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Bajaj Allianz Life Magnum Fortune Plus II

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A Unit-linked Non-Participating Individual Life Savings Insurance Plan

  • Life Cover throughout policy term

  • Wide Range of funds and portfolio strategy

  • Loyalty Additions2

  • Unlimited Free Switches

Wealth creation ulip investment policy
  • Performance
  • Overview
  • Key Advantages
  • How this works
  • Eligibility
  • Downloads
  • How ULIPs works
  • Sample Illustration
  • Policy Benefits

Disclaimer: Returns are 10 year compounded annualised growth rate (CAGR) as on 20/02/2018 (DD/MM/YYYY).
Past performance is not indicative of future performance. Star rating is Overall Rating as on February 2024.

Disclaimer: Returns up to 1 year are absolute and more than 1 year are compounded annualized growth rate (CAGR) as on 20/02/2018 (DD/MM/YYYY).
Past performance is not indicative of future performance. Star rating is Morning Star Overall Rating as on February,2024.

Overview Image

Bajaj Allianz Life Magnum Fortune Plus II - A Unit-linked Non-Participating Individual Life Savings Insurance Plan

As an individual you may have many life goals like planning for your children’s education, their marriage, planning for your retirement, along with planning for the financial security for your loved ones. Now it’s time to achieve your life goals with the help of a Unit linked life insurance product.

Keeping this objective in mind, we present to you Bajaj Allianz Life Magnum Fortune Plus II : A Unit-linked Non-Participating Individual Life Savings Insurance Plan that offers life insurance during the entire policy term and flexibilities to choose from wide range of funds to help you meet your future financial goals.

Choice of Portfolio Strategies

Offers Choice Between Portfolio Strategies:

1. Investor Selectable Portfolio Strategy

2. Automatic Transfer Portfolio Strategy

3. Target Asset Allocation Strategy

Tax Benefits*:

Tax benefits* may be applicable on premiums paid and benefits received, as per the prevailing tax laws.

Choice of Multiple Premium Bands:

Choose one of the three premium bands to match your savings needs.

Loyalty Additions:

Fund additions from 10th policy year to enhance your savings corpus.

Premium

% of Regular Premium Fund Value

<1,00,000

0.50%

>=1,00,000

0.70%

Maturity Booster

Enjoy additional Maturity value for being an existing customers^ and for choosing auto pay.

Category/ policy term

10th year

15th year

20th year

25th year

30th  year

Auto pay

0.25%

0.5%

0.5%

1%

1%

Existing customer

0.25%

0.5%

0.5%

1%

1%


the Maturity Booster will be added as a percentage of last 3 years average fund value and only if all the premiums are paid up to date of maturity

^Bajaj Allianz life existing customers are referred to individual policyholders of Bajaj Allianz Life whose policies have been matured or whose policy is in-force for at least three months policy duration.

Return of Mortality Charges:

Get Return of Mortality charges by staying invested till Maturity.

Return of Mortality Charges will be excluding any extra Mortality charge & or Goods & Service Tax/any other applicable tax levied on the Mortality charge deducted, subject to changes in tax laws.

Avail Family Benefit:

Get an additional benefit at Maturity, if any of your family member(s)^ is an existing customer of Bajaj Allianz Life Insurance Co. Ltd.

^Family member shall be defined as spouse, children, brothers, sisters, grandchildren, parents, parents in-laws; and will be available to family members of existing customers including who have matured policies.

  1. 1

    Choose your policy term, premium payment term and premium amount

  2. `
  3. 2

    Choose your life cover

  4. `
  5. 3

    Choose your fund/ strategy to suit your savings need

  6. `

Entry Age

Minimum age is 0 year

In the case of a minor life, the risk cover will commence immediately on date of commencement of policy, and the policy will vest on the life assured on the attainment of majority (i.e., age 18 years)

Maximum age is 65 years

Maturity Age

Minimum age at maturity 18 years

Maximum age at maturity 75 years

Premium Payment Term /Policy Term

Policy Term (in years)

10

15

20

25

30

Premium Payment Terms (in years)

5 to 7

5 to 10

5 to 15

5 to 20

5 to 25

Minimum Sum Assured

7 times of Annualized Premium

Maximum Sum Assured

Age

Premium multiplier

0-30 years

40 times

31-40 years

30 times

41-45 years

15 times

46-65 years

10 times

Min/ Max top up sum assured: 1.25 times of Top up Premium.

Premium Payment Frequency

Yearly, Half Yearly, Quarterly and Monthly

Minimum Premium

Mode

Premium (in ₹)

Annually

₹ 48,000

Half-Yearly

₹ 24,000

Quarterly

₹ 12,000

Monthly

₹ 4,000

Top-up

₹ 5,000

Maximum Premium

As Per Board Approved Underwriting Policy

How do ULIPs work?

Unit linked Insurance plan are packed with the dual powers of Investment and Insurance.
Your ulip offers market linked returns and life cover

  • Step 1

    select-a-ulip

    Select a ULIP

  • Step 2

    pay-the-premium

    Pay the premium

  • Step 3

    look-appropriate-channel

    Applicable charges levied

  • Step 4

    net-investible-premium

    Net investable premium

  • Step 5

    your-money-is-invested

    Your money is invested in fund choosen by you

  • Step 6

    returns-accrued-in

    Returns accured in the policy fund value

Applicable charges are premium allocation charges, mortality charges, fund management charges and policy admin charges

Mr Patil , 35 years old

Mr. Patil aged 35 years plan to save for his child higher education which is expected in the next 15 years. He decides to pay the premium of ₹ 2.5L for a period of 10 years with policy term of 15 years. The total premium that will be paid by Mr. Patil throughout the policy term will be ₹ 25,00,000.

  • Sample Illustration

Mr Patil invested ₹ 2,50,000 Annually for 10 years. On the maturity date, patil would receive maturity benefit as per the table below:

Policy Term: 15 years

 

At Assumed Investment Return*

Maturity Benefit
(in ₹)

@8%

`47,59,165

@4%

`31,63,869

Above illustration is considering Male aged 35 years | Standard Life | Policy term (PT) - 15 years | Premium Payment Term (PPT) - 10 years | Sum Assured ₹ 25,00,000 | Annual Premium Payment Mode | This illustration is considering investment in "equity growth fund II (SFIN: ULIF05206/01/10ACCMIDCA02116)" and Goods & Service Tax (GST) of 18% | In case of unfortunate death during the 1st policy year, death benefit payable at 4% and 8% will be ₹25,00,000
The above illustration is considering investment in - Equity Growth Fund II and Goods and Service Tax @ 18%
*The assumed rate of returns indicated at 4% and 8% are illustrative and not guaranteed and do not indicate the upper or lower limits of returns under the policy.

Maturity Benefit

On maturity of the policy, you will receive the fund value including the top-up premium fund value, if any. You have the option to receive the maturity benefit as lumpsum or as a structured payout for a maximum of five years using settlement option.

Death Benefit

In the unfortunate event of Death of Life Assured during the Policy Term, if all due premiums are paid up to date and the policy is in-force, the death benefit will be as below

  • Higher of Prevailing Sum Assured* or Regular Premium Fund Value(1)

  • plus

  • Higher of Top up Sum Assured,or Top up Premium Fund Value(2)

The death benefit shall not be less than the Guaranteed Benefit**

All the items mentioned above will be as on the date of intimation. The policy will terminate on the date of intimation of death of the life assured. If the rider Waiver of Premium (WOP) has been taken under the policy and the WOP benefit has already been triggered under the policy, then, on termination of policy, the present value of all future premiums, discounted at 4% p.a., shall also be payable.

Your nominee will have an option to receive the Death Benefit as a lumpsum or as a structured payout for a maximum of five years using the Settlement Option. If settlement option has been opted for at maturity, then, on death during the settlement period, The death benefit is Higher of Guaranteed Benefit** or Regular Premium Fund Value(1) plus Top-up Premium Fund Value(2); and the policy will terminate.

Note

**Guaranteed Benefit will be 105% of total premium^ received under the policy including Top Up premium received upto the date of death.

*Sum Assured: The sum assured (chosen by the policyholder) shall be reduced to the extent of any partial withdrawals made from the Regular Premium Fund Value(1) during the two (2) year period immediately preceding the death of the life assured. Sum assured used for the determination of death benefit will be the prevailing sum assured after the latest revision of sum assured and/or premium, if any

^Total Premiums paid shall be Sum of all limited premiums and all top-up premiums (if any) paid till date, excluding any rider premium, any extra premium on rider, any modal loading in the rider premium and taxes.

%Fund Value is the sum total of the Regular Premium Fund Value(1) and Top-up Premium Fund Value(2),

Where Regular Premium Fund Value(1) is equal to the total Units in respect of limited premiums paid under this policy multiplied by the respective unit price on the relevant valuation date and

(2) Top Up Premium Fund Value is equal to the total Units in respect of Top-Up premium multiplied by the respective unit price on the relevant valuation date.

Overview Image

Bajaj Allianz Life Magnum Fortune Plus II - A Unit-linked Non-Participating Individual Life Savings Insurance Plan

As an individual you may have many life goals like planning for your children’s education, their marriage, planning for your retirement, along with planning for the financial security for your loved ones. Now it’s time to achieve your life goals with the help of a Unit linked life insurance product.

Keeping this objective in mind, we present to you Bajaj Allianz Life Magnum Fortune Plus II : A Unit-linked Non-Participating Individual Life Savings Insurance Plan that offers life insurance during the entire policy term and flexibilities to choose from wide range of funds to help you meet your future financial goals.

Documents you’ll need before investing

ULIP Funds - Understand The Fund Switching Option

ULIP Tax Benefits - Know 3 Ways In Which ULIPs Help You Save Tax

READ MORE
3 ways in which ULIPs help you save tax

ULIP Funds Switching - Know How It Works

READ MORE
Why RoMC is a revolutionary idea

Why Return of Mortality Charge (RoMC) is a Revolutionary Idea

READ MORE

Life Insurance Glossary

Discontinuance Charges

These charges are deducted from the policyholder's account/fund if the life insurance policy is surrendered by the policyholder. This is also called as the Surrender Charge

Fund Value

It is the total value of units that a policyholder holds in funds. Fund Value = Number of Units x Net Asset Value

Fund Management Charges

These are charges deducted towards meeting expenses related to fund management. These are charged as a percentage of the Fund Value and deducted before calculating the Net Asset Value (NAV) of the fund.

Fund Switch

Switching between funds is allowed under the Investor Selectable Portfolio Strategy. Policyholders can opt for this Portfolio Strategy at the commencement of the policy or can switch to this Portfolio Strategy at any subsequent policy anniversary. You have the flexibility to switch units between your investment funds according to your risk appetite and investment decisions, by giving written notice to the Company. Fund as on that date will be switched to the other Fund/s, as specified by the Policyholder. You can make unlimited free switches during the policy term.

In - force

In-force Policies are valid/active policies for which the full premiums as on date are paid.

Lapse

The termination of an insurance policy due to non-payment of premium.

Mortality Charges

Depending upon the age and the amount of cover, the charges levied towards providing life insurance cover to the insured are called as Mortality Charges

Policy Administration Charges

These are the charges deducted on a monthly basis to recover the expenses of maintaining the policy including record keeping, paper work, services, etc.

Premium Allocation Charges

These charges are deducted upfront from the premium paid by the policyholder as a percentage of premium. These charges account for the initial expenses incurred by the company in issuing the policy, e.g., cost of underwriting, medicals and expenses related to distributor fees. After these charges are deducted, the money gets invested in the chosen fund.

Regular Premium

The amount payable by the policyholder at regular intervals during the Premium Paying Term, and at the Premium Payment Frequency

Regular Premium Fund Value

The total number of Units pertaining to the Regular/ Limited Premium existing in each Fund under this Policy, multiplied by their respective Unit Price on the relevant date

Reinstatement

To restore the policy after the life insurance policy has lapsed.

Revival Period

As long as the policyholder pays premium on time, the policy remains in force. The policy lapses when premiums are not paid even after the completion of the grace period. Thereafter, the Life Insurance Company provides an option to the policyholder wherein he/she can make the policy in force only during a specific period after the grace period. The process is called Revival of the Life Insurance Policy or Policy Revival and the period is called Revival Period.

 

Rider Sum Assured

"Rider Sum Assured" means the sum assured as mentioned in the Schedule. For more details, please refer respective rider sales literature.

Rider Life Assured

"Rider Life Assured" means the person named as the Rider Life Assured in the Schedule whose life is assured under this Rider. For more details, please refer respective rider sales literature.

Rider Premium Charge

"Rider Premium Charge" means the charge deducted to provide the Rider benefit. For more details, please refer respective rider sales literature.

Rider Term

"Rider Term" means the period between the Date of Commencement of Rider and the Rider Maturity Date, as mentioned in the schedule. For more details, please refer respective rider sales literature.

Surrender Value

A value payable if you want to surrender the plan before a claim arises.

Settlement Option

In Unit Linked Polices, instead of taking a lump sum amount at maturity, some plans provide policyholders with the option to receive the Maturity Benefits as a structured payout (periodic instalments) over a period of 5 years after maturity. This is known as the Settlement Option.

Top Up Premium

The amount of additional premium paid over and above the Regular/ Limited Premium payable under this Policy

Top Up Premium Fund Value

The number of Units pertaining to Top Up Premium under a policy, multiplied by the respective Unit Price on the relevant valuation date

Unit Price

Market value of investment held by the fund plus value of current assets less value of current liabilities and provisions, if any, divided by number of units existing on Valuation Date. This calculation will be done before creation / redemption of units.

Life Insurance for Life Goals Zp

A traditional life insurance plan only protects your family against the financial dangers posed by unforeseen death. But life insurance can be much more than a simple shield against financial hardship.

We all have some financial goals that we would like to reach in our lifetimes. These include buying a house, owning a car, getting our children settled, and having a comfortable retirement. Plans that combine the protection of life insurance with the growth of investment can help you reach all these goals, so that none of your dreams remain unfulfilled.

Life Insurance for Life Goals

A traditional life insurance plan only protects your family against the financial dangers posed by unforeseen death. But life insurance can be much more than a simple shield against financial hardship.

We all have some financial goals that we would like to reach in our lifetimes. These include buying a house, owning a car, getting our children settled, and having a comfortable retirement. Plans that combine the protection of life insurance with the growth of investment can help you reach all these goals, so that none of your dreams remain unfulfilled.

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  • #1 Top Riser Brand Amongst ‘Top 75 most valuable Indian Brands 20221
  • One of the most Trusted Brand2
  • Claims Settlement Ratio 99.04%~
  • 1 Day Claim Approval7
  • Solvency ratio of 516%^
  • AAA : Stable Rating by CARE$
  • ` 106,858 Crore Total Assets Under Management (AUM)**
  • 4.25 Crore number of lives covered#
  • Our Priority is not to sell Life Insurance, it is to serve you in the fastest & most convenient manner when you need us.

~Individual Death Claim Settlement Ratio for FY 2022-2023

**All figures as on 31 January 2024

^Solvency ratio 516% as at 31 March 2023 against IRDAI mandated 150%

#Individual & Group

1Report published by Kantar BrandZ India 2022 for details click here

2Survey conducted by brand equity – Nielsen in March 2020

796.31% of non-investigative individual claims approved in one working day for FY 2022-23. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices

$For details refer to press release published by CARE

"What are your life goals?" is one of the most common questions that comes to one's mind while taking any step further in Life. Most just answer it by laughing it off or saying we will think about it.

A key reason that they feel this way is that they haven't spent enough time thinking about what they want from their life, and haven't set themselves any goals.

Goals keep changing as per different life stages and one has to plan meticulously for their future.

Deciding your Life Goal is all about planning to "Live your life, your way". There could be various Life Goals such as trotting the globe, becoming a food blogger to starting your own business, owning your dream house, or planning your Childs education or marriage.

L"IF"E is full of IF's... and one needs to plan to secure their loved ones and themselves against the Ifs of Life. When you opt for a life insurance plan, you transfer your family's financial risks in case of any unfortunate event to the life insurer. This allows you and your loved ones to live life fearlessly. Life Insurance protects your family's financial wellbeing from the consequences of living without an income.

When you purchase a life insurance policy, one of your major life goal gets fulfilled i.e. you purchase a sense of security. A safety net that cushions your family members from the financial impact of your sudden absence and ensures that any outstanding debts that were incurred during your lifetime don't fall upon your loved ones.

Having life goals is an important aspect in each one's life. One needs to be SMART and plan out well in advance to ensure nothing goes wrong in the future. Life insurance offers a range of products that could come in handy for meeting your financial goals.

To ensure that it is not too late, get your #LifeGoals insured with us today! It will help you smile in the face of tomorrow's uncertainties and let you live a worry free life!

*Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

2Loyalty additions will be added to the fund value from end of 10th policy year and every year thereafter till the end of policy term.