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.

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 .

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.

• 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

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.