Bajaj Allianz Igain

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Bajaj Allianz iGain III Insurance Plan

 

Bajaj Allianz iGain III is a ULIP (Unit-linked Insurance Plan) where premiums paid by you are invested in your choice of funds. The company allocates Units to you as per the unit price of the funds.  On policy maturity, you will receive the Fund Value as on the maturity date. iGain is a complete online insurance plan making the process simple, fast and easy.

 

ULIP is a combination of life insurance and market-linked investment. Thus it offers an opportunity to create wealth in the long term along with a life cover. In iGain III plan, you need to choose your premium paying term and policy term. After deducting charges, the company invests the money in your choice of Funds and gives you the Fund Value on maturity.   

 

 

Key Features of Bajaj Allianz iGain III Plan

 

  • High allocation up to 98%
  • 100% allocation from the 6th policy year onwards
  • Option to choose from a variety of Riders to meet your requirement
  • Inbuilt accidental death cover
  • Flexibility to make partial withdrawals after 5 policy years
  • Flexibility to pay top-up premiums over and above regular premiums
  • Choice of 7 investment funds

 

 

Benefits you get from Bajaj Allianz iGain III Insurance Policy

 

Maturity Benefit – At the maturity of the policy, you get the Fund Value

Death Benefit


  • In case of death of the Life Assured before attaining 60 years of age, the nominee gets Higher of Sum Assured less partial withdrawals made last 24 months (if any) or The Fund Value
  • In case of death of the Life Assured after attaining 60 years of age, the nominee gets Higher of Sum Assured less partial withdrawals made in last 24 months before age 60 years and all partial withdrawals made after age 60 years or The Fund Value

 

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 & other restrictions in Bajaj Allianz iGain III Policy

 

 

Minimum

Maximum

Sum Assured (in Rs.)

For entry age below 45 yrs =

 10 x Annualized Premium

Policy Term x Annualized Premium with base cover only [10 x Annualized Premium if any rider chosen]

For entry age 45 yrs and above =

 7 x Annualized Premium

 

Policy Term

10, 15 and 20 years

Premium Payment Term

5 years

Equal to Policy Term

Entry Age of Policyholder

1 year

60 years

Age at Maturity

-

75

Payment modes

Yearly, Half-Yearly, Quarterly, Monthly

 

Minimum Premium Amount (in Rs.)

Mode

For Premium Paying Term 5 to 9 years and above

For Premium Paying Term 10 years and above

Yearly

15,000

10,000

Half-yearly

8,000

6,000

Quarterly

5,000

4,000

Monthly

1,700

1,500

Maximum Premium Amount

No Limit

 

 

Sample illustration of premium of Bajaj Allianz iGain III Insurance Plan

 

The below sample projection is based on 100% investment in ‘Bond Fund’ for healthy male

 

Premium = Rs.15,000 per year

Age at the time of taking the policy = 30 years

Age at Maturity = 45 years

Policy Term = 15 years

Premium Paying Term = 15 years

Sum Assured = Rs 1,50,000

Total Investment = Rs.15,000 x 15 years = Rs. 2,25,000


Bajaj Allianz iGain iii-Returns illustration 

Additional Features and Benefits of Bajaj Allianz iGain III Insurance Plan

 

Riders – There are 6 optional additional Insurance Riders for extra protection available at a nominal extra cost:

  • Family Income Benefit Rider   
  • Term Rider   
  • Waiver of Premium Benefit Rider           
  • Critical Illness Benefit Rider     
  • Hospital Cash Benefit Rider
  • Accidental Permanent Total / Partial Disability Benefit Rider

 

What happens if?

 

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

 

 

Charges in Bajaj Allianz iGain III Insurance Plan

Premium Allocation Charge – This charge is deducted from the Premium Paid by you

Policy Year

Premium Allocation Charge

1st to 5th Year

2%

6th Year onwards

NIL

Top Up Premium

1%

 

Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis

Policy Year

Policy Administration Charge

Every Year

Rs 32 p.m.

Increasing at

5% p.a.

 

Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.

Fund Name

Charge

Equity Growth Fund II

1.35%

Accelerator Mid Cap Fund II

1.35%

Pure Stock Fund

1.35%

Asset Allocation Fund

1.25%

Bluechip Equity Fund

1.25%

Liquid Fund

0.95%

Bond Fund

0.95%

 

Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure.

Year of Discontinuation

Annual Premium <= Rs 25,000 p.a.

Annual Premium > Rs 25,000 p.a.

1st

Lower of  20% of (Annual Premium or Fund Value) subject to a maximum of Rs 3,000

Lower of  6% of (Annual Premium or Fund Value) subject to a maximum of Rs 6,000

2nd

Lower of  15% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000

Lower of  4% of (Annual Premium or Fund Value) subject to a maximum of Rs 5,000

3rd

Lower of 10% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,500

Lower of  3% of (Annual Premium or Fund Value) subject to a maximum of Rs 4,000

4th

Lower of  5% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,000

Lower of  2% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000

5th onwards

NIL

 

Switching Charge— There are unlimited switches free in this plan.

Miscellaneous Charge— Rs. 100 is charged per transaction for the following:

 

Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.

Alternate ULIPs from different insurance companies
 
 
Other ULIPs from Bajaj Allianz Life Insurance
 
Download Bajaj Allianz Igain Brochure download
~ By Rupanjali Mitra Basu
Note: This is a statement of facts based on the information collected from the Bajaj Allianz Igain brochure and insurance company's website. It should not be construed as a Critical or Favourable Bajaj Allianz Igain Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

my policy no is0015387201 of unitgain.i want to know current status

By Ramakrishnan Kochukarottu on Apr 09, 2013 Reply

Hi Ramakrishnan, only the insurance company can give you this information as it depends on the number of units you have currently. Pls register and login to the Bajaj Allianz website directly and stay updated. The link is provided below https://bajajallianzlifeonline.co.in/online/portal/logon/logon.jsp

Replied By Admin (MIC Staff) on Apr 10, 2013 Reply

my polcymai kitna benifit huya hai.

By Sarvesh Kumar on Feb 24, 2013 Reply

my policy number is 0104231831 under product gain ii. I want to know about
cureent finencial status of my policy. pls reply abt this

By Prasanna Satav on Jul 14, 2012 Reply

my policy number is 0104231831 under product gain ii. I want to know about
cureent finencial status of my policy. pls reply abt this

By Prasanna Satav on Jul 14, 2012 Reply

I show policy no- 105766130

By Gour Kanta Jana on Mar 18, 2012 Reply

dear sir.
i hv ur policy
plz tell me how wd i get in updates of my policy...........i mean how can i check online about my policy....
thhanking u
gayoor ahmad

By Gayoor Ahmad on Feb 06, 2012 Reply

my policy no.is 0074258313 under new family gain. i want to know about current finacial status of my policy. also what is the procedure to withdraw the policy?

By Anilkumar on Feb 06, 2012 Reply

my policy number is 0077461622 under product NEW FAMILYGAIN. I want to know about
cureent finencial status of my policy. pls reply abt this.

By Mr Ali Ahmed on Dec 05, 2011 Reply

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