Bajaj Allianz Wealth Insurance Plan
Bajaj Allianz Wealth Insurance Plan is single premium unit-linked insurance policy (ULIP) where the premium amount is invested in the markets (debt, equity and cash market instruments). There is a an element of flexibility which has been provided in terms of decreasing sum assured and partial withdrawals after a certain period of time. The charges too are reasonable when compared with similar plans of other life insurance companies.
Key Features of Bajaj Allianz Wealth Insurance Plan
- It ss a single premium ULIP
- Loyalty Addition up to 7% of single premium at the end of the fifth year
- Flexibility to decrease your sum assured
- Can be purchased online
Benefits you get from Bajaj Allianz Wealth Insurance Plan
Death Benefit – In case of death of the policy holder, the nominee gets the higher of the Sum Assured or Fund Value and the policy would be terminated. The death benefit payable would be calculated separately for single premium and top up premiums.
Maturity Benefit – If the policy holder survives the policy term, then he gets the Fund Value.
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 amounts you receive from this plan are exempt from tax under section 10(10D) subject to the provisions stated therein.
Eligibility conditions and other restrictions in Bajaj Allianz Wealth 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 7 - 44 years: 1.25 X SP
For 45-65 years: 1.1 X SP
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5 X SP
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Policy Term (in years)
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(75 years – Age at entry)
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Premium Payment Term (in years)
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Single
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Entry Age of Policyholder (in years)
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7 years without riders
18 years with riders
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65 years without riders
50 years with riders
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Age at Maturity (in years)
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75 years (Riders cease at 65 years)
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Single Premium (in Rs.)
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Rs 25,000
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Rs 3,30,000
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Payment modes
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Only Single
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Top up premium
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Rs.5,000
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No limit
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Sample illustration of premium amount in Bajaj Allianz Wealth Insurance Plan
Premium = Rs.25,000, Rs 50,000
Age = 50 years
Policy Term = 25 years
Total Investment = Rs. 25,000 x 25 years = Rs.6,25,000
Total Investment = Rs. 50,000 x 25 years = Rs.12,50,000
Additional Features and Benefits of Bajaj Allianz Wealth Insurance Plan
Riders – There are 2 riders available in 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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Yes
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Permanent/Accidental disability benefit
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Yes
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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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Life Guardian benefit
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No
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Investment Fund Options
Under this plan the policy holder gets the following 2 investment options:
Either he can opt for one of the 7 investment Fund Options like
1. Equity Growth Fund II
2. Accelerator Mid-Cap Fund III
3. Pure Stock Fund
4. Asset Allocation Fund
5. Equity Index Fund III
6. Bond Fund
7. Liquid Fund
Top-up - Unlimited Top Up is allowed except in the last 5 years of the policy.
Minimum Top Up premium is Rs 5,000. Each top up premium has a lock in of 5 years.
Each Top Up premium is accompanied by Sum Assured according to the multiplier
· Less than 45 years- SA is 1.25 to 5 times
· Greater than or equal to 45 years- SA is 1.10 to 5 times
Switching - Unlimited Switches are allowed in this plan. Minimum Switching amount is Rs 5,000 or the Fund Value, whichever is lower.
Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later.
The minimum amount of partial withdrawal should be Rs. 5,000 such that Rs 5,000 or 1/5th the single premium should be maintained after Partial Withdrawal.
You stop paying the premium before 5 years – Not applicable as this is a single premium payment policy.
You stop paying the premium after 5 years - Not applicable as this is a single premium payment policy.
You want to surrender the policy – You have the option to surrender your policy anytime from the 6th policy year. The surrender value payable will be equal to the fund value as on date of surrender of the policy. The policy shall thereafter terminate upon payment of full surrender value
You want a loan against your policy – There is no loan facility in this product.
Alternate ULIPs from different insurance companies
ICICI Prudential Lifelink Wealth SP
Tata AIG Life Invest Assure Gold Supreme
SBI Life Unit Plus Super
BSLI Classic Endowment Plan
Some Other ULIPs from Bajaj Allianz Life Insurance
Bajaj Allianz Shield Insurance Plan
Bajaj Allianz Flexi Advantage Insurance Plan
Bajaj Allianz Guanranteed Maturity Plan
