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Bajaj Allianz Fortune Gain Plan

What is the Plan all About?

Bajaj Allianz Fortune Gain is a non-participating unit linked insurance plan that provides maximum benefit from your investment. This plan provides up to 99.5% premium allocation that ensures your money is fully utilized towards wealth creation.

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What are the Key Features?

  • Single premium plan
  • Up to 99.5% premium allocation
  • Enjoy Loyalty Additions
  • Choice of 7 investment funds
  • Option to pay top-up premium
  • Option to decrease sum assured
  • Systematic Switching Option
  • Maturity benefit in installments
  • Partial withdrawals after 5th policy year
  • Switching/Premium Re-direction available
  • Avail tax benefits

What are the Fund Investment Options?

This policy offers following 7 investment funds and you have the option to invest in any one or combination of fund options.

  • Equity Growth Fund II
  • Accelerator Mid-Cap Fund II
  • Pure Stock Fund
  • Asset Allocation Fund II
  • Bluechip Equity Fund
  • Bond Fund
  • Liquid Fund

You can choose the following portfolio strategy.

Investor selectable Portfolio Strategy: Under this strategy, you have the option to choose among 7 available funds to invest as per your choice.

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured during the policy term, the Death Benefit as a lump sum is payable to the nominee, which is higher of the sum assured or single premium fund value Plus higher of top-up premium sum assured or top-up premium fund value, if any.

    The Guaranteed Death Benefit payable is 105% of the total premiums (including top-up premiums) paid.

    The sum assured is reduced by partial withdrawals, as follows.

    Before age 60 years of the life insured, Sum Assured is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. Upon or after attaining 60 years of age, Sum Assured is reduced to the extent of all Partial Withdrawals made after attaining 58 years.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Fund Value (including top-up fund value) is payable at maturity, provided the policy is in-force. You can receive this benefit as a lump sum or as periodic installments by using ‘Settlement Option’.

Settlement Option

    On maturity, you can opt to receive your money in annually, semi annually, quarterly or monthly installments over a period of 1, 2, 3, 4 or 5 years, after the date of maturity. You also have the option to completely withdraw the fund value at any time during the settlement period. No life cover is applicable during this settlement period. Only fund management charge is levied during the settlement period. No partial withdrawals and fund/portfolio strategy switches are allowed during this period.

Loyalty Additions

    Loyalty Addition is 3% of the single premium and added to the fund value at the maturity of the policy. It is applicable, when opted for 10 to 30 year policy term and single premium payment of Rs 1,00,000 & above.

Decrease the Sum Assured

    You have the option to decrease the Sum Assured after 1st policy year. The decrease in sum assured can be done at any monthly policy anniversary, subject to the minimum allowed under the policy.

Top-Up Premium

    Facility for Top-up Premium is available through the entire policy term, except during the last five years of the policy. The minimum top-up premium allowed is Rs 5,000. The total top-up premium should not exceed the single premium paid. Top-up Sum Assured is 1.25/1.10 times the Top-up Premium paid for age less than 45 years/for other ages, respectively.

Claw-back Additions

    Non-negative additions are added to the fund value to ensure the maximum reduction in yield criteria as per Sub-regulation 37 of IRDA (Linked Insurance Products) Regulations, 2013. It is added at the end of each policy year, starting from 5th policy year.

Switching

    You can switch among 7 available fund options to suit your changing investment needs. The minimum switch amount allowed is lower of Rs 5,000 or the value of units in the fund to be switched from. This option is available, when opted for Investor Selectable Portfolio Strategy.

Premium Re-direction

    Premium Re-direction facility is available to alter future premium allocation and it will apply to your subsequent premiums. The minimum premium redirection to any fund is 5%. This option is available, when opted for Investor Selectable Portfolio Strategy.

Partial Withdrawal

    Partial Withdrawal is allowed after completion of five policy years (in case of minor lives, life assured attains 18 years). The minimum partial withdrawal amount is Rs 5,000. The minimum regular premium fund value required after each withdrawal should not fall below 20% of the single premium.

    The maximum amount of partial withdrawal at one time is 10% of the single premium (including top-up premiums) paid. The minimum time interval required between any two partial withdrawals should be 3 months. The total amount withdrawn throughout the policy term cannot exceed 50% of the single premium paid. In the Investor Selectable Portfolio Strategy, you can choose the fund/s from which you want to make partial withdrawals.

Systematic Switching Option (SSO)

    Systematic Switching Option provides you with a winning approach in a volatile market situation to optimize returns. Under this option, the premium will be allocated to Liquid Fund. SSO can be opted only at the policy inception.

Bonus

    The plan is not eligible for the bonuses, as it is a non-participating insurance plan.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value (including top-up fund value) less applicable discontinuance charges is credited to the ‘Discontinued Life Policy Fund’. The proceeds of Discontinued Life Policy Fund is payable after the end of the lock-in period.

    Upon surrendering the policy after the lock-in period of 5 years, the Fund Value (including top-up fund value) as on the date of surrender is payable immediately.

    The policy terminates after payment of the surrender value.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 1 Year 63 Years
Age at Maturity 18 Years 70 Years
Policy Tenure 7 Years 30 Years
Premium Paying Term (PPT) Single -
Premium Paying Mode Single Pay -
Premium Amount Rs 50,000 No Limit
Sum Assured Age At Entry Less Than 45 Years- 1.25 Times The Single Premium Age At Entry 45 Years & Above- 1.1 Times The Single Premium X * Single Premium, Where X Is Based On Age At Entry And Policy Term
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Online -

What are the Plan Charges?

Premium Allocation Charges: This charge is deducted from the premium paid. The Premium Allocation Charge is 3%/2.5%/2%/0.5% during the 1st policy year for the single premium of Rs 50,000 to 99,999/Rs 1,00,000 to 4,99,999/Rs 5,00,000 to 9,99,999/Rs 10,00,000 & above, respectively. For top-up premium, it is 2%/0.5% during the 1st policy year for the single premium of Rs 5,000 to 9,99,999/ 10,00,000 & above, respectively.

Policy Administration Charge: Policy administration charge is Rs 10 per month increases @5% per annum every month. This charge is deducted at each monthly anniversary by cancellation of appropriate units at the prevailing unit price. This charge is subject to a maximum of Rs 6,000 per year.

Mortality Charges: Mortality charge is based on the age of the life insured and Sum at Risk (SAR) at the time of deduction of charge.

Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a for Equity Growth Fund II, Accelerator Mid-Cap Fund II, & Pure Stock Fund, 1.25% p.a for Asset Allocation Fund II & Bluechip Equity Fund, 0.95% p.a for Bond Fund & Liquid Fund, 0.50% p.a for Discontinued Life Policy Fund. Fund management charge for all funds except Discontinued Life Policy Fund may be revised up to a maximum 1.35% p.a on prior approval from IRDAI.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Switching Charge: Unlimited free switches are available during the policy term. No switching charge is levied.

Partial Withdrawal: A maximum of 2 partial withdrawals is allowed during a policy year.

Miscellaneous Charges: Any request for a decrease in sum assured or issuance of copy of the policy document attracts a charge of Rs 100, subject to a maximum of Rs 200.

Taxes: The charges mentioned under this plan are subject to applicable tax and cess, as applicable.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Let us understand with the help of an illustration:

Mr. Yuvraj aged 35 years, opts for Bajaj Allianz Fortune Gain with the policy term of 24 years, single premium of Rs 2,00,000 and the sum assured of Rs 8,00,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Fund Value (including top-up fund value) is payable at maturity, provided the policy is in-force. Loyalty Addition as 3% of the single premium also add-up to the fund value. You have the option to receive the maturity benefit in installments through settlement option.


Bajaj Allianz Fortune Gain

Scenario B- Death Benefit: In the event of his death during the 16th policy year, the Death Benefit payable is higher of the sum assured or single premium fund value Plus higher of top-up premium sum assured or top-up premium fund value, if any.


Bajaj Allianz Fortune Gain Plan Benefit Illustration B