Bajaj Allianz Wealth Insurance Plan
This plan has been withdrawn by the insurance company and is no longer available for sale.
Bajaj Allianz Wealth Insurance Plan is a Single Premium Unit Linked Insurance Plan (ULIP). Thus it is a Traditional Insurance Plan without Bonus facility.
Key Features
This is a ULIP with Single Premium Option
In This plan, there is Loyalty Addition up to 7% of single premium at the end of the fifth year
There is a choice of 7 investment funds to invest in as per your risk appetite by paying single premium
This plan has an option of Systematic Switching Option where part of your Fund Value in the Liquid Fund shall be transferred from the Liquid Fund to fund(s) of your choice
There is flexibility to decrease your sum assured in this plan
Benefits
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.
If the policy holder survives the policy term, then he gets the Fund Value.
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.
There are 2 riders available in this policy
| Type of Rider | Available with Policy |
| Accidental death benefit | Yes |
| Permanent/Accidental disability benefit | Yes |
| Waiver of premium benefit | No |
| Critical illness (or dread diseases) benefit | No |
| Increased death benefit / Term rider | No |
| Hospital cash benefit | No |
| Life Guardian benefit | No |
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
- Equity Growth Fund II
- Accelerator Mid-Cap Fund III
- Pure Stock Fund
- Asset Allocation Fund
- Equity Index Fund III
- Bond Fund
- Liquid Fund
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 multiplie
- 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
Unlimited Switches are allowed in this plan. Minimum Switching amount is Rs 5,000 or the Fund Value, whichever is lower.
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.
How it works
There are additional riders available in this plan and other flexibilities like decrease in sum assured, settlement option, etc.
Eligibility
|
Minimum
|
Maximum
|
|
|
Sum Assured (in Rs.)
|
For 7-44 years: 1.25 X Single Premium
For 45-65 years: 1.1 X Single Premium
|
5 X Single Premium
|
|
Policy Term (in years)
|
(75 years – Age at entry)
|
|
|
Premium Payment Term (in years)
|
Single
|
|
|
Entry Age of Policyholder (in years)
|
7
|
65
|
|
Age at Maturity (in years)
|
-
|
75
|
|
Single Premium (in Rs.)
|
For 7-60 years: 25,000
For 61-65 years: 50,000
|
3,30,000
|
|
Payment modes
|
Only Single
|
|
Exclusions
Premium Allocation Charge – This charge is deducted from the Premium Paid by you
|
Type of Premium
|
Premium Allocation Charge
|
|
Single Premium
|
2% of the Single Premium Paid
|
|
Top-Up Premium
|
2% of the Top-Up Premium Paid
|
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 till a maximum of Rs 500 per month.
|
Policy Year
|
Policy Administration Charge
|
|
1st -5th year
|
1.50% of the Single Premium per month which increases by 5% every year
|
|
6th year onwards
|
NIL
|
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.
|
Type
|
Charge
|
|
Equity Growth Fund II Fund
|
1.35% of the Equity Growth Fund II Fund Value
|
|
Accelerator Mid Cap Fund II
|
1.35% of the Accelerator Mid Cap Fund II Value
|
|
Pure Stock Fund
|
1.35% of the Pure Stock Fund Value
|
|
Asset Allocation Fund
|
1.25% of the Asset Allocation Fund Value
|
|
Equity Index Fund II
|
1.25% of the Equity Index Fund II Value
|
|
Liquid Fund
|
0.95% of the Liquid Fund Value
|
|
Bond Fund
|
0.95% of the Bond Fund Value
|
Service Tax would be applicable on the charges depending on the applicable rates.
FAQs
What happens if you stop paying the premium before 5 years?Not applicable as this is a single premium payment policy.
What happens if you stop paying the premium after 5 years?Not applicable as this is a single premium payment policy.
What happens if 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
What happens if you want a loan against your policy?There is no loan facility in this product.
