Bajaj Allianz Life Future Wealth Gain
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| Launch Date | UIN | Status |
| 28/4/2014 | 116L142V01 | Active |
About Bajaj Allianz Life Future Wealth Gain
The Bajaj Allianz Life Future Wealth Gain plan is a non-participating, individual, unit-linked (ULIP), regular- / limited-premium-paying endowment plan with two variants – Wealth Plus and Wealth Plus Care. To secure your and your loved ones’ futures, the plan offers the dual benefit of protection and growth.
The plan provides flexibility to choose between two plan variants, portfolio strategies, premium amounts, policy terms, and premium paying terms. Along with life cover (death benefit), the plan provides maturity benefits, tax benefits, and additional cover by providing riders.
Let’s understand this plan in brief before getting into its details:
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Modes of Payment |
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Claim Settlement Ratio of the Insurer |
94.69% |
| USPs of the Policy |
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Illustration with Premium of INR 1 Lakh (Assuming Gross Interest rate at 8% and Net Yield at 6.59% ) |
Illustration with Premium of INR 1 Lakh
(Assuming Gross Interest rate at 8% and Net Yield at 6.59% ) Say a 30-year-old male purchases the Bajaj Allianz Life Future Wealth Gain plan with the Wealth Plus variant at INR 1,00,000 premium (yearly mode) for a policy term of 25 years and premium paying term of 15 years. The following fund options are opted for:
Pure Stock Fund II – 10%
Equity Growth Fund II – 10%
Bond Fund – 10%
Accelerator Mid Cap Fund II – 20%
Asset Allocation Fund II – 10%
Liquid Fund – 10%
Pure Stock Fund – 10%
Bluechip Equity Fund – 20%
The policyholder stands to receive basic sum assured of INR 20,00,000. The fund value in the 25th year will be INR 46,79,413. If the unfortunate death of the policyholder occurs in the 25th policy year, the nominee stands to receive death benefits of INR 46,79,413
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How Does the Plan Work?
The individual has to select from the two plan variants at the time of inception. The benefits paid to the policyholder or the beneficiary are based on the plan chosen. The following are the plan options:
- Wealth Plus
- Wealth Plus Care
The individual has to decide the premium amount s/he wants to pay. The individual has to then decide the sum assured multiplier to decide his/her life cover. At this point, the individual has to decide the policy term and the premium-paying term along with the premium-payment frequency.
| For both Wealth Plus and Wealth Plus Care variants | ||
| Policy Term | 10 years | 15 to 25 years |
| Premium-paying Term | 5, 7, 10 | 5, 7, 10, 15 |
The individual has to choose between two portfolio strategies. They are as follows:
- Investor Selectable Portfolio Strategy – If the policyholder wants to allocate the premiums based on his/her personal choice, s/he can opt for this strategy and choose from among the following eight funds to suit their investment needs:
| Fund Name | Risk Profile | Portfolio Allocation | Percentage |
| Equity Growth Fund II | Very high | Equity | Not less than 60% |
| Bank deposits | 0% to 40% | ||
| Money market instruments, cash, mutual funds | 0% to 40% | ||
| Accelerator Mid Cap Fund II | Very high | Equity | Not less than 60%, out of the equity investment at least 50% will be in mid-cap stock |
| Bank deposits | 0% to 40% | ||
| Money market instruments, cash, mutual funds | 0% to 40% | ||
| Pure Stock Fund II | Very high | Equity | Not less than 75% |
| Money market instruments, cash, mutual funds | 0% to 25% | ||
| Pure Stock Fund | Very high | Equity | Not less than 60% |
| Bank deposits | 0% to 40% | ||
| Money market instruments, cash, mutual funds | 0% to 40% | ||
| Asset Allocation Fund II | High | Equity | 40% to 90% |
| Debt, bank deposits, and Fixed-income securities | 0% to 60% | ||
| Money market instruments | 0% to 50% | ||
| Blue Equity Fund | High | Equity | Not less than 60% |
| Bank deposits | 0% to 40% | ||
| Money market instruments, cash, mutual funds | 0% to 40% | ||
| Bond Fund | Moderate | Debt and debt-related securities, including fixed deposits | 40% to 100% |
| Money market instruments, cash, mutual funds | 0% to 60% | ||
| Liquid Fund | Low | Bank deposits and money market instruments | 100% |
- Wheel of Life Portfolio Strategy – The plan provides a years-to-maturity-based portfolio-management strategy as well. The premiums allocated are invested into all the funds mentioned in the table earlier, excluding Asset Allocator Fund II and Pure Stock Fund, in a predefined ratio. This ratio changes as the policy term moves towards maturity. Majorly, these funds are directed to liquid funds and bond funds to protect the returns against market volatility.
Now, let’s understand some more benefits offered with this plan:
A) Maturity Benefits:
Wealth Plus
On survival till the end of the policy term and all due premiums being paid, the policyholder will receive:
Regular premium fund value + top-up premium fund value
Wealth Plus Care
On survival till the end of the policy term and all due premiums being paid, the policyholder will receive:
Regular premium fund value + top-up premium fund value
B) Death Benefits
Wealth Plus
In case of the unfortunate death of the policyholder, while the policy is in effect and all premiums being paid, the death benefits payable will be the higher of:
- Sum assured + top-up sum assured, if any
- Fund value as on date of receipt of the intimation of death
Wealth Plus Care
In case of the unfortunate death of the policyholder or on first diagnosis of cancer (subject to waiting period), while the policy is in effect and all premiums being paid, the death benefits payable will be the higher of:
- Sum assured + top-up sum assured, if any
- Fund value as on date of receipt of the intimation of death
C) Guaranteed Death Benefits
Wealth Plus - 105% of all premiums paid till date of death
D) Income Benefits
Wealth Plus Care
In case of the unfortunate death of the policyholder or on first diagnosis of cancer (subject to waiting period), if it occurs during the PPT, the income benefits will be equal to the total of all the regular premiums due under the policy after the date of death or diagnosis of cancer, as applicable
Riders
The Bajaj Allianz Life Future Wealth Gain plan provides the following riders under the Wealth Plus variant:
- Bajaj Allianz ULIP Accidental Death Benefit rider
- Bajaj Allianz ULIP Accidental Permanent Total/Partial Disability Benefit rider
- Bajaj Allianz ULIP Waiver of Premium Benefit rider
- And these are the benefits provided with the Wealth Plus Care variant:
- Bajaj Allianz ULIP Accidental Death Benefit rider
- Bajaj Allianz ULIP Accidental Permanent Total/ Partial Disability Benefit rider
COMPARE & BUY SIMILAR PLANS
Why Should I Buy This Plan?
Besides the benefits mentioned earlier, here are some other features of the Bajaj Allianz Life Future Wealth Gain plan:
- Tax Benefits: Premiums paid, maturity benefits, death benefits, and surrender benefits will be eligible for tax benefits under relevant Sections of the Income Tax Act.
- Free-look Period: The individual is advised to go through the policy thoroughly. If s/he finds any objections to the terms and conditions of the policy, s/he can cancel the policy within 15 days (free-look period) by giving a signed written notice to the insurance company, stating the reasons for objection of the policy. The individual will be entitled to a refund of the premium paid, excluding a few charges like stamp duty charges.
- Policy Revival: A lapsed policy can be revived within 2 years from the last unpaid premium date, subject to satisfactory proof of insurability.
Who Should Buy This Plan?
The eligibility criteria to purchase this plan is as follows:
A) Wealth Plus
Minimum Entry Age:- 0 years
Maximum Entry Age:- 60 years (If more than one rider is chosen under the policy, the maximum age at entry shall be restricted to 50 years)
B) Wealth Plus Care
Minimum Entry Age:- 18 years
Maximum Entry Age:-
- 53 for policy term / premium-payment term combination of 10 / 5 years
- 55 years for all other combinations
- If more than one rider is chosen under the policy, the maximum age at entry shall be restricted to 50 years
The Bajaj Allianz Life Future Wealth Gain plan proves to be an ideal plan for it accommodates your requirements for a comfortable today by asking for limited premiums, helps you fulfil your responsibilities even in your absence by offering high protection cover along with additional benefits.
Company Overview
Bajaj Allianz is a joint venture between Bajaj Finserv Limited and Allianz SE. Both enjoy a reputation of expertise, stability, and strength. Bajaj Allianz was incorporated in the year March 2001 and started operations in the year August 2001.
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