All About Bajaj Future Gain ULIP
Published On Jan 05, 2022 10:00 AM By InsuranceDekho
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Bajaj Allianz Future Gain is a unit-linked insurance plan that promises to maximize wealth by investing in the stock market while also providing life insurance coverage.
Future Gain by Bajaj Allianz - Highlights
It's a ULIP with two premium payment options: regular and limited pay.
Investor-selectable portfolio strategy and the Wheel of Life are two examples of portfolio strategies. Portfolio Strategies That You Can Choose From: If an investor wishes to deploy their premiums according to his preferences, he or she can use this approach to choose from seven different funds to satisfy their needs. Life's Spinning Wheel
Portfolio Strategy: All premiums are invested in five funds in a predetermined ratio, with the exception of Pure Stock Fund and Asset Allocator Fund II. As the policy term progresses and the policy approaches maturity, the funds are mostly routed to Bond and Liquid Funds to safeguard returns from market volatility.
All About Bajaj Future Gain ULIP
Below is everything you must know about Bajaj Future Gain ULIP:
1. Eligibility Criteria
Your age is used to determine your eligibility.
This plan's minimum and maximum entry ages are one year and sixty years, respectively.
The minimum and maximum ages for maturity are 18 and 70, respectively.
This is a great concept for anyone who wants to put their money into something that will increase over time. It's also a great tool to have if you're thinking about making large purchases in the future, such as a house.
With effect from July 1, 2017, an 18 percent GST will be charged on life insurance.
2. Maturity Benefits
The assured will receive the Regular Premium Fund Value, as well as any top-up Fund Value, at the time of maturity. The Settlement Option allows the assured to receive the maturity value in five-year increments.
3. Death Benefits
If the assured person dies, his or her beneficiaries will get the greater of the Sum Assured + the Death Benefits (Top-Up Sum Assured - Partial Withdrawals) Alternatively, the Fund Value plus the top-up Fund Value Guaranteed Death Benefit shall equal 105 percent of all premiums paid until the date of death.
4. Policy Termination Or Surrender Benefit
When the plan has been active for five years, a surrender value is activated. If the assured surrenders his plan after 5 years, he gets reimbursed the whole Fund Value with no additional fees. If the assured surrenders his plan before completing 5 years, the Fund Value is credited to the Linked Discontinued Policy Fund after relevant discontinuation charges are deducted. After completing 5 years with the plan, the Fund Value will rise at a rate of 4% per year, which will be paid to the assured without any extra charges.
5. Grace Period
If the assured refuses to pay his insurance premium by the due date, he is given a grace period of 15 days for monthly premium payments and 30 days for yearly premium payments. If the assured does not pay within the grace period, his policy will lapse.
6. Free Look Period
If the assured is unhappy with his plan or the benefits and features it offers, he or she may return it within 15 days of receiving the policy documents, provided no claims have been filed.
Bajaj Allianz is one of India's most well-known insurance firms. It's a joint venture between Bajaj Finserv and Allianz SE, two companies with extensive global reach and local knowledge. Bajaj Allianz offers a wide range of insurance options to meet the needs of its customers. Child plans, ULIPs, health insurance, and group insurance policies are among the available options. Bajaj Allianz's insurance products are crafted with technical prowess and a thorough understanding of the market. The assurer is well-known for its low-cost products and speedy problem-solving turnaround times.
Do read - Common Exclusions Under ULIPs
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.