Policy opening date: 30th August 2010
Bajaj Allianz Max Advantage Plan
This is a unit-linked insurance policy (ULIP) which is different from the traditional insurance policy. The premium paid in such policies is subject to investment risks associated with capital markets. The NAV of the units may go up or down based on the performance of fund. Here, the policy holder is responsible for his/her investment decisions.
Key Features of Bajaj Allianz Max Advantage
- Guaranteed return of the Highest Policy NAV at maturity for all the units held in the Max Gain Fund II
- Policy Term of 10 years but premium to be paid for either 5, 6 or 7 years
- Refund of 60% of total Premium Allocation Charge at maturity as Guaranteed Loyalty Addition irrespective of the premium amount
Benefits you get from Bajaj Allianz Max Advantage
Death Benefit – In case of death of the policy holder, the nominee gets sum assured + fund value. If the death of the policy holder is caused due to accident, then sum assured + fund value + accidental sum assured is paid to the nominee.
Maturity Benefit - If the policy holder survives the policy term, then he/she gets the fund value + guaranteed loyalty additions.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity amount you receive from this plan are exempt from tax under section 10(10D)
Eligibility conditions and other restrictions in Bajaj Allianz Max Advantage
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Minimum
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Maximum
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Sum Assured (in Rs.)
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10 times X Annualized Premium for age< 45 years
7 times X Annualized Premium for age>=45 years
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10 times X Annualized Premium
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Policy Term (in years)
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10
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10
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Premium Payment Term (in years)
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5
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7
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Lock-in period
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5 years
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Entry Age of Policyholder
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8
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60
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Age at Maturity
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18
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70
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Regular premium
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25,000
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2,00,000
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Single premium
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NA
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NA
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Payment modes
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Yearly
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Top-up premium
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5,000
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No Limit
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Sample illustration of Returns end of the policy term in Bajaj Allianz Max Advantage
Premium = Rs.50,000
Policy Term = 10 years
Premium Payment Term = 5 years
Total Investment = Rs. 50,000 x 5 years = Rs.2,50,000
Additional Features and Benefits of Bajaj Allianz Max Advantage
Riders – There are no riders available under this policy
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Type of Rider
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Available with Policy
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Accidental death benefit
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No
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Permanent disability benefit
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No
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Waiver of premium benefit
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No
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Critical illness (or dread diseases) benefit
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No
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Increased death benefit / Term rider
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No
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Hospital cash benefit
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No
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Investment Fund Options – Under this plan the policy holder gets the following fund options:
1. Asset Allocation Fund
2. Equity Index Fund II
3. Liquid Fund
4. Bond Fund
5. Max Gain Fund II
Top-up - You can invest additional premiums as top-up premiums anytime except in the last five policy years. Sum assured will automatically increase by the top-up premium paid.
The minimum top-up premium is Rs. 5,000.
Switching - You have the flexibility to switch investments from one fund to the other any time during the policy term.
The minimum switching amount should be Rs.5,000 or fund value, whichever is lower.
Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years.
The minimum amount of partial withdrawal should be Rs.5,000.
You stop paying the premium before 5 years – If the policy holder stops paying the premium, then the accumulated policy fund amount shall be paid to the policy holder after the fifth policy year. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
You want to surrender the policy – The policy can be surrendered from the 6th (sixth) policy year. The surrender value will be equal to the fund value of all the premiums paid.
You want a loan against your policy – Loan facility is not available under this policy.
Alternate ULIPs from different insurance companies
HDFC SL Crest
ICICI Prudential LifeTime Premier
Kotak Wealth Insurance
SBI Life Smart Performer
Some Other investment plans from Bajaj Allianz Life Insurance
Bajaj Allianz iGain III
Bajaj Allianz Assured Protection Plan
Bajaj Allianz Money Secure Plan
