Bajaj Allianz Invest Gain Plan
Bajaj Allianz Invest Gain Plan is an Endowment Plan. This is a non unit-linked insurance traditional participating plan.
Key Features
- Bajaj Allianz Invest Gain Economy: The basic package with Death Benefit = Sum Assured only
- Bajaj Allianz Invest Gain Gold: With double protection with Death Benefit = 2 times Sum Assure
- Bajaj Allianz Invest Gain Diamond: With triple protection with Death Benefit = 3 times Sum Assured
- Bajaj Allianz Invest Gain Platinum: With quadruple protection with Death Benefit = 4 times Sum Assured
Benefits
In case of death of the Life Insured, the nominee receives the full Life Coverage + accrued Bonus
- In Bajaj Allianz Invest Gain Economy, Death Benefit = Sum Assured only
- In Bajaj Allianz Invest Gain Gold, Death Benefit = 2 times Sum Assured
- In Bajaj Allianz Invest Gain Diamond, Death Benefit = 3 times Sum Assured
- In Bajaj Allianz Invest Gain Platinum, Death Benefit = 4 times Sum Assured
At the maturity of the policy, the insured will get the basic Sum Assured, irrespective of the policy variant chosen along with accrued Bonus
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)
There are 4 additional riders in this plan
- Comprehensive Accident Protection:
- Accidental Death Benefit
- Accidental Permanent Total/ Partial Disability Benefit
- Premium Waiver Benefit
- Critical Illness Benefit
- Hospital Cash Benefit.
- Family Income Benefit: In case of death or accidental total permanent disability of insured, all future premiums are waived and 1% of the sum assured is paid monthly.
How it works
There are 4 variants in this plan, where 4 times the basic Sum Assured can be opted for as Life Coverage. Thus if the Life Insured dies within the policy tenure, then the nominee would receive the full Life Coverage according to the policy variant opted for, upto 4 times the Sum Assured + accrued Bonus and the policy would be terminated.
However, if the Life Insured survives then he would receive the basic Sum Assured + accrued Bonus only, irrespective of the policy variant opted for.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 50,000 | No Limit |
| Policy Term (in years) | 5 | 40 |
| Premium Payment Term (in years) | 2 | Equal to PT |
| Entry Age of Life Insured (in years) | 0 (Economy) 18 (Others) |
65 (Economy)
50 (Others) |
| Age at Maturity (in years) | - | 70 |
| Premium (in Rs.) | Rs. 5000 for Annual Mode, Rs. 2500 for H Yearly,
Rs. 1250 for Quarterly, Rs. 500 for Monthly. |
|
| Payment modes | Yearly, Half-yearly, Quarterly, Monthly and SSS | |
FAQs
What happens if policyholder stop paying the premiumIf you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.
What happens if policyholder want to surrender the policyThere is a Guaranteed Surrender Value in this plan but depends on the Premium paying Term.
For Premium Paying Term = 2-3 years, Guaranteed Surrender Value is payable after 1 year from policy Commencement upto 60% of the Basic premiums paid.
For Premium Paying Term = 5-6 years, Guaranteed Surrender Value is payable after 2 years from policy Commencement upto 30% of the Basic premiums paid.
For Premium Paying Term = 7 years and more, Guaranteed Surrender Value is payable after 3 years from policy Commencement upto 30% of the Basic premiums paid.
What happens if policyholder want a loan against your policyLoan facility is available under this policy upto 90% of Surrender Value.
