Bajaj Allianz Flexi Advantage Insurance Plan
Bajaj Allianz Flexi Advantage Insurance Plan is a single premium unit linked insurance plan (ULIP) without Bonus.
In this plan, if the Life Insured dies within the policy tenure, the nominee would receive the Sum Assured or the Fund Value, whichever is higher as Death Benefit. However, if the Life Insured survives the entire policy tenure, then he would receive the Fund Value as Maturity Benefit.
Key Features of Bajaj Allianz Flexi Advantage Insurance Plan
- This is a simple single premium unit linked insurance plan
- In this plan, there is 18% of the Single Premium as Guaranteed Addition
- There is a choice of 7 investment funds to invest in as per the risk appetite of the policyholder
- There is flexibility to decrease your sum assured
- There are 6 additional riders for protection enhancement
- There is a choice of Systematic Switching Option so as to avoid market fluctuations
Benefits you get from Bajaj Allianz Flexi Advantage Insurance Plan
Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher.
Maturity Benefit – On maturity, the Fund Value is paid to the policyholder.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in Bajaj Allianz Flexi Advantage Insurance Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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For age<45 years, SA=1.25 X SP and for age>=45-65 years, SA=1.1 X SP
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5 X SP
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Policy Term (in years)
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10
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25
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Premium Payment Term (in years)
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Single
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Entry Age of Policyholder (in years)
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1
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65
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Age at Maturity (in years)
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18
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75
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Single Premium (in Rs.)
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50,000
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No Limit
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Payment modes
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Only Single
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Sample illustration of Bajaj Allianz Flexi Advantage Insurance Plan
Premium = Rs 50,000
Age = 30 years
Policy Term = 20 and 25 years
Total Investment = Rs. 50,000 x 20 years = Rs 10,00,000
Total Investment = Rs. 50,000 x 25 years = Rs.12,50,000
Additional Features and Benefits of Bajaj Allianz Flexi Advantage Insurance Plan
Riders – There are 6 riders available in this policy
1. Accidental Death Benefit Rider
2. Accidental Permanent Total/Partial Disability Benefit Rider
3. Critical Illness Benefit Rider
4. Hospital Cash Benefit Rider
5. Family Income Benefit
6. Term Rider
Investment Fund Options
In this plan, there are 7 Investment Fund Options like
· Equity Growth Fund II
· Accelerator Mid-Cap Fund III
· Pure Stock Fund
· Asset Allocation Fund
· Bluechip Equity Fund III
· Bond Fund
· Liquid Fund
Top-up - Unlimited Top Up is allowed except in the last 5 years of the policy.
Minimum Top Up premium is Rs 5,000. Each top up premium has a lock in of 5 years.
Each Top Up premium is accompanied by Sum Assured according to the multiplier
· Less than 45 years- SA is 1.25 to 5 times
· Greater than or equal to 45 years- SA is 1.10 to 5 times
Switching - Unlimited free switches are allowed under this plan. Minimum Switching amount is Rs 5,000 or the Fund Value, whichever is lower.
Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later. The minimum amount of partial withdrawal should be Rs. 5,000 such that Rs 5,000 should be maintained in the Fund Value after Partial Withdrawal.
You stop paying the premium before 5 years – Not applicable as this is a single premium payment policy.
You stop paying the premium after 5 years - Not applicable as this is a single premium payment policy.
You want to surrender the policy – You have the option to surrender your policy anytime from the 6th policy year. The surrender value payable will be equal to the fund value as on date of surrender of the policy. The policy shall thereafter terminate upon payment of full surrender value
You want a loan against your policy – There is no loan facility in this product.
Alternate Single Premium ULIPs from different insurance companies
ING Uttam Jeevan - SP
ICICI Prudential LifeLink Wealth SP
SBI Life Saral Maha Anand
Other ULIPs from Bajaj Allianz Life Insurance
Max Advantage Insurance Plan
iGain III
Assured Protection Insurance Plan
Smart Insurance Plan III
Money Secure Insurance Plan
Wealth Insurance Plan
Shield Insurance Plan
Guaranteed Maturity Insurance Plan
