Bajaj Allianz Future Gain Plan

On maturity, the regular premium Fund Value and any top-up premium Fund Value is paid to the policyholder. The policyholder, if wishes, can also avail the maturity benefit in instalments 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 including any top-up premium Sum Assured
• Fund Value as on the date of death including any top-up premium Fund Value
  The death benefit should be a minimum of 105% of the total premiums paid till death.
  If the policyholder is below 60 years of age when he dies, the Sum Assured would be net of partial withdrawals made in the last 2 years preceding death.
  If the policyholder is 60 years and above as on the date of death, partial withdrawals made after attaining 58 years of age would be deducted from the Sum Assured.

Being a ULIP plan, bonus is not declared.

As per the IRDA regulations, non-negative additions would be added to the Fund Value to fulfil 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.

There are five riders available with the plan which can be added to the base policy. The riders include:

• Bajaj Allianz ULIP Accidental Death Benefit Rider
• Bajaj Allianz ULIP Accidental Permanent Total/Partial Disability Benefit Rider
• Bajaj Allianz ULIP Critical Illness Benefit Rider 
• Bajaj Allianz ULIP Family Income Benefit Rider
• Bajaj Allianz ULIP Waiver of Premium Benefit Rider

Partial withdrawals are allowed after 5 completed policy years. The minimum amount of withdrawal allowed is 10% while the maximum amount is 10% of the total premiums paid. A maximum of 2 partial withdrawals are allowed in a policy year. 

Top-up premiums are allowed any time except the last 5 years. The minimum amount of top-up is Rs.5000

Unlimited free switches are allowed with a minimum value of Rs.5000 per switch.

• Within the first 5 policy years

The policy has a 5 year lock-in period. If the policy is surrendered within the first 5 years, the regular premium Fund Value and any top-up premium Fund Value would be transferred to the Discontinuance Policy Fund after deducting the Discontinuation charges. The life cover 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
 

• After 5 years

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

• Making the policy paid-up

Paid-up facility is available only if the first 5 years’ premiums have been paid. The benefits payable are reduced if the policy becomes a paid-up policy.

Revival

Revival is allowed within 2 years from the date of the first unpaid premium. The policyholder would be required to pay the outstanding premium and any interest charged by the insurer to revive his policy. 

Foreclosure 

If the policyholder discontinues his premiums after the completion of first 5 policy years and the available balance in the Fund Value and any top-up premium Fund Value is insufficient to meet one month’s charges applicable under the policy, the policy would be foreclosed. The remaining Surrender Value of the policy would be paid on such foreclosure.