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 Insurance 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 Plan
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 and other restrictions in Bajaj Allianz iGain III 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 entry age below 45 yrs =
10 x Annualized Premium
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Policy Term x Annualized Premium with base cover only [10 x Annualized Premium if any rider chosen]
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For entry age 45 yrs and above =
7 x Annualized Premium
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Policy Term
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10, 15 and 20 years
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Premium Payment Term
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5 years
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Equal to Policy Term
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Entry Age of Policyholder
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1 year
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60 years
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Age at Maturity
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-
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75
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Payment modes
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Yearly, Half-Yearly, Quarterly, Monthly
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Minimum Premium Amount (in Rs.)
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Mode
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For Premium Paying Term 5 to 9 years and above
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For Premium Paying Term 10 years and above
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Yearly
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15,000
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10,000
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Half-yearly
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8,000
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6,000
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Quarterly
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5,000
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4,000
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Monthly
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1,700
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1,500
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Maximum Premium Amount
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No Limit
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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
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
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
Alternate ULIP Plans from different insurance companies
Tata AIG Life Investassure Apex Supreme Plan
Bharti Axa Life True Wealth
BSLI Dream Endowment
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
