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Bajaj Allianz Flexi Advantage Insurance Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Bajaj Allianz Flexi Advantage Insurance Plan

 

Bajaj Allianz Flexi Advantage Insurance Plan is a single premium unit linked insurance plan (ULIP) without Bonus.

 

In this plan, if the Life Insured dies within the policy tenure, the nominee would receive the Sum Assured or the Fund Value, whichever is higher as Death Benefit. However, if the Life Insured survives the entire policy tenure, then he would receive the Fund Value as Maturity Benefit.

 

 

 

Key Features of Bajaj Allianz Flexi Advantage Insurance Plan

 

  • This is a simple single premium unit linked insurance plan
  • In this plan, there is 18% of the Single Premium as Guaranteed Addition
  • There is a choice of 7 investment funds to invest in as per the risk appetite of the policyholder
  • There is flexibility to decrease your sum assured
  • There are 6 additional riders for protection enhancement
  • There is a choice of Systematic Switching Option so as to avoid market fluctuations 


COMPARE THIS PLAN WITH OTHER ULIP PLANS

 

Benefits you get from Bajaj Allianz Flexi Advantage Insurance Plan

 

Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher.

 

Maturity Benefit – On maturity, the Fund Value is paid to the policyholder.

 

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

 

 

Eligibility conditions and other restrictions in Bajaj Allianz Flexi Advantage Insurance Plan

 

 

 

Minimum

Maximum

Sum Assured (in Rs.)

For age<45 years, SA=1.25 X SP and for age>=45-65 years, SA=1.1 X SP

5 X SP

Policy Term (in years)

10

25

Premium Payment Term (in years)

Single

Entry Age of Policyholder (in years)

1

65

Age at Maturity (in years)

18

75

Single Premium (in Rs.)

50,000

No Limit

Payment modes

Only Single

 

 

Sample illustration of Bajaj Allianz Flexi Advantage Insurance Plan

 

Premium               = Rs 50,000

Age                       = 30 years

Policy Term          = 20 and 25 years

Total Investment  = Rs. 50,000 x 20 years = Rs 10,00,000

Total Investment  = Rs. 50,000 x 25 years = Rs.12,50,000

Bajaj Allianz Flexi Advantage Insurance Plan Review 

 

 

Additional Features and Benefits of Bajaj Allianz Flexi Advantage Insurance Plan

 

Riders – There are 6 riders available in this policy

1.       Accidental Death Benefit Rider

2.       Accidental Permanent Total/Partial Disability Benefit Rider

3.       Critical Illness Benefit Rider

4.       Hospital Cash Benefit Rider

5.       Family Income Benefit

6.       Term Rider

 

Investment Fund Options - In this plan, there are 7 Investment Fund Options like

·         Equity Growth Fund II

·         Accelerator Mid-Cap Fund III

·         Pure Stock Fund

·         Asset Allocation Fund

·         Bluechip Equity Fund III

·         Bond Fund

·         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 free switches are allowed under 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 should be maintained in the Fund Value after Partial Withdrawal.

 

 

                                             
Charges in Bajaj Allianz Flexi Advantage Insurance Plan
 
Premium Allocation Charge – This charge is deducted from the Premium Paid by you

 

Type of Premium
Premium Allocation Charge
Single Premium
10%
Top Up Premium
2%
 
 
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

 

Policy Year
Policy Administration Charge
Every Year
NIL
 
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.

 

Fund Name
Charge
Equity Growth Fund II
1.35%
Accelerator Mid Cap Fund II
1.35%
Pure Stock Fund
1.35%
Asset Allocation Fund
1.25%
Bluechip Equity Fund
1.25%
Liquid Fund
0.95%
Bond Fund
0.95%
 
Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure. Being a single premium plan, there are no Surrender Charges in this plan.
 
Switching Charge— There are unlimited switches free in this plan.
 
Miscellaneous Charge— Rs. 100 is charged per transaction for the following:
  • Decrease of Sum Assured
  • Partial Withdrawal and
  • Issuance of copy of policy document
 
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.

Service Tax would be applicable on the charges depending on the applicable rates.

 

                                             

What happens if?

 

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.



 

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