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Bajaj Allianz Life Principal Gain Plan

What is the Plan all About?

Bajaj Allianz Life Principal Gain is a guaranteed maturity, non-participating unit linked insurance plan that ensures the principal you invest is secured while assuring you to fulfill your financial goals. This plan also provides life cover that ensures financial protection for your family.

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What are the Key Features?

  • Principal protection with potential of high returns
  • Life insurance protection
  • Choice of 2 fund options
  • Guaranteed Builder Portfolio Strategy
  • Guaranteed Loyalty Additions
  • Choice of policy term
  • Alter premium payment term & its frequency
  • Maturity benefit in installments available
  • Avail tax benefits

What are the Fund Investment Options?

You have the option to invest with Guaranteed Builder Portfolio Strategy, where the money is invested in the following 2 funds as per ‘Years to Maturity’. This investment strategy protects the returns from market volatility as the plan approaches to maturity.

  • Balanced Equity Fund
  • Builder Bond Fund

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured during the policy term, the Death Benefit payable is higher of the sum assured, fund value, or 105% of the total premiums paid.

    This benefit is payable as on the date of receipt of intimation of death.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the higher of Fund Value (including Guaranteed Loyalty Additions) or Guaranteed Maturity Benefit of 101% of the total premiums is payable at maturity. 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 maximum period of 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/Guaranteed Death Benefit/Guaranteed Loyalty Addition or Guaranteed Maturity Benefit is applicable during this settlement period. Only fund management charge is levied during the settlement period.

Guaranteed Loyalty Additions

    Guaranteed Loyalty Addition is 4%/15% of annual premium for policy term up to 10 years/more than 10 years, respectively. The guaranteed loyalty addition is added to the fund value as additional units on the maturity date, after payment of at least 5 years’ premiums.

Claw-back Additions

    Non-zero claw back 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 the end of the 5th policy year.

Switching

    You can switch between 2 available fund options, as per Guaranteed Builder Portfolio Strategy.

Partial Withdrawal

    Partial Withdrawal is not allowed under this plan.

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 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. Life cover and Guaranteed Maturity Benefit shall cease.

    Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately.

Is any Rider Available with this Plan?

No rider(s) can be opted under this plan.

What are the Plan Charges?

Premium Allocation Charges: This charge is deducted from the premium paid. The Premium Allocation Charge is 8.5%/5.7% during the 1st policy year/2nd to 5th policy year, respectively.

Policy Administration Charge: Policy administration charge is 2.5% per annum of annual premium from the 6th policy year, to a cap of Rs 6,000 per annum. This charge is deducted at each monthly anniversary by cancelling units at the prevailing unit price.

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 1.25% p.a for Balanced Equity Fund, 0.95% p.a for Builder Bond 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.

Guarantee Charge: It is 0.25% p.a. of the Fund Value, subject to a maximum of 0.50% per annum. This charge is adjusted in the unit price.

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.

Miscellaneous Charges: Any alteration request for premium payment term or premium payment frequency 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. Rahul aged 35 years, chooses to buy Bajaj Allianz Life Principal Gain with the policy term of 15 years, premium payment term of 15 years, annual premium of Rs 25,000 and the sum assured of Rs 2,50,000.

Scenario A- Death Benefit: In the event of his death during the 5th policy year, the Death Benefit payable is higher of the sum assured, fund value, or 105% of the total premiums paid. The nominee will receive the sum assured amount of Rs 2,50,000.

Scenario B- Maturity Benefit: In case of his survival till maturity of the policy, the higher of Fund Value (including Guaranteed Loyalty Additions) or Guaranteed Maturity Benefit of 101% of the total premiums is payable at maturity.