Everything You Must Know About Bajaj Future Gain Plan
Published On Dec 08, 2021 12:00 PM By InsuranceDekho
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Bajaj Future Gain Plan not only helps the economy for you but also includes life insurance. The plan offers a variety of fantastic investing alternatives, including flexible premium forms of payment, risk appetite-based alternative investments, and more.
Bajaj Allianz Future Gain has the following characteristics:
- Two investing portfolio techniques are included in the plan.
- It provides a large number of investing options.
- Altering the frequency of premium payments or lowering the amount guaranteed are both flexible possibilities.
- It gives you the option of receiving your maturity benefit in monthly installments.
- Riders are available to improve your protection and maximize the value of your plan.
- The plan allows for partial withdrawals after 5 years for any liquidity needs
Everything You Must Know About The Bajaj Future Gain Plan
Below is everything you must know about the Bajaj Future Gain Plan:
1. Maturity Benefit
The premium service fund amount plus the top-up payment fund amount as of the maturity date is the maturity benefit within Bajaj Allianz Future Gain. It is necessary for the insurance to be strong in order to get the maturity premium.
Must Read: What Are The Various ULIP Charges You Should Be Aware Of?
2. Surrender Benefit
You can terminate your policy at any moment. You can quit the insurance at any moment throughout the tax policies term. When insurance is surrendered during the lock-in term, the regular premium fund amount plus the top-up premium cash value is moved to the terminated policy fund, less the discontinuation or surrender charge. The surrender price will be reimbursed after the lock-in period has ended. The life insurance coverage will expire as soon as the policy is surrendered.
3. Death Benefit
If somehow the client dies within the policy's duration and the plan is still effective, a lump sum death reward will be paid immediately. The greater of the amount assured or premium service fund value, plus the higher of the top-up premium sum assured or top-up fund value, if any, will be the death benefit. The guaranteed death benefit is equal to 105 percent of the total premiums paid, plus any additional premiums paid to the date of death. If the life promised dies before reaching the age of 60, all partial withdrawals made in the two years leading up to the date of death of the life assured would be deducted from the sum assured. When a person dies upon reaching the age of 60, the sum assured will be decreased by any incomplete withdrawals taken during two years before reaching the age of 60, as well as all distributions from the regular premium fund after reaching the age of 60. The death benefit will not be reduced if a partial withdrawal is taken from the top premium.
4. Revival Period
Within two years of the policy's cancellation, the policy can be reinstated.
5. Free Look Period
For insurance acquired through indirect advertising, the policy provides a 15 or 30-day free look period. If the customer is dissatisfied with any of the policy's terms and conditions, they can return the insurance to the company and receive a refund of the premium paid, less any applicable penalties.
6. Grace Period
The waiting period for premium payment is 15 days if you pay monthly, and 30 days if you pay every other month.
7. Surrender Value
In terms of the policy, the insurance can be relinquished at any moment. The policy has a five-year lock-in duration. When a policy is surrendered during the lock-in term, the regular premium fund value plus the top-up premium fund value is transferred to the discontinued policy fund, less the discontinuation or surrender charge. The surrender value will be paid after the lock-in period has ended. The life insurance coverage will expire as soon as the policy is surrendered.
With a selection of 7 various funds, fixed payment choices, and settlement benefit options, the Bajaj Allianz Future Gain ULIP has been wonderfully constructed to give consumers versatile investing alternatives. The plan not only helps you increase your money but also provides you with important life insurance. Overall, if you want a single investment program for wealth accumulation and life insurance, this plan is a solid choice.
Also Read: Know Everything About Tax Benefits Of 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.