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
- Individuals falling within the age bracket of 8 to 50 are eligible for this plan
- 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.