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.
Maturity Benefit – At the maturity of the policy, you get the Fund Value
Death Benefit –
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)
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
10, 15 and 20 years
Premium Payment Term
Equal to Policy Term
Entry Age of Policyholder
Age at Maturity
Yearly, Half-Yearly, Quarterly, Monthly
Minimum Premium Amount (in Rs.)
For Premium Paying Term 5 to 9 years and above
For Premium Paying Term 10 years and above
Maximum Premium Amount
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
Riders – There are 6 optionaladditional Insurance Riders for extra protection available at a nominal extra cost:
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
Premium Allocation Charge – This charge is deducted from the Premium Paid by you
Premium Allocation Charge
1st to 5th Year
6th Year onwards
Top Up Premium
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 Administration Charge
Rs 32 p.m.
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.
Equity Growth Fund II
Accelerator Mid Cap Fund II
Pure Stock Fund
Asset Allocation Fund
Bluechip Equity Fund
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.
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
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
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
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
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.