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Bajaj Allianz Life Future Wealth Gain

Bajaj Allianz Life Future Wealth Gain plan is offered by one of the leading insurance providers ‘Bajaj Allianz Life Insurance Company’. The Bajaj Allianz Life Future Wealth Gain plan is introduced by the company to offer policyholders an opportunity to accumulate wealth and fulfil their financial dreams and goals through investing their premiums in the capital Market.

The insurance plan is a unit-linked product that is designed to provide the benefits of insurance coverage and higher returns by investing the premiums in equity or debt investment funds. As this is a unit linked plan, the policyholder will not be able to withdraw the invested corpus during the first 5 years of policy. Let us understand this extraordinary investment opportunity in detail.

Features of Bajaj Allianz Life Future Wealth Gain Plan

The Bajaj Allianz Life Future Wealth Gain Insurance Plan is a non-participating, unit-linked insurance plan offering regular or limited period premium payment options to the investors. The plan is designed to offer dual benefits to the investor namely: insurance coverage and higher returns. The plan offers the following unique features to the policyholder:

  • This plan is a unit linked plan and hence, it offers an opportunity to earn higher returns through investing in equity market. While for investors who wish to play safe, investment can be done in ‘debt’ instruments.

  • The plan is a ULIP endowment plan offering two variants namely: ‘Wealth Plus and ‘Wealth Plus Care’.

  • Bajaj Allianz Life Future Wealth Gain Plan offers an extensive choice of funds to invest your hard-earned money.
  • Bajaj Allianz Life Future Wealth Gain Plan also offers flexibility to the policyholder to choose the frequency for premium payment.
  • This plan provides various options to increase or decrease the frequency for premium payment or the sum assured.
  • The plan offers an option to avail maturity benefit in instalments as per the financial goals of the investor.
  • You can strengthen the benefits of this insurance plan by including riders. The riders will enhance the insurance coverage and offer higher financial protection.
  • For the first 5 policy years, the premiums are locked-in. But once the policy completes 5 policy years, it offers the option to withdraw the corpus partially in case of financial emergency.
  • Loyalty Additions are paid under this policy at each interval of 5 years commencing from 10th policy year.
  • Option to avail fund booster in order to enhance the fund value of the accumulated corpus at time of policy maturity.
  • Under the Wealth Plus Care investor, one can get ‘Accelerated Cancer Cover’ along with Income Benefit.

Benefits of Bajaj Allianz Life Future Wealth Gain Plan

Apart from the above-mentioned features offered by the insurance plan, this policy also offers following benefits to the investors.

  1. The Maturity Benefit of Bajaj Allianz Life Future Wealth Gain Plan : The Maturity Benefit offered under the Bajaj Allianz Future Wealth Gain Plan is paid at the end of tenure of the policy to the policyholder. The maturity benefit to be paid on the maturity date to the policyholder shall consist of the fund value from the regular premium paid along with the fund value of the top-up premium paid. Kindly note that the maturity benefit is payable only if the policy is in-force at the end of the policy term and all due premiums have been paid on time.

  2. The Death Benefit of Bajaj Allianz Life Future Wealth Gain Plan : Death Benefit is payable to the nominee or the beneficiary, if the life insured happens to die within the policy tenure. In the Bajaj Allianz Life Future Wealth Gain Plan, a death benefit is paid in lump sum to the nominee, only if the life insured dies within the policy tenure and the policy is still active. If the policy premiums have not been paid on time, death benefit may or may not be payable. -Death Benefit in this plan is calculated as the higher of:

    • The Sum Assured plus Top-up Sum Assured, if any OR
    • The fund value as on the date of receipt of intimation of death Subject to a minimum of
  • Guaranteed death benefit of 105% of the total premiums paid + the top-up premiums, if any, that has been accumulated in the policy till the date of death would be payable.

Note: However, the death benefit shall exclude the amount of partial withdrawal done from the policy during the policy tenure. Partial withdrawals made from the fund value of the top-up premium would not be excluded or deducted from the total amount of the death benefit.

3. The Surrender Benefit of Bajaj Allianz Life Future Wealth Gain Plan If there are any financial emergencies, then the policyholder has the option to surrender the insurance policy at any time. You can thus, surrender the insurance policy at any time during the tenure of the policy.

The Bajaj Allianz Life Future Wealth Gain Plan has a lock-in period of 5 years from the date of policy inception since the premium paid qualifies for the 80C tax deduction under the Income Tax Act, 1961. So, if you wish to surrender your policy:

  • a Within the tenure of first 5 lock-in years:

    • i. The life coverage for the insured person stops immediately
    • ii. The fund value from the regular premium paid + the fund value of the top-up premium paid, if any – the discontinuation charges would be transferred to the Discontinued Policy Fund
    • iii. The Discontinued Policy Fund Value would be payable to the policyholder at the end of the 5 locked-in years
  • b After the tenure of first 5 lock-in years:

    • i. The fund value from the regular premium paid + the fund value of the top-up premium paid, if any would be paid to the policyholder immediately
    • ii. And the policy would be terminated.

4. The Rider Benefit of Bajaj Allianz Life Future Wealth Gain Plan : By availing a rider under the insurance plan, the policyholder can empower their insurance plan. The Rider benefit shall extend the insurance coverage and offer additional financial protection, thereby making the basic plan more robust. The plan offers rider benefit under both the variant as under:

  • The ‘Wealth Plus variant supports following riders:

    • 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
  • The ‘Wealth Plus Care’ variant supports following riders:

    • Bajaj Allianz ULIP Accidental Death Benefit Rider
    • Bajaj Allianz ULIP Accidental Permanent Total / Partial Disability Benefit Rider .

Eligibility Criteria of Bajaj Allianz Life Future Wealth Gain Plan:

The plan offers two plan variants. Following are the eligibility criteria for both the variants.

  • Eligibility Criteria for Wealth Plus variant

Particulars

Details

Age at Entry

Min: 0 Year

Max: 60 Years

Age at Maturity

Min: 18 Years

Max: 75 Years

Policy Term

10 year or 15 years to 25 years

Minimum Sum Assured

SA for age less than 45 Years:

· 10 times of annualized premium, or

· 0.5 * annualized premium * Policy term

(whichever is HIGHER)

SA for age more than 45 Years:

· 10 times of annualized premium, or

· 0.25 * annualized premium * Policy term

(whichever is HIGHER)

Maximum Sum Assured

Age

Multiplier

0 to 25 Years

40

26 to 35 Years

30

36 to 40 Years

20

41 to 44 Years

15

45 years and Above

Higher of:

· 10 times of annualized premium, or

· 0.25 * annualized premium * Policy term

  • Eligibility Criteria for Wealth Plus Care variant

Particulars

Details

Age at Entry

Min: 18 Year

Max: 53 Years (for policy term and premium paying term combination of 5 years or 10 years) (Kindly note, if more than 1 rider is chosen then the max age at entry is restricted to 50 years)

Age at Maturity

Min: 28 Years

Max: 70 Years

Policy Term

10 year or 15 years to 25 years

Minimum Sum Assured

SA for age less than 45 Years:

· 10 times of annualized premium, or

· 0.5 * annualized premium * Policy term

(whichever is HIGHER)

SA for age more than 45 Years:

· 10 times of annualized premium, or

· 0.25 * annualized premium * Policy term

(whichever is HIGHER)

Maximum Sum Assured

SA for age less than 45 Years:

· 10 times of annualized premium, or

· 0.5 * annualized premium * Policy term

(whichever is HIGHER)

SA for age more than 45 Years:

· 10 times of annualized premium, or

· 0.25 * annualized premium * Policy term

(whichever is HIGHER)

Subject to maximum sum assured of Rs 1 crore (including top-up Sum Assured)

Premium Details of Bajaj Allianz Life Future Wealth Gain Plan

TermsPremium Details
Premium Paying term
For 10 Years of Policy Term: 5 years, 7 Years or 10 Year
For 15 years to 25 years of policy term: 5 years, 7 years, 10 years or 15 years
Premium Payment Frequency
Four modes are available:
Yearly, Half-Yearly, Quarterly or Monthly (Kindly note Quarterly or monthly mode of premium payment is available only under ECS or Salary deduction scheme)
Premium Amount
Minimum Amount:
For Annual Premium is Rs 50000
For Half-Yearly Premium is Rs 30000
For Quarterly Premium is Rs 15000
For Monthly Premium is Rs 5000
Maximum Amount: Depends on the maximum Sum Assured allowed under the policy

Policy Details Bajaj Allianz Life Future Wealth Gain Plan

Apart from the above-mentioned features and benefits, Bajaj Allianz Life Future Wealth Gain Plan offers additional features to the policyholder. Following are the other additional features offered by the plan:

  • Grace period: The grace period is the buffer time offered by the insurance provider to the policyholder for payment of due premium. Under this plan, the insurance provider offers a grace period of 15 days (under monthly mode of premium payment frequency) and a 30 days grace period (for any other type premium payment frequency) to the policyholder.
  • Revival Period: Depending on the premium payment frequency, every policyholder has to pay the due premium at regular interval. Failure to pay the insurance premium results in the policy to lapse where all the benefits offered by the plan cease. However, the insurance provider offers the facility of policy revival where the benefits of the insurance policy can be reinstated by paying all due premiums along with certain penalty. This revival of the lapsed policy can be only within 2 years starting from the date of discontinuance of policy.
  • Free look period: Free Look Period is the period in which the policyholder, if unsatisfied with the terms and conditions of the insurance plan, can return the policy. Under the free look period, the return of the policy shall mean cancelling the policy. Under this plan, the insurance provider offers a free look period of 15 days for policies sold directly, and of 30 days in case of policies sold through distance marketing. Upon receipt of cancellation request during the free look period, the company shall process the refund of premium by deducting the applicable charges.
  • Loyalty Addition: Loyalty addition benefit is available to policyholders who have opted for regular premium payment mode. The loyalty addition is a percentage of one annualized premium paid to the policyholder at the end of every 5th policy year commencing from 10th policy year. The loyalty additions offered under this plan are as under:
Policy YearPercentage of Loyalty Addition
10th Year15%
15th Year20%
20th Year25%
25th Year30%
  • Fund Booster: The amount of fund booster shall be added to the regular premium policies maturity fund value. This benefit is available only if all the due premiums are paid up to the date of allocation of fund booster. Kindly note, this facility is not available for lapsed or discontinued or paid-up policies. Following table indicates the fund booster percentage for various policy term and premium payment term-

Fund Booster

Premium Payment Term

5 Yrs.

7 Yrs.

10 Yrs.

15 Yrs.

For policies having 10 Years policy term

5%

7%

10%

N.A.

For policies having 15 years and above policy term

30%

42%

60%

90%

Rider additional coverage under Bajaj Allianz Life Future Wealth Gain Plan

Bajaj Allianz Future Gain plan offers an opportunity to the policyholder to attach additional riders to the base policy for increasing the extra insurance cover offered by the policy. Following is the list of riders available under the plan:

  • Bajaj Allianz ULIP Accidental Death Benefit Rider: Under the Bajaj Allianz Accidental Death Benefit Rider, the rider sum assured is payable to the nominee in case of unfortunate death of the life assured due to an accident
  • Bajaj Allianz ULIP Accidental Permanent Total/ Partial Disability Benefit Rider: Under the Bajaj Allianz ULIP Accidental Permanent Total and Partial Disability Benefit Rider, the rider sum assured is paid in case of unfortunate permanent disability, whether total or partial caused due to an accident.
  • Bajaj Allianz ULIP Waiver of Premium Benefit Rider: Under the Bajaj Allianz ULIP Waiver of Premium Benefit Rider, the policyholder or nominee gets a waiver of premium benefit for all upcoming premiums, in the event of death of the policyholder, or in case he/she gets permanently disabled (total or partial), or is diagnosed with any of the specified 11 critical illness mentioned in the policy plan.

Thus, the investor can avail the benefit of extra insurance and financial coverage offered by rider. Investors can choose any one or more rider under this insurance plan by paying additional rider premium.

Documents Required to buy Plan

For purchasing Bajaj Allianz Life Future Wealth Gain Plan, the investor has to submit few relevant required documents. These documents are required by the insurance provider for underwriting purposes. Following is the list of documents that every investor needs to submit before purchasing the insurance plan -

  • A completely filled proposal form furnishing all the details of the proposed life assured
  • A recent passport sized coloured photograph of the life assured
  • A self-attested xerox copy of proof of address like Aadhaar Card, Passport, Electricity Bill etc.
  • A self-attested xerox copy of Proof of Identity like Aadhaar Card, Pan Card, Passport etc.
  • A self-attested xerox copy of Age Proof like Pan Card, Passport, School Leaving Certificate etc.
  • A cheque towards payment of first premium of the insurance policy

Once all the above-mentioned documents are submitted, the insurance company shall process your request. Once the first premium cheque is cleared, the insurance provider shall issue policy in your name.

How does Bajaj Allianz Life Future Wealth Gain Plan work?

  • Step 1: Choose any one insurance plan variant from the available two variants – “Wealth Plus” & “Wealth Plus Care”. Kindly note- the insurance plan variant has to be carefully chosen at the time of inception of the policy as it cannot be changed subsequently.
  • Step 2: Choose the premium you want to pay as per your financial convenience
  • Step 3: Choose your life cover and decide the amount of sum assured
  • Step 4: Choose your policy tenure and premium payment term you want for your insurance plan. Kindly note- keep your financial goals in mind while selecting the policy term
  • Step 5: Choose the premium payment frequency by keeping in mind your financial convenience
  • Step 6: Choose the investment portfolio strategies you want to adopt for your insurance plan
  • Step 7: Lastly, even if it is optional step, choose the rider that you want to incorporate under your insurance cover

Policy Inclusions

Bajaj Allianz Life Future Wealth Gain Plan offered by the Bajaj Allianz Life Insurance Company is a robust ULIP plan that provides insurance coverage and financial protection against the uncertainties of life. The plan is designed to include top notch features and benefits like:

  • Maturity Benefit
  • Death Benefit
  • Loyalty Addition
  • Surrender Benefit
  • Rider Benefit
  • Tax benefit
  • Revival of Lapsed Policy
  • Grace Period for payment of due premium
  • Free Look Period
  • Fund Booster Facility
  • Option to choose any one from the two portfolio strategies namely: Investor Selectable Portfolio Strategy or Wheel of Life Portfolio Strategy

Policy Exclusions

Suicide Claim Provision - In case of death of the life assured due to suicide within 12 months from the date of inception or the date of latest revival of the policy, the Company’s liability shall be limited to the extent of the Fund Value, as on the date of death. Any charges recovered subsequent to the date of death shall be paid back to the nominee along with the death benefit. For the other terms of exclusions under the policy, it is advised to refer the plan brochure. The ‘Wealth Plus Care’ variant of the policy has numerous exclusions which must be read before making investment.

Reviews of Bajaj Allianz Life Future Wealth Gain Plan

  • I purchased the plan and I am very happy with the returns on my investment. I recommend this plan to everyone. Ruchi, Pune
  • I am happy with the insurance coverage and performance of my fund in the past 2 years. Abhilash, Delhi
  • I am happy with the insurance provider, the insurance plan and the customer service offered by the company. Advait, Pune.