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Benefits for 80C, 10(10D) and no LTCG.

Bajaj Allianz ULIP Plans

Unit Linked Insurance Plan is a type of insurance product that combines the benefits of protection and saving in a single plan. The goal of a ULIP is to provide wealth creation along with life insurance cover. A portion of the policyholder’s investment is used for life insurance, while the remaining is put into a fund, which may be equity, debt or both. ULIP plans by Bajaj Allianz are a popular choice among investors seeking insurance cover and wealth creation.

About Bajaj Allianz - Bajaj Allianz Life is among the leading private life insurers in India. It is a partnership between Bajaj Finserv Limited and Allianz SE. The life insurance company caters to the needs of millions of clients through its 582 branches, 80,000+ agents (as on 31 December 2019).

(Note - All the information contained in this page has been sourced from the official website of Bajaj Allianz Life Insurance.)

ULIPs by Bajaj Allianz

i) Bajaj Allianz Life LongLife Goal

Features

  • Unit-linked non-participating whole life insurance plan
  • Retired life income
  • Loyalty additions
  • Periodical return of life cover charges ULIP

Eligibility Criteria

Minimum Entry Age
  • Life Assured - 0 years
  • Policyholder (LongLife Goal with Waiver of Premium) - 18 years
  • Policyholder (LongLife Goal without Waiver of Premium) - 18 years
  • Maximum Entry Age
  • Life Assured - 65 years
  • Policyholder (LongLife Goal with Waiver of Premium) - 65 years
  • Policyholder (LongLife Goal without Waiver of Premium) - No limit
  • Premium Details

    Premium Paying Term10 to 25 years
    Minimum Premium
  • Yearly - Rs. 25,000
  • Half-Yearly - Rs. 12,500
  • Quarterly - Rs. 6,250
  • Monthly - Rs. 2,500
  • Maximum PremiumNo limit

    ii) Bajaj Allianz Life Goal Assure

    Features

    • Tax Saver
    • Return of life cover charges
    • Choice of 4 investment strategies
    • Maturity in installments

    Eligibility Criteria

    Minimum Entry Age
  • 0 years
  • In case of minor life, the risk cover will start immediately on date of the policy commencement and the policy will vest on the attainment of majority
  • Maximum Entry Age60 years

    Premium Details

    Premium Paying Term
  • PPT 5 years - 5 years (Policy Term)
  • PPT 5, 7 or 10 years - 10 years (Policy Term)
  • PPT 10 or 15 years - 15 years (Policy Term)
  • PPT 15 or 20 years - 20 years (Policy Term)
  • Minimum Premium
  • Yearly - Rs. 36,000
  • Half-Yearly - Rs. 18,000
  • Quarterly - Rs. 9,000
  • Monthly - Rs. 3,000
  • Top-up - Rs. 5,000
  • iii) Bajaj Allianz Future Gain

    Features

    • Unit-linked endowment insurance plan
    • Maximum premium allocation
    • Life cover
    • Choice of 2 investment strategies
    • Unlimited free switches

    Eligibility Criteria

    Minimum Entry Age
  • 1 year
  • In the case of minor life, the risk cover will start immediately on date of the policy commencement, and Policy will vest on the life assured on the attainment of majority
  • Maximum Entry Age60 years

    Premium Details

    Premium Paying Term5 to 30 years
    Minimum Premium
  • Yearly - Rs. 25,000
  • Half-Yearly - Rs. 13,500
  • Quarterly - Rs. 7,000
  • Monthly Rs. 2,500
  • Top-up - Rs. 5,000
  • iv) Bajaj Allianz Fortune Gain

    Features

    • Unit-linked non-participating life insurance plan
    • Up to 99.5% fund allocation
    • Choice of seven funds with unlimited free switches
    • Loyalty additions
    • Systematic switching option

    Eligibility Criteria

    Minimum Entry Age1 year
    Maximum Entry Age63 years

    Premium Details

    Premium Paying FrequencySingle
    Single Premium
  • Minimum - Rs. 50,000
  • Maximum - No Limit
  • Documents Required

    To avail a unit linked insurance plan, an individual will be required to submit certain documents that will serve as proof of identity and residence. The documents that are usually acceptable include:

    • ID Proof - PAN card, Passport, Voter ID card, etc.
    • Address Proof - Passport, Driving License, Voter ID card, etc.

    Review of Bajaj Allianz ULIP Plans

    With Bajaj Allianz ULIP Plans, policyholders can choose the funds to park money in, as per their long-term financial goals. Tax deduction can be claimed under Section 80C of the Income Tax Act, 1961 for the premiums paid toward the policies. Additionally, the proceeds are completely tax-free in the hands of the receiver under Section 10(10D) of the Income Tax Act.

    FAQs of Bajaj Allianz Ulip Plans

    What is NAV?

    NAV is the value of each unit of the fund on any given day.

    The formula for calculating NAV is as follows:

    NAV = (Value of Current Assets + Market Value of Investments Held) – (Value of Current Liabilities & Provisions) / Total number of outstanding units on date

    What is the maturity age under Bajaj Allianz Life Goal Assure?

    The maximum age of maturity under Bajaj Allianz Life Goal Assure is 75 years.

    What is the premium payment frequency of Bajaj Allianz Future Gain?

    The premium payment frequency of Bajaj Allianz Future Gain is yearly, half yearly, quarterly and monthly.

    What is the policy term of Bajaj Allianz Fortune Gain?

    The minimum policy term under Bajaj Allianz Fortune Gain is 7 years, while the maximum is 30 years.

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