Mumbai: Bajaj Allianz Life Insurance, one of India’s leading private life insurers, has launched Bajaj Allianz Life Principal Gain, a unit-linked product with assured returns. This plan assures 101% of premiums paid as return even if the market sees a slowdown and offers a guaranteed loyalty addition for those who stay invested till the maturity period.
As maturity benefit, a person will receive the Fund Value as on date (including Guaranteed Loyalty Additions) or Guaranteed Maturity Benefit of 101% of the total premiums paid, whichever is higher. The Guaranteed Loyalty Addition option helps one get higher return, since it provides 4% of one year’s premium at maturity, if the policy term is up to 10 years and 15% of one year’s premium at maturity, if the policy term is more than 10 years.
Available both offline and online, the minimum premium for Principal Gain is capped at Rs. 35,000 annually. The maximum policy term is 15 years.
With this product, the Company has also introduced its unique Guaranteed Builder Portfolio Strategy, an investment option that automatically decides the allocation of the premium in equity and debt funds based on the policy year.
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.
In case of the unfortunate death of the life assured during the policy term, the Sum Assured or Fund Value or Guaranteed Death Benefit of 105% of the total premiums paid till the date of death, whichever is higher, will be paid.
Anuj Agarwal, MD & CEO, Bajaj Allianz Life Insurance, said: “We have brought in this product considering the demand of those who have a low risk appetite, but would like to enjoy a return on investment like any other market-linked financial instrument. The GLA option will certainly add to the return, unlike other ULIPs available in the market.”
If a 30-year-old male buys a Bajaj Allianz Life Principal Gain and chooses to pay an annual premium of Rs 35,000 for 10 years for 15 year policy term. The premium will be invested in Guaranteed builder portfolio strategy, the maturity benefit available will be Rs. 6,43,936 (at 8% return), and in the same scenario the maturity benefit will be Rs. 4,28,596 (at 4% return). Based on the same conditions, if the market crashes and fund value depletes, the person will receive at least 101% of all the premiums paid.
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