Bajaj Allianz Life Insurance launches 2 new life insurance products in the market. One is a ULIP called ‘Money Secure Insurance Plan’ and the other one is a traditional plan called ‘Super CashGain Insurance plan’.
Money Secure is a Unit Linked Insurance Plan (ULIP). Read our Review of the Money Secure Insurance Plan
This attractive ULIP is available for individuals aged between 3 years to 65 years; at a minimum annual premium of Rs.7000 for 10 years and Rs.8000 for 15 years. There is no limit for maximum premium.
There are various options available under this plan. Policyholder can change their premium payment term and frequency of premium payment. This plan allows unlimited top-ups for policyholders who wish to enhance their fund value. The ULIP holder can decide whether to invest in equity and equity related instruments, debt or debt related instruments or mutual funds and money market instruments. There is an automatic increase in the sum assured from the 6th policy year.
Super CashGain is a traditional money back policy wherein cash back of 20% of the base sum assured is paid to the policyholder at regular intervals. Read our Review of the Super CashGain Plan
With an option to select a policy term of 12 years, 16 years, 20 years or 24 years; the minimum monthly premium starts at Rs.600. Discount available if one chooses to pay future premiums in advance.
Optional rider available on Money Secure as well as Super CashGain
A S Narayanan, Chief Distribution Officer, Bajaj Allianz Life said “Financial planning is essential for every individual. Both these plans offer masses the capability to save regularly and maximize returns. We believe our strong distribution network will make such products available across the country.”
Both the plans offer tax benefit on premiums paid under section 80C. In addition to this, the death benefit, surrender value and maturity benefit are also eligible for tax benefit under section 10(10D).