Bajaj Allianz Life Insurance - Future Wealth Gain

Bajaj Allianz Life Future Wealth Gain

"To realize your families long term financial goals, you need to carefully plan keeping in mind that it should not only provide the dual advantage of Protection and Growth, it should also allow the flexibility of investing in a range of options, give you the benefit of market upsides for staying invested even during periods of uncertainty and ultimately ensure that your family achieves all the financial goals you have planned for them. Presenting Bajaj Allianz Life Future Wealth Gain, a unit linked insurance plan which provides the cushion of security and growth to meet future financial goals".

Bajaj Allianz Life Future Wealth Gain is a non-participating, individual, unit-linked regular/ limited premium payment endowment plan with two variants, "Wealth Plus" and "Wealth Plus Care". Bajaj Allianz Life Future Wealth Gain plan offers the dual benefit of protection and growth to fulfil the dreams of your loved ones.

Key Advantages of Future Wealth Gain

The key advantages are:

  • High Life Insurance Cover
  • Benefit of Accelerated Cancer Cover combined with Income Benefit (applicable only under "Wealth Plus Care" variant)
  • Choice of 2 investment portfolio strategies
  • Loyalty Additions at each interval of 5 years from 5 to 10th policy year onwards
  • Fund Booster to enhance Fund Value at maturity
  • Option to take maturity benefit in installments (Settlement Option)
  • Option to choose from multiple policy terms

Future Wealth Gain Plan: How it works!

  • Step 1: Choose from the two variants – "Wealth Plus" & "Wealth Plus Care"*
  • Step 2: Choose the premium you want to pay
  • Step 3: Choose the sum assured multiplier to decide your life cover#
  • Step 4: Choose your policy term and premium payment term
  • Step 5: Choose the premium payment frequency
  • Step 6: Choose between the two portfolio strategies
  • Step 7: Choose the riders (optional and with rider charges applicable)

Note:
*The variant has to be chosen at the inception of the policy and cannot be changed subsequently.
#Applicable only for "Wealth Plus" variant as per the minimum/maximum sum assured criteria. Please refer to the Eligibility Parameters. Under "Wealth Plus Care" the minimum & maximum sum assured are the same.

Benefits Payable
  • Maturity Benefit

    • On the maturity date, you will receive the Regular Premium Fund Value plus Top up Premium Fund Value.
  • Death Benefit

    • If all due premiums are paid, then, in case of unfortunate death of the life assured during the policy term, the death benefit payable will be, higher of:
      • a. Sum Assured plus Top up Sum Assured, if any, or
      • b. Fund Value# as on date of receipt of intimation of death
    • # Fund Value is as explained in the definition section
      The death benefit is subject to the guaranteed benefit of 105% of the total premiums* paid, till the date of death.
      * Total premiums paid shall be (Annualized premium* number of years for which premiums have been paid + Top up premiums paid).
      All the above is paid as on date of receipt of intimation of death at the Company's office.

      Note:

    • If death of the life assured occurs before attaining age 60 years, then, the sum assured shall be reduced to the extent of the partial withdrawals made from the regular premium fund during the two year period immediately preceding the death of the life assured.
    • If death of the life assured occurs on or after attaining age 60 years, then, the sum assured shall be reduced to the extent of the partial withdrawals made from the regular premium fund during the two year period before attaining age 60 and all the partial withdrawals made from the regular premium fund after attaining age 60.
Sample illustration
  • Anuj is 30 years old and has taken a Bajaj Allianz Life Future Wealth Gain policy with Wealth Plus variant for which he is paying a regular premium of ₹50,000 p.a. for a Policy Term of 15 years. He has chosen the Sum Assured as 10 times of his annual premium, i.e. ₹5,00,000. Let's see the benefits available under the variant.
  • Maturity Benefit

    • On the maturity date, Anuj's maturity benefit, based on the assumed investment returns, are as per the table given below:
  • future wealth gain bi

  • Death Benefit

    • In case of Anuj's unfortunate death in the 12th policy year, the death benefit, based on the assumed investment returns, are as per the table given below.
  • future wealth gain bi

  • At Investment Returns# Maturity Benefit (Fund Value) Death Benefit
    of 8% 12,76,128 8,75,836
    of 4% 9,35,741 6,75,794
  • The death benefit is subject to the guaranteed benefit, which is 105% of the total premiums paid, till the date of death.
    # The above illustrations are considering investment is in the "Pure Stock Fund" The benefit amount indicated is a non-guaranteed illustrative figure and is subject to policy terms and conditions.
    This illustration is considering investment in "Pure Stock fund" and service tax of 15%.
    The 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.
  • Additional Rider Benefits

    • Under "Wealth Plus" variant

      • 1. Bajaj Allianz ULIP Accidental Death Benefit Rider UIN:116A013V02
      • 2. Bajaj Allianz ULIP Accidental Permanent Total/Partial Disability Benefit Rider UIN:116A014V02
      • 3. Bajaj Allianz ULIP Waiver of Premium Benefit Rider UIN:116A030V01
    • Please refer to respective rider sales literature or visit Company website or consult your ‘Insurance Consultant' for more details and eligibility conditions

Am I Eligibile?
  • Entry Age

    0 yearsMinimum

    60 yearsMaximum

    If more than one rider is chosen under the policy, the maximum age at entry shall be restricted to 50 years.
  • Maturity Age

    18 yearsMinimum

    75 yearsMaximum

  • Policy Term

    Policy Term (in yrs) 10 15 to 25
    Premium Payment Term (in yrs) 5, 7, 10 5, 7, 10, 15
  • Premium Payment Frequency

    Yearly, Half Yearly, Quarterly & Monthly

    Quarterly & Monthly premium payment frequency will be available under salary deduction scheme & ECS
  • Premium

    Minimum Maximum
    Annual Premium ₹ 50,000 As per Board approved underwriting policy
    Half Yearly Premium ₹ 30,000
    Quarterly Premium ₹ 15,000
    Monthly Premium ₹ 5,000
    Minimum Top up premium is ₹ 5,000
  • Minimum Sum Assured

    For Age <= 45 For Age >= 45
    10 times Annualized Premium or 0.5* Annualized Premium* Policy Term, whichever is higher 10 times Annualized Premium or 0.25* Annualized Premium* Policy Term, whichever is higher
  • Maximum Sum Assured

    Age Multiplier
    0-25 years 40
    26-35 years 30
    36-40 years 20
    41-44 years 15
    45 years & Above Higher of 10 times Annualized Premium or 0.25* Annualized Premium* Policy Term
  • Minimum/ Maximum Top up Sum Assured

    For Age <= 45 For Age >= 45
    125% of Top up Premium 110% of Top up Premium
  • Age calculated is age as at the last birthday

Surrender
  • You have the option to surrender your policy at any time.

    • I. On surrender during the lock-in period of first 5 years of your policy, the Fund Value less the discontinuance/ surrender charge, as on the date of surrender, will be transferred to the Discontinued Life Policy fund (maintained by the Company), and the risk cover under the policy shall cease. You will not have the option to revive such a surrendered policy. The discontinuance value as at the end of the lock-in period will be paid to you as surrender benefit. The discontinuance/ surrender charge will be applicable only to the Regular Premium Fund Value.
    • ii. On surrender after the lock-in period of first 5 policy years, the surrender benefit available will be the Fund Value, as on the date of surrender.
    • iii. Under the "Wealth Plus" variant, if waiver of premium is opted and has already been triggered under the policy, then, on termination of policy, the present value of future waiver of premium installments, discounted at 4% p.a., shall be paid.
Loyalty Additions
  • The Company shall allocate Loyalty Additions to the Regular Premium Fund Value as percentage of one Annualized Premium at the end of every 5th policy year starting from the 10th policy year, provided all due regular premiums have been paid up to date. The Loyalty Additions are below:
    At the end of Policy Year Loyalty Additions (% of one Annualized Premium)
    10 15%
    15 20%
    20 25%
    25 30%
  • In case the premium(s) are un-paid and the policy is revived during the revival period by paying all due premiums, the Loyalty Additions due-but-not-allotted during the period the Policy was in Discontinuance will be added to the fund as on the date of revival.
  • Amount of Loyalty Additions will be allocated in funds in the same proportion of the Fund Value as at the date of addition.
  • There will not be any Loyalty Additions for Top-up premium paid. Loyalty Additions will not be paid for a Discontinued / Paid-up policy.

Fund Booster
  • Fund Booster will be added to the Regular Premium Fund Value at maturity, provided all due regular premiums have been paid up to the date of the allocation of Fund Booster. The Fund Booster (as % of one Annualized premium) are as below –

    Fund Booster
    (% of one Annualized Premium)
    for Policy Term
    Premium Payment Term
    5years 7years 10years 15years
    10 Years 5% 7% 10% NA
    15 Years and Above 30% 42% 60% 90%

    There will not be any Fund Booster for Top-up premium paid. Fund Booster will not be paid for a Lapsed / Paid-up / Discontinued policy

Benefits Payable
  • Maturity Benefit

    • On the maturity date, you will receive the Regular Premium Fund Value plus Top up Premium Fund Value.
  • Death Benefit

    • If all due premiums are paid, then in case of unfortunate death or on first diagnosis of cancer (subject to waiting period**) of the life assured during the policy term, whichever is earlier, the benefit payable will be, higher of:
      • a. Sum Assured plus Top up Sum Assured, if any, or
      • b. Fund Value# as on date of receipt of intimation of death Plus Income Benefit (as detailed below)

        Income Benefit:

        If the death or the first diagnosis of cancer (subject to waiting period**) occurs during the premium payment term, then, an additional benefit as Income Benefit will be payable.

        • The Income Benefit is equal to the total of all the regular premiums due under the policy after the date of death or diagnosis of cancer, as applicable.
        • Each installment of the Income Benefit is equal to one regular premium.
        • In case of death/first diagnosis of cancer, it is payable to the nominee/policyholder at each premium due date for the remaining period of the premium payment term.
        • The first installment is payable on the first premium due date after the date of death or diagnosis of cancer, as applicable.
        • Income Benefit will be payable if the policy is in force, excluding paid-ups
        • Income Benefit will not be payable in case of a discontinued or paid-up policy
        • If death of the life assured occurs after claim has been paid for cancer and income benefit being triggered, no additional benefit will be payable on death and outstanding income benefits (if any) will be paid to the nominee.
        • Income Benefit is not payable if the death or the first diagnosis of cancer occurs after the premium payment term.

# Fund Value is as explained in the definition section

The death benefit or the accelerated cancer benefit is subject to the guaranteed benefit of 105% of the total premiums* paid, till the date of death or first diagnosis of cancer.

* Total premiums paid shall be (Annualized Premium* number of years for which premiums have been paid + Top up Premiums paid).

** The Waiting Period is 180 days from the Date of Commencement of Risk or date of latest revival, whichever is later.

All the above is paid as on date of receipt of intimation at the Company's office.

Note:

  • If death of the life assured occurs before attaining age 60 years, then, the sum assured shall be reduced to the extent of the partial withdrawals made from the regular premium fund during the two year period immediately preceding the death of the life assured.
  • If death of the life assured occurs on or after attaining age 60 years, then, the sum assured shall be reduced to the extent of the partial withdrawals made from the regular premium fund during the two year period before attaining age 60 and all the partial withdrawals made from the regular premium fund after attaining age 60.
  • Sample illustration
    • Anuj is 30 years old and has taken a Bajaj Allianz Life Future Wealth Gain policy with "Wealth Plus Care" variant for which he is paying a regular premium of ₹ 50,000 p.a. for a Policy Term of 15 years. The Sum Assured will be 10 times of his annual premium i.e. ₹ 5,00,000. Let's see the benefits available under the variant.
    • Maturity Benefit

      • On the maturity date, Anuj's maturity benefit, based on the assumed investment return, are as per the table given below:
    • future wealth gain bi

    • Death or Accelerated Cancer Benefit

      • If in the 6th policy year, Anuj is diagnosed with cancer, Accelerated Cancer Benefit plus the Income Benefit will be triggered. The Income Benefit is payable in installment at each policy anniversary for the remaining period of the premium payment term. Based on the assumed investment returns, the benefits payable are as per the table given below.

      future wealth gain bi

      At Investment Returns# Maturity Benefit (Fund Value) Accelerated Cancer Benefit Income Benefit
      of 8% 12,66,020 5,00,000 ₹ 50,000 annually as Income Benefit till the end of premium payment term
      of 4% 9,27,068 5,00,000

      Once cancer benefit is paid, further no death benefit shall be payable in case of death during the Income Benefit period and policy will get terminated immediately on payment of last installment of Income Benefit.

      The death benefit or the accelerated cancer benefit is subject to the guaranteed benefit, which is 105% of the total premiums paid, till the date of death.

      The benefit amount indicated is a non-guaranteed illustrative figure and is subject to policy terms and conditions.

      #This illustration is considering investment in "Pure Stock Fund" and service tax of 15%.

      The 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.

    • Additional Rider Benefits

      Under "Wealth Care Plus" variant

      At Investment Returns# Maturity Benefit (Fund Value)
      1. Bajaj Allianz ULIP Accidental Death Benefit Rider UIN:116A013V02
      2. Bajaj Allianz ULIP Accidental Permanent Total/ Partial Disability Benefit Rider UIN:116A014V02
    Am I Eligibile?
    • Entry Age

      18 yearsMinimum

      53 yearsMaximum

      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.
    • Maturity Age

      28 yearsMinimum

      70 yearsMaximum

    • Policy Term

      Policy Term (in yrs) 10 15 to 25
      Premium Payment Term (in yrs) 5, 7, 10 5, 7, 10, 15
    • Premium Payment Frequency

      Yearly, Half Yearly, Quarterly & Monthly

      Quarterly & Monthly premium payment frequency will be available under salary deduction scheme & ECS
    • Premium

      Minimum Maximum
      Annual Premium ₹ 50,000 As per maximum sum assured allowed
      Half Yearly Premium ₹ 30,000
      Quarterly Premium ₹ 15,000
      Monthly Premium ₹ 5,000
      Minimum Top up premium is ₹ 5,000
    • Minimum Sum Assured

      Minimum Sum Assured Maximum Sum Assured
      For Age <=45 For Age >=45
      10 times Annualized Premium or 0.5* Annualized Premium* Policy Term whichever is higher 10 times Annualized Premium or 0.25* Annualized Premium* Policy Term whichever is higher
      10 times Annualized Premium or 0.5* Annualized Premium* Policy Term whichever is higher 10 times Annualized Premium or 0.25* Annualized Premium* Policy Term w hichever is higher
      Subject to a maximum sum assured of ₹ 1 Crore including Top-up sum assured
    • Minimum/ Maximum Top up Sum Assured

      For Age <=45 For Age >=45
      125% of Top up Premium 110% of Top up Premium
    • Age calculated is age as at the last birthday

    Surrender
    • You have the option to surrender your policy at any time.

      • On surrender during the lock-in period of first 5 years of your policy, the Fund Value less the discontinuance/ surrender charge, as on the date of surrender, will be transferred to the Discontinued Life Policy fund (maintained by the Company), and the risk cover under the policy shall cease. You will not have the option to revive such a surrendered policy. The discontinuance value as at the end of the lock-in period will be paid to you as surrender benefit. The discontinuance/ surrender charge will be applicable only to the Regular Premium Fund Value.
      • On surrender after the lock-in period of first 5 policy years, the surrender benefit available will be the Fund Value, as on the date of surrender.
      • Under the "Wealth Plus" variant, if waiver of premium is opted and has already been triggered under the policy, then, on termination of policy, the present value of future waiver of premium installments, discounted at 4% p.a., shall be paid.
    Loyalty Additions
    • The Company shall allocate Loyalty Additions to the Regular Premium Fund Value as percentage of one Annualized th th Premium at the end of every 5 policy year starting from the 10 policy year, provided all due regular premiums have been paid up to date. The Loyalty Additions are below:
    • At the end of Policy Year Loyalty Additions (% of one Annualized Premium)
      10 15%
      15 20%
      20 25%
      25 30%
    • In case the premium(s) are un-paid and the policy is revived during the revival period by paying all due premiums, the Loyalty Additions due-but-not-allotted during the period the Policy was in Discontinuance will be added to the fund as on the date of revival.
    • Amount of Loyalty Additions will be allocated in funds in the same proportion of the Fund Value as at the date of addition.
    • There will not be any Loyalty Additions for Top-up premium paid. Loyalty Additions will not be paid for a Discontinued / Paid-up policy.

    Fund Booster
    • Fund Booster will be added to the Regular Premium Fund Value at maturity, provided all due regular premiums have been paid up to the date of the allocation of Fund Booster. The Fund Booster (as % of one Annualized premium) are as below –

      Fund Booster
      (% of one Annualized Premium)
      for Policy Term
      Premium Payment Term
      5years 7years 10years 15years
      10 Years 5% 7% 10% NA
      15 Years and Above 30% 42% 60% 90%

      There will not be any Fund Booster for Top-up premium paid. Fund Booster will not be paid for a Lapsed / Paid-up / Discontinued policy

    Tax Benefits

    Premium paid are eligible for tax benefits under section 80C of the Income Tax Act and Maturity benefit,death benefit and Surrender value are eligible for tax benefits under Section 10(10D) of the Income Tax Act, subject to the provision stated therein.

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    *Life Insurance Claims settled as FY 2016-17