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