus Fund

Balanced Plus Fund is a fund of funds wherein the investment is done to provide a balance between long-term capital appreciation and current income. The investment is done between Equity Index Fund and Debt Plus Fund. 30% to 50% of the investments are allocated to Units of Equity Index Fund and 50% and 70% are in units of Debt Plus Fund. The nominal value of the units is INR 10 for each and they are allocated to the policy depending on the amount of paid premium. The allocation rate is shown below.

Year of Premium PaymentAllocation Percentage
1st80%
2nd98%

Such allocations may be made up to 1/10,000th of a unit or such other fraction as decided by the company.

Note – Top-ups are allocated at 98% of the paid premium.

Bajaj Allianz Unit Gain Easy Pension Plus Claim Procedure

Bajaj Allianz Life Insurance Company shall require the following documents before paying the death or maturity benefit –

  • Original insurance policy
  • Claimant’s statement
  • Death certificate issued by the local medical authority (for a death claim)
  • Any other relevant documents or information required by the company

Free Look Period

You will have a 15-day free look period from the date of receipt of the policy document to review the terms and conditions. And if you have any disagreement, return the policy stating the reason for it. After that, the company shall refund an amount that would be the lower of –

  • Paid Premium – Costs of issuing the policy and documents (including but not limited to stamp fee charges)
  • Value of Units – Costs of issuing the policy and documents (including but not limited to stamp fee charges)

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