Bajaj Allianz Guaranteed Maturity Insurance Plan
Guaranteed Maturity Insurance Plan is the lowest single premium ULIP (Unit-linked Insurance Plan) in India. This ULIP offers a guaranteed maturity benefit which is at least double the premium paid by you, along with the benefits of a life cover.
ULIP combines the benefits of a life insurance cover and market-linked investment product. In Guaranteed Maturity Insurance Plan, for every Rs 5,000 of single premium paid, you get ‘Guaranteed Maturity Certificate’. You have the choice to buy any number of Certificates under a single policy. On Maturity, you get the Guaranteed Maturity Value or the Fund Value (whichever is higher). The guaranteed maturity value is twice the single premium paid.
Key Features of Bajaj Allianz Guaranteed Maturity Insurance Plan
- Affordable investment plan
- Guarantee of getting at least 2 times the amount invested
- Lowest single premium ULIP
- No premium allocation charges
- Option to buy multiple ‘Guarantee Maturity Certificates’
- Flexibility to make partial withdrawals after 5 policy years
Benefits you get from Bajaj Allianz Guaranteed Maturity Insurance Plan
Maturity Benefit – Maturity benefit will be higher of the Guaranteed Maturity Value of all the ‘Guaranteed Maturity Certificates’ or the Fund Value as on the date of Maturity.
Death Benefit – In case of death of the Life Assured during the policy term, the death benefit payable will be higher of
§ Sum Assured minus any partial withdrawals in the last 24 months before death
Or
§ Fund Value as in the date of receipt of intimation of death
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility conditions and other restrictions in Guaranteed Maturity Insurance Plan
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Minimum
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Maximum
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Policy Term (in years)
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10
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Entry Age of Policyholder (in years)
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8
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50
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Age at Maturity (in years)
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18
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60
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Premium
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Rs 5,000 per Guaranteed Maturity Certificate
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Sum Assured per Guaranteed Certificate
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5 x Single Premium for the first policy yr and
For entry age less than 45 yrs for the following yrs it will reduce to 1.25 x Single Premium
For entry age 45 yrs and above for the following yrs it will reduce to 1.10 x Single Premium
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Payment mode
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Single Premium
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Sample illustration of premium of Bajaj Allianz Guaranteed Maturity Insurance Plan
The below sample projection based on 100% investment in ‘Guaranteed Bond Fund’ for healthy male or female
Premium = Rs 5,000 single premium
Age at the time of taking the policy = 30 years
Age at Maturity = 40 years
Policy Term = 10 years
Sum Assured = Rs 25,000
Guaranteed Maturity Value = Rs 10,000
You stop paying the premium – The company gives a grace period of 30 days after which the policy is discontinued. Revival or reinstatement of the discontinued policy is not allowed
You want to surrender the policy – You have the option to surrender policy anytime from 6th policy year. Surrender value paid will be equal to the Fund Value as on date of surrender. No guarantee is applicable on surrender
You want a loan under this policy – No loan is avaliable
Alternate ULIP Plans from different insurance companies
LIC Samridhi Plus
Future Guarantee ULIP
Bharti Axa Life True Wealth
Other ULIP plans from Bajaj Allianz Life Insurance
Bajaj Allianz Max Advantage Plan
Bajaj Allianz Assured Protection Insurance Plan
Bajaj Allianz Smart Insurance Plan III
Bajaj Allianz Money Secure
Bajaj Allianz Wealth Insurance Plan
Bajaj Allianz iGain
Bajaj Allianz Shield Insurance Plan
