Bajaj Allianz Guaranteed Maturity Insurance Plan

Guaranteed Maturity Insurance Plan is the lowest single premium ULIP (Unit-linked Insurance Plan) in India. This ULIP offers a guaranteed maturity benefit which is at least double the premium paid by you, along with the benefits of a life cover.

ULIP combines the benefits of a life insurance cover and market-linked investment product. In Guaranteed Maturity Insurance Plan, for every Rs 5,000 of single premium paid, you get ‘Guaranteed Maturity Certificate’. You have the choice to buy any number of Certificates under a single policy. On Maturity, you get the Guaranteed Maturity Value or the Fund Value (whichever is higher). The guaranteed maturity value is twice the single premium paid.  

• Affordable investment plan
• Guarantee of getting at least 2 times the amount invested
• Lowest single premium ULIP
• No premium allocation charges
• Option to buy multiple ‘Guarantee Maturity Certificates’
• Flexibility to make partial withdrawals after 5 policy years

Maturity Benefit – Maturity benefit will be higher of the Guaranteed Maturity Value of all the ‘Guaranteed Maturity Certificates’ or the Fund Value as on the date of Maturity.
 

Death Benefit – In case of death of the Life Assured during the policy term, the death benefit payable will be higher of

§  Sum Assured minus any partial withdrawals in the last 24 months before death

Or

§  Fund Value as in the date of receipt of intimation of death  

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

The below sample projection based on 100% investment in ‘Guaranteed Bond Fund’ for healthy male or female

Premium = Rs 5,000 single premium

Age at the time of taking the policy = 30 years

Age at Maturity = 40 years

Policy Term = 10 years

Sum Assured = Rs 25,000

Guaranteed Maturity Value = Rs 10,000

You stop paying the premium – The company gives a grace period of 30 days after which the policy is discontinued. Revival or reinstatement of the discontinued policy is not allowed

You want to surrender the policy – You have the option to surrender policy anytime from 6^th policy year. Surrender value paid will be equal to the Fund Value as on date of surrender. No guarantee is applicable on surrender

You want a loan under this policy – No loan is avaliable