Bajaj Allianz Igain

 

Bajaj Allianz iGain III is a ULIP (Unit-linked Insurance Plan) where premiums paid by you are invested in your choice of funds. The company allocates Units to you as per the unit price of the funds.  On policy maturity, you will receive the Fund Value as on the maturity date. iGain is a complete online insurance plan making the process simple, fast and easy.

 

ULIP is a combination of life insurance and market-linked investment. Thus it offers an opportunity to create wealth in the long term along with a life cover. In iGain III plan, you need to choose your premium paying term and policy term. After deducting charges, the company invests the money in your choice of Funds and gives you the Fund Value on maturity.   

 

 

 

• High allocation up to 98%
• 100% allocation from the 6^th policy year onwards
• Option to choose from a variety of Riders to meet your requirement
• Inbuilt accidental death cover
• Flexibility to make partial withdrawals after 5 policy years
• Flexibility to pay top-up premiums over and above regular premiums
• Choice of 7 investment funds

 

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Maturity Benefit – At the maturity of the policy, you get the Fund Value
 

Death Benefit –

 

• In case of death of the Life Assured before attaining 60 years of age, the nominee gets Higher of Sum Assured less partial withdrawals made last 24 months (if any) or The Fund Value
• In case of death of the Life Assured after attaining 60 years of age, the nominee gets Higher of Sum Assured less partial withdrawals made in last 24 months before age 60 years and all partial withdrawals made after age 60 years or The Fund Value

 

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)

 

 

 

 

	Minimum	Maximum
Sum Assured (in Rs.)	For entry age below 45 yrs =  10 x Annualized Premium	Policy Term x Annualized Premium with base cover only [10 x Annualized Premium if any rider chosen]
	For entry age 45 yrs and above =  7 x Annualized Premium
Policy Term	10, 15 and 20 years
Premium Payment Term	5 years	Equal to Policy Term
Entry Age of Policyholder	1 year	60 years
Age at Maturity	-	75
Payment modes	Yearly, Half-Yearly, Quarterly, Monthly

 

 

Minimum Premium Amount (in Rs.)	Mode	For Premium Paying Term 5 to 9 years and above	For Premium Paying Term 10 years and above
	Yearly	15,000	10,000
	Half-yearly	8,000	6,000
	Quarterly	5,000	4,000
	Monthly	1,700	1,500
Maximum Premium Amount	No Limit

 

 

 

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

 

Premium = Rs.15,000 per year

Age at the time of taking the policy = 30 years

Age at Maturity = 45 years

Policy Term = 15 years

Premium Paying Term = 15 years

Sum Assured = Rs 1,50,000

Total Investment = Rs.15,000 x 15 years = Rs. 2,25,000

 

 

Riders – There are 6 optional additional Insurance Riders for extra protection available at a nominal extra cost:

• Family Income Benefit Rider   
• Term Rider   
• Waiver of Premium Benefit Rider           
• Critical Illness Benefit Rider     
• Hospital Cash Benefit Rider
• Accidental Permanent Total / Partial Disability Benefit Rider

 

 

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
 

 

Premium Allocation Charge – This charge is deducted from the Premium Paid by you

 

Policy Year	Premium Allocation Charge
1st to 5th Year	2%
6th Year onwards	NIL
Top Up Premium	1%

 

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	Rs 32 p.m.
Increasing at	5% p.a.

 

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.

 

Year of Discontinuation	Annual Premium <= Rs 25,000 p.a.	Annual Premium > Rs 25,000 p.a.
1st	Lower of  20% of (Annual Premium or Fund Value) subject to a maximum of Rs 3,000	Lower of  6% of (Annual Premium or Fund Value) subject to a maximum of Rs 6,000
2nd	Lower of  15% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000	Lower of  4% of (Annual Premium or Fund Value) subject to a maximum of Rs 5,000
3rd	Lower of 10% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,500	Lower of  3% of (Annual Premium or Fund Value) subject to a maximum of Rs 4,000
4th	Lower of  5% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,000	Lower of  2% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
5th onwards	NIL

 

Switching Charge— There are unlimited switches free in this plan.

Miscellaneous Charge— Rs. 100 is charged per transaction for the following:

 

 

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.