Bajaj Allianz Invest Gain Plan

Bajaj Allianz Invest Gain Plan is an Endowment Plan. This is a non unit-linked insurance traditional participating plan.

There are 4 variants in this plan, where 4 times the basic Sum Assured can be opted for as Life Coverage. Thus if the Life Insured dies within the policy tenure, then the nominee would receive the full Life Coverage according to the policy variant opted for, upto 4 times the Sum Assured + accrued Bonus and the policy would be terminated.

However, if the Life Insured survives then he would receive the basic Sum Assured + accrued Bonus only, irrespective of the policy variant opted for.

§  This is an Endowment Plan with both Death and Survival Benefits.

§  There are 4 variants of this plan

o    Bajaj Allianz Invest Gain Economy: The basic package with Death Benefit = Sum Assured only

o    Bajaj Allianz Invest Gain Gold: With double protection with Death Benefit = 2 times Sum Assured

o    Bajaj Allianz Invest Gain Diamond: With triple protection with Death Benefit = 3 times Sum Assured

o    Bajaj Allianz Invest Gain Platinum: With quadruple protection with Death Benefit = 4 times Sum Assured

§  Optional higher cover through Riders

§  There is Large Sum Assured Rebate in this policy

§  There is an option to increase coverage upto 50% of the basic Sum Assured on each of the following happy moments in your life like marriage and child birth

§  This plan provides a discount for female policyholders

Death Benefit – In case of death of the Life Insured, the nominee receives the full Life Coverage + accrued Bonus

§  In Bajaj Allianz Invest Gain Economy, Death Benefit = Sum Assured only

§  In Bajaj Allianz Invest Gain Gold, Death Benefit = 2 times Sum Assured

§  In Bajaj Allianz Invest Gain Diamond, Death Benefit = 3 times Sum Assured

§  In Bajaj Allianz Invest Gain Platinum, Death Benefit = 4 times Sum Assured

Maturity Benefit – At the maturity of the policy, the insured will get the basic Sum Assured, irrespective of the policy variant chosen along with accrued Bonus

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)

The below illustration is for a healthy Male (non-tobacco user) opting for a

Age = 30 years, 35 years and 40 years

Sum Assured = Rs 5,00,000 in Economy Package

Policy Term = 25 years, regular premium

Maturity Benefit = Sum Assured + Accrued Compounded Bonus

                            = Rs 5,00,000 + Bonus @ 3.25, i.e. Rs. 6,12,299

                            = Rs. 11,12,299

Riders- There are 4 additional riders in this plan

·         Comprehensive Accident Protection:

o    Accidental Death Benefit

o    Accidental Permanent Total/ Partial Disability Benefit.

o    Premium Waiver Benefit

·         Critical Illness Benefit

·         Hospital Cash Benefit.

·         Family Income Benefit: In case of death or accidental total permanent disability of insured, all future premiums are waived and 1% of the sum assured is paid monthly.

You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.

You want to surrender the policy – There is a Guaranteed Surrender Value in this plan but depends on the Premium paying Term.

For Premium Paying Term = 2-3 years, Guaranteed Surrender Value is payable after 1 year from policy Commencement upto 60% of the Basic premiums paid.

For Premium Paying Term = 5-6 years, Guaranteed Surrender Value is payable after 2 years from policy Commencement upto 30% of the Basic premiums paid.

For Premium Paying Term = 7 years and more, Guaranteed Surrender Value is payable after 3 years from policy Commencement upto 30% of the Basic premiums paid.

You want a loan against your policy – Loan facility is available under this policy upto 90% of Surrender Value.

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