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 Term	10 to 25 years
Minimum Premium	Yearly - Rs. 25,000 Half-Yearly - Rs. 12,500 Quarterly - Rs. 6,250 Monthly - Rs. 2,500
Maximum Premium	No 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 Age	60 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 Age	60 years

Premium Details

Premium Paying Term	5 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 Age	1 year
Maximum Entry Age	63 years

Premium Details

Premium Paying Frequency	Single
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.