Bajaj Allianz Igain
This plan has been withdrawn by the insurance company and is no longer available for sale.
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
- High allocation up to 98%
- 100% allocation from the 6th policy year onwards
- 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
- Option to choose from a variety of Riders to meet your requirement
- Inbuilt accidental death cover
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
Benefits
At the maturity of the policy, you get the Fund Value
- 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
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)
Variants
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.
How it works
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
Eligibility
| 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 | ||
FAQs
You stop paying the premiumThe 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 policyYou 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
