Bajaj Allianz Wealth Insurance Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

Bajaj Allianz Wealth Insurance Plan

Bajaj Allianz Wealth Insurance Plan is a Single Premium Unit Linked Insurance Plan (ULIP). Thus it is a Traditional Insurance Plan without Bonus facility.

How it works – In this plan, premium needs to be paid upfront under Single Premium Option while the policy continues for the entire policy tenure. The premium, net of charges is allocated in the fund chosen by the policyholder among the 7 Investment Funds available.

In this plan, there is a Loyalty Addition of 7% of the Single Premium paid at the end of the 5^th policy tenure. The entire Fund Value is paid to the policyholder on survival till the end of the Policy Tenure as Maturity Benefit and the policy terminates.

However, if the Life Insured dies within the policy tenure, higher of the Fund Value or the Sum Assured is paid to the nominee as Death Benefit and the policy terminates.

There are additional riders available in this plan and other flexibilities like decrease in sum assured, settlement option, etc.

Key Features of Bajaj Allianz Wealth Insurance Plan

This is a ULIP with Single Premium Option
In This plan, there is Loyalty Addition up to 7% of single premium at the end of the fifth year
There is a choice of 7 investment funds to invest in as per your risk appetite by paying single premium
This plan has an option of Systematic Switching Option where part of your Fund Value in the Liquid Fund shall be transferred from the Liquid Fund to fund(s) of your choice
There is flexibility to decrease your sum assured in this plan

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Benefits you get from Bajaj Allianz Wealth Insurance Plan

Death Benefit – In case of death of the policy holder, the nominee gets the higher of the Sum Assured or Fund Value and the policy would be terminated. The death benefit payable would be calculated separately for single premium and top up premiums.

Maturity Benefit – If the policy holder survives the policy term, then he gets the Fund Value.

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 amounts you receive from this plan are exempt from tax under section 10(10D) subject to the provisions stated therein.

Eligibility conditions and other restrictions in Bajaj Allianz Wealth Insurance Plan

	Minimum	Maximum
Sum Assured (in Rs.)	For 7-44 years: 1.25 X Single Premium For 45-65 years: 1.1 X Single Premium	5 X Single Premium
Policy Term (in years)	(75 years – Age at entry)
Premium Payment Term (in years)	Single
Entry Age of Policyholder (in years)	7	65
Age at Maturity (in years)	-	75
Single Premium (in Rs.)	For 7-60 years: 25,000 For 61-65 years: 50,000	3,30,000
Payment modes	Only Single

Sample illustration of premium amount in Bajaj Allianz Wealth Insurance Plan

Premium = Rs.25,000, Rs 50,000

Age = 50 years

Policy Term = 25 years

Total Investment = Rs. 25,000 x 25 years = Rs.6,25,000

Total Investment = Rs. 50,000 x 25 years = Rs.12,50,000

Bajaj Allianz Wealth Insurance Plan Simple Premium

Additional Features and Benefits of Bajaj Allianz Wealth Insurance Plan

Riders – There are 2 riders available in this policy

Type of Rider	Available with Policy
Accidental death benefit	Yes
Permanent/Accidental disability benefit	Yes
Waiver of premium benefit	No
Critical illness (or dread diseases) benefit	No
Increased death benefit / Term rider	No
Hospital cash benefit	No
Life Guardian benefit	No

Investment Fund Options - Under this plan the policy holder gets the following 2 investment options:

Either he can opt for one of the 7 investment Fund Options like

Equity Growth Fund II
Accelerator Mid-Cap Fund III
Pure Stock Fund
Asset Allocation Fund
Equity Index Fund III
Bond Fund
Liquid Fund

Top-up - Unlimited Top Up is allowed except in the last 5 years of the policy.

Minimum Top Up premium is Rs 5,000. Each top up premium has a lock in of 5 years.

Each Top Up premium is accompanied by Sum Assured according to the multiplie

Less than 45 years- SA is 1.25 to 5 times
Greater than or equal to 45 years- SA is 1.10 to 5 times

Switching - Unlimited Switches are allowed in this plan. Minimum Switching amount is Rs 5,000 or the Fund Value, whichever is lower.

Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later.

The minimum amount of partial withdrawal should be Rs. 5,000 such that Rs 5,000 or 1/5th the single premium should be maintained after Partial Withdrawal.

Charges in Bajaj Allianz Wealth Insurance Plan

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

Type of Premium	Premium Allocation Charge
Single Premium	2% of the Single Premium Paid
Top-Up Premium	2% of the Top-Up Premium Paid

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 till a maximum of Rs 500 per month.

Policy Year	Policy Administration Charge
1^st -5^th year	1.50% of the Single Premium per month which increases by 5% every year
6^th year onwards	NIL

Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.

Type	Charge
Equity Growth Fund II Fund	1.35% of the Equity Growth Fund II Fund Value
Accelerator Mid Cap Fund II	1.35% of the Accelerator Mid Cap Fund II Value
Pure Stock Fund	1.35% of the Pure Stock Fund Value
Asset Allocation Fund	1.25% of the Asset Allocation Fund Value
Equity Index Fund II	1.25% of the Equity Index Fund II Value
Liquid Fund	0.95% of the Liquid Fund Value
Bond Fund	0.95% of the Bond Fund Value

Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure. There are no charges whatsoever.

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

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

Decrease of Sum Assured

Partial Withdrawal and

Issuance of copy of policy document

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.

Service Tax would be applicable on the charges depending on the applicable rates.

What happens if?

You stop paying the premium before 5 years – Not applicable as this is a single premium payment policy.

You stop paying the premium after 5 years - Not applicable as this is a single premium payment policy.

You want to surrender the policy – You have the option to surrender your policy anytime from the 6th policy year. The surrender value payable will be equal to the fund value as on date of surrender of the policy. The policy shall thereafter terminate upon payment of full surrender value

You want a loan against your policy – There is no loan facility in this product.

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