Bajaj Allianz Future Gain – Key Features
It is a ULIP plan with Regular and Limited Pay premium payment option
Portfolio Strategies: Investor Selectable Portfolio strategy and Wheel Of life
Selectable Portfolio Strategies: If the investor wants to allocate his premiums as per his personal choice, can opt this strategy to choose between the seven funds to meet his requirements
Wheel of Life Portfolio Strategy: All the premiums allocated are invested into 5 funds excluding Pure Stock Fund and Asset Allocator Fund II in a predefined ratio. This ratio changes with ageing of the policy term and towards maturity, largely the funds are directed to Bond Fund and Liquid Fund to protect the returns against market volatility
Investment Portfolio Strategy?
Under the Investment Portfolio Strategy, the insured is can allocate his premiums as per his choice and requirements and can choose to invest amongst the 7 funds:
Equity Growth Fund II
Accelerator Mid-Cap Fund II
Asset Allocation Fund II
BlueChip Equity Fund
Pure Stock Fund
**The maximum investment in mutual funds shall be governed by the relevant IRDAI guidelines.
Bajaj Allianz Future Gain – Product Specification:
Details about Premium
Annual Premium in Rupees and Benefit Illustration for a term of 24 years
Bajaj Allianz Future Gain – Policy Details
Grace Period: If the insured fails to pay his insurance premium by the due date, then a grace period of 15 days is allowed for monthly premium payment mode and a grace period of 30 days is allowed for annual mode of premium payment. However, if the insured fails to pay even within the grace period then his policy shall lapse thereafter.
Policy Termination or Surrender Benefit: On completion of 5 years with the plan then a surrender value gets enabled with the plan. If the insured surrenders his plan after completing 5 years with his plan, then he is paid the entire Fund Value without any additional charges. And, if the insured surrenders his plan before completing 5 years with his plan then the Fund Value after making applicable deductions of discontinuation charges is credited to the Linked Discontinued Policy Fund. The Fund Value shall see a annual growth of 4% p.a which will be paid to the insured after completing 5 years with the plan without any other charges.
Free Look Period: In case the insured is not pleased with his plan or the benefits and features provided with the plan then the insured is free to return his plan within 15 of receiving the policy documents, given that no claims have been done yet.
Partial withdrawals: After completing 5 plan years the policyholder can make partial withdrawals against his unit with a minimum value of Rs.5,000
Free Switches: Every year switching between funds are allowed for free in the Investor Selectable portfolio strategy.
Switchable Portfolio strategies
Top-up premiums can be paid any time to increase the fund value with a minimum of Rs.5000
The corresponding Top-Up Sum Assured shall be 1.25 times of Top-Up Premium for Entry Age<45 yrs. or 1.10 times for Entry Age >=45 yrs.
Below are the documents which are required to be insured under Bajaj Allianz Future Gain Plan:
Duly filled Application form/Proposal form
Other KYC documents; PAN Card, Adhaar Card, Tax Details etc
**Documents required are a subject to the plan options and the sum assured chosen.
You may also like to read: Bajaj Allanz ULIP Plans
Frequently Asked Question:
Q. What is the decreased sum assured benefit under this plan?
After 1 policy year, the insured is has the option to reduce his sum assured amount at any monthly policy anniversary, subject to the minimum sum assured amount allowed under the plan options. The minimum sum assured amount allowed is 10 x annualized premium amount for the entry age less than 45 years and 7 times for entry age greater than 45 years.
**Miscellaneous charges shall be applicable as required.
Q. What are the conditions for policy renewal?
The renewal request of the policy shall be considered only under the following conditions:
The insured makes a renewal request within the 2 years from the date of policy discontinuance, given it is not terminated immediately.
The information and documentation as maybe be requested by the company is submitted by the policyholder at his/her own expenses.
The policy may be levied on the original policy terms & conditions or disallowed revival, based on board approved underwriting guidelines.
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