Bajaj Allianz Principal Gain Plan

On maturity, higher of the following is paid to the policyholder:

• The available Fund Value on maturity date + Guaranteed Loyalty Additions
• 101% of the premiums paid which is the Guaranteed Maturity Benefit.
  The policyholder, if wishes, can also avail the maturity benefit in installments over a period of 5 years post the date of maturity under the Settlement Option.

If the insured dies when the plan is in-force, higher of the following would be paid as the death benefit:

• Sum Assured
• Fund Value as on the date of death
• 105% of the total premiums paid till death which is the Guaranteed Death Benefit

Being a ULIP plan, bonus is not declared.

If the policyholder has paid the premiums for at least 5 years, he would be entitled to receive Guaranteed Loyalty Additions at the time of maturity. The Guaranteed Loyalty Addition is expresses as a percentage of the annual premium paid and is equal to 4% of the annual premium if the policy term is up to 10 years or 15% of the annual premium if the chosen term is more than 10 years.

As per the IRDA regulations, non-negative additions would be added to the Fund Value to fulfill the maximum reduction in yield criteria from the end of the 5th policy year.

loan is not available under the plan.

Premiums paid under the plan would be exempt from tax under Section 80C up to a limit of Rs.1.5 lakhs. The death benefit or the maturity benefit received would also be tax exempt under Section 10(10D) of the Income Tax Act.

A grace period of 30 days is allowed for annual mode of premium and 15 days for monthly mode of premium payment.

Partial withdrawals are not allowed in the plan.

A cooling off period or a free look period of 15 days is granted to the policyholder after the policy issuance to review the policy terms and conditions. If found unsatisfactory, the plan can be cancelled within this period and the premium paid would be refunded after deducting the relevant mortality charge, service tax, cess and stamp duty paid

The policy has a 5 year lock-in period. If the policy is surrendered within the first 5 years, Fund Value and would be transferred to the Discontinuance Policy Fund after deducting the Discontinuation charges. The life cover and the Guaranteed Maturity Benefit would cease to apply. The money would remain in the Discontinuance Policy Fund till the completion of 5 years and the Fund Management charges would be deducted as and when applicable. If the policyholder dies during this period, the Fund Value as on the date of death would be paid. Otherwise, after the completion of the lock-in period of 5 years, the available Fund Value would be paid.

If the plan is surrendered any time after the completion of 5 years, the available Fund Value and any would be paid without deduction of any charges.

A Paid-up facility is available only if the first 5 years’ premiums have been paid. The benefits payable in case of a paid-up policy are:

Death Benefit – higher of the following:

• Paid-up Sum Assured
• Fund Value
• Guaranteed Death Benefit of 105% of all premiums paid till death

​Maturity Benefit – higher of the following:

• Fund value on maturity date + Guaranteed Loyalty Additions
• Guaranteed Maturity Benefit of 101% of all premiums paid