Guaranteed maturity insurance plan of Bajaj Allianz is a unit-linked-insurance plan (ULIP). It offers a combination of both life cover and investment. It is probably the Lowest single premium insurance plan out of all those currently available in india.

Features

• It is a 'protection-cum-investment' plan
• On the payment of single premium, the policyholder receives a "guaranteed maturity certificate". The policyholder can buy multiple certificates
• On maturity, the plan offers at least twice the amount invested by the policyholder
• Partial withdrawals can be made after the completion of 5 years of the policy period
• Premium allocation charges under this plan are nil

Benefits of the plan are divided in the following manner

Death benefit - in the event of untimely demise of the policyholder, the benefit paid to the nominee will be higher of -

• The sum assured less partial withdrawals in last 24 months (i.e. Sa-last 24 months partial withdrawals)

Or

• Fund value on the day of receipt of the knowledge of policyholder's death

Maturity benefit - if the policyholder outlives the policy term, the maturity benefit will be paid and that will be higher of -

• Whatever is the guaranteed maturity value of all the guaranteed maturity certificates

Or

• Whatever is the fund value on the date of maturity

Eligibility and other policy details

1. Individuals falling within the age bracket of 8 to 50 are eligible for this plan
2. The policy term is 10 years. Therefore the age at maturity is 18 years (minimum) and 60 years (maximum).

Note: tax benefits under section 80c are also applicable under this plan.