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Max Advantage

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Policy opening date: 30th August 2010

 

Bajaj Allianz Max Advantage Plan

 

This is a unit-linked insurance policy (ULIP) which is different from the traditional insurance policy. The premium paid in such policies is subject to investment risks associated with capital markets. The NAV of the units may go up or down based on the performance of fund.  Here, the policy holder is responsible for his/her investment decisions.

 

Key Features of Bajaj Allianz Max Advantage

 

  • Guaranteed return of the Highest Policy NAV at maturity for all the units held in the Max Gain Fund II
  • Policy Term of 10 years but premium to be paid for either 5, 6 or 7 years
  • Refund of 60% of total Premium Allocation Charge at maturity as Guaranteed Loyalty Addition irrespective of the premium amount  


COMPARE THIS PLAN WITH OTHER ULIP PLANS

 

Benefits you get from Bajaj Allianz Max Advantage

 

Death Benefit – In case of death of the policy holder, the nominee gets sum assured + fund value. If the death of the policy holder is caused due to accident, then sum assured + fund value + accidental sum assured is paid to the nominee.

 

Maturity Benefit - If the policy holder survives the policy term, then he/she gets the fund value + guaranteed loyalty additions.

 

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. The maturity amount you receive from this plan are exempt from tax under section 10(10D)

 

Eligibility conditions and other restrictions in Bajaj Allianz Max Advantage

 

 

Minimum

Maximum

Sum Assured (in Rs.)

10 times X Annualized Premium for age< 45 years

 

7 times X Annualized Premium for age>=45 years

10 times X Annualized Premium

Policy Term (in years)

10

10

Premium Payment Term (in years)

5

7

Lock-in period

5 years

Entry Age of Policyholder

8

60

Age at Maturity

18

70

Regular premium

25,000

2,00,000

Single premium

NA

NA

Payment modes

Yearly

Top-up premium

5,000

No Limit

 

 Sample illustration of Returns end of the policy term in Bajaj Allianz Max Advantage

 

Premium               = Rs.50,000

Policy Term          = 10 years

Premium Payment Term = 5 years

Total Investment  = Rs. 50,000 x 5 years = Rs.2,50,000






 Bajaj Allianz Max Advantage Sample Premium  


Additional Features and Benefits of Bajaj Allianz Max Advantage

 

Riders – There are no riders available under this policy

 

Type of Rider

Available with Policy

Accidental death benefit

No

Permanent disability benefit

No

Waiver of premium benefit

No

Critical illness (or dread diseases) benefit

No

Increased death benefit / Term rider

No

Hospital cash benefit

No

 

Investment Fund Options – Under this plan the policy holder gets the following fund options:

1.       Asset Allocation Fund

2.       Equity Index Fund II

3.       Liquid Fund

4.       Bond Fund

5.       Max Gain Fund II

 

Top-up - You can invest additional premiums as top-up premiums anytime except in the last five policy years. Sum assured will automatically increase by the top-up premium paid.

The minimum top-up premium is Rs. 5,000.

 

Switching - You have the flexibility to switch investments from one fund to the other any time during the policy term.

The minimum switching amount should be Rs.5,000 or fund value, whichever is lower.

 

Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years.

The minimum amount of partial withdrawal should be Rs.5,000.

 

What happens if?

 

You stop paying the premium before 5 years – If the policy holder stops paying the premium, then the accumulated policy fund amount shall be paid to the policy holder after the fifth policy year. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.

 

You want to surrender the policy – The policy can be surrendered from the 6th (sixth) policy year. The surrender value will be equal to the fund value of all the premiums paid.

 

You want a loan against your policy – Loan facility is not available under this policy.



 

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