Bajaj Allianz Life launches Future Wealth Gain with Guaranteed Loyalty Additions

Tarun Chugh, CEO, Bajaj Allianz Life Insurance - Photo By Sachin Murdeshwar GPN NETWORKTarun Chugh, CEO, Bajaj Allianz Life Insurance - Photo By Sachin Murdeshwar GPN NETWORK

Mumbai, June 27, 2017 (GPN) : Bajaj Allianz Life Insurance, one of India’s leading private life insurers, launched Bajaj Allianz Life Future Wealth Gain, a unit-linked endowment plan. It offers customers a choice of two variants, ‘Wealth Plus’ and ‘Wealth Plus Care’. The plan aims to maximize your wealth by investing in capital markets to help you achieve your future financial goals, besides providing protection to your loved ones and yourself. Future Wealth Gain is a non-participating ULIP plan with a regular and limited payment premium payment option. As Maturity Benefit, a person will receive the Fund Value plus top up premium fund value, if any as on maturity date, including Guaranteed Loyalty Additions. The Guaranteed Loyalty Additions helps one get higher returns, as it provides 30% of one year’s premium for a policy term of 25 years, payable at the end of every five years, starting from the 10th policy year. To enhance Fund Value, Future Wealth Gain also offers Fund Boosters that will be added to the regular premiums on maturity when all premiums have been paid up to date and the policy is in-force. Fund Booster returns are as high as 90% of one year’s premium, if the policy term and premium payment term is more than 15 years. The Death Benefit under the ‘Wealth Plus variant’ includes:

•   The higher of the Sum Assured, plus top-up Sum Assured, if any, or
  • Fund value, as on the date of receipt of intimation of death,

The Death Benefit, under this variant assures benefit of 105% of premiums paid including top-up premiums paid, if any, till the date of death.

 

Under the ‘’Wealth Plus Care Variant’’, in addition to the Death Benefit, the customer is entitled to an Income Benefit, payable on death or first diagnosis of Cancer of the Life Assured during the premium payment term.  The Income Benefit is the remaining regular premiums due under the policy after the date of death or diagnosis of cancer. 

The minimum premium for Future Wealth Gain is capped at Rs.50,000 annually. The maximum policy term is 25 years and the minimum premium payment term is 5 years. 

With this productthe Company has also introduced a New Fund – Pure Stock Fund II, apart from seven other fund choices previously available with the Investor selectable portfolio strategy. The Wheel of Life portfolio strategy is also available to the investors, the regular premium fund value and top up premium fund value, if any, will be reallocated among various funds in the pre-defined ratio based on years to maturity.

The plan comes with the option to take maturity benefit in installments (Settlement Option) over a maximum period of 5 years. This will enable one to protect his or her fund value from any unforeseen slowdown.

Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said: “Future Wealth Gain has been introduced with two variants to help our customers achieve their financial goals throughout the various stages of their life, while also factoring in the expenses occurring on life-threatening disease like cancer. The product provides our customers the flexibility to choose from eight funds covering both equity and debt asset classes for investment. Our existing Pure Stock Fund has outperformed benchmark and has generated a CAGR of 16.4% for 10 years vs 9.2% of benchmark (as on 31st March 2017). The fund is consistently rated ‘’5 star’’ by Morning Star. Further, features like Guaranteed Loyalty Additions and Fund Boosters will ensure higher returns over the long run.

Our new product launch coincides with our company’s achievement of crossing INR 50,000 Crores Asset under Management (AUM) recently. This re-instills our customer’s faith in us and we thank them for their continued support and trust in us.”

 

Benefit Illustration:- 
A 30-year-old male buys a Bajaj Allianz Life Future Wealth Gain policy with Wealth Plus variant and chooses to pay an annual premium of Rs.50,000 for a 15 year policy term. The premium will be invested in Investor Selectable portfolio strategy, the maturity benefit available will be Rs.12,76,128 (at 8% return), and Rs.9,35,741 (at 4% return). On Maturity Date, a person will receive the Fund Value plus top up premium fund value, if any.

 

As Death Benefit, a person will get:

  • The higher of the Sum Assured, plus top-up Sum Assured, if any, or
  • Fund value, as on the date of receipt of intimation of death,

The Death Benefit, under this variant assures benefit of 105% of premiums paid including top-up premiums paid, if any, till the date of death.ENDS.

About the Author

Sachin Murdeshwar
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.

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