Bajaj Allianz Fortune Gain Plan is an individual, non-participating, single premium, unit-linked endowment plan that ensures that the invested amount is fully utilised to provide maximum benefits to the policyholder. The plan provides Loyalty Additions that amount to 3% of the single premium. This is applicable for single premium of Rs.1 lakh and above and policy term of 10 years and above.
The plan also offers the choice of 7 funds and the option to make partial withdrawals, if needed. Policyholders can pay top-up that is equal to the single premium paid, if needed. The plan also offers the option of decreasing the sum assured. Customers can switch between funds, if needed. The policy also offers the choice of taking the maturity benefit in the form of installments.
The policyholder has to fulfill certain criteria, i.e., eligibility conditions, to be able to buy the Bajaj Allianz Fortune Gain Plan. These factors are described in the table below:
|Minimum Entry Age||1 year|
|Maximum Entry Age||63 years|
|Minimum Maturity Age||18 years|
|Maximum Maturity Age||70 years|
|Minimum Policy Term||7 years|
|Maximum Policy Term||30 years|
The policy offers various payouts, such as maturity benefit, death benefit, surrender benefit, claw-back additions, and loyalty additions.
The maximum sum assured is based on the age at entry, policy term, and the single premium.
The minimum and maximum sum assured on the top-up premium are as follows:
|Age||Top-Up Sum Assured Multiplier|
|Less than 45 years||1.25 * (top-up premium)|
|Equal to 45 years or more||1.1 * (top-up premium)|
The policyholder pays a single premium towards the policy. The minimum single premium is Rs.50,000. There is no limit on the maximum single premium.
The Bajaj Allianz Fortune Gain Plan works in the following manner:
|Maturity Benefit||If the policy is in-force, the maturity benefit is equal to the sum of the single premium and top-up premium fund values.|
|Death Benefit||If the life assured dies before the policy maturity date, the death benefit is paid in the form of a lump sum amount to the nominee. This amount is equal to:
|Loyalty Additions||The policy is eligible for loyalty additions as well. The addition which is a percentage of the single premium is added to the single premium fund value on the date of policy maturity. Loyalty additions are not payable on top-up premiums.
|Surrender Benefit||The policyholder can surrender the policy at any time during the policy tenure.
|Claw-back Additions||The single-premium fund value will be enhanced with non-negative additions so that the maximum reduction in yield criteria is met. This enhancement is done at the end of every policy year, starting from the fifth.|
Suicide Exclusion - In the event of suicide of the life assured within one year from the start of the policy, the insurance contract will become void. The liability of Bajaj Allianz will then be limited to the single premium fund value and the top-up premium fund value as on the date of death.
The salient features of the Bajaj Allianz Fortune Gain Plan are described below:
|Partial withdrawal||The policyholder can make partial withdrawals from the policy after the fifth policy year.
|Investment options||The plan provides you the portfolio strategy described below:
The policyholder can select from the following 7 funds, based on his/her investment needs:
|Fund switching||The policyholder can switch units between investment funds, based on his/her risk appetite and investment needs. The insurer allows unlimited free switches under the Bajaj Allianz Fortune Gain Plan.
The minimum value of the switching amount is the lower of:
|Top-up premium||The policyholder can make lump sum investments at any time, except during the last 5 years of the policy tenure. He/she can pay top-up premiums that enhance the fund value.
|Reduction in sum assured||After the policy completes 1 year, the policyholder can reduce the single premium sum assured. This will, however, attract a miscellaneous charge.|
|Settlement option||The policyholder has the option to receive the maturity benefit in the form of installments that are paid annually, semi-annually, quarterly, or monthly. The payment frequency is decided by the policyholder and the payments are spread out over a period of 1, 2, 3, 4, or 5 years. The first installment will be paid on the policy maturity date.
|Systematic Switching Option (SSO)||SSO can be selected at the inception of the policy, and is applicable for the first 12 months of the policy. The single premium and top-up premium paid at the start of the policy is allocated to a Liquid fund. Top-up premiums paid after the policy commencement will not be eligible for this. 1/xth of the fund value in the Liquid Fund is moved to the funds chosen by the policyholder at each monthly anniversary. This is absolutely free of charge as well. Here, ‘x’ is the number of months remaining till the next policy anniversary. The policyholder can also opt out of the SSO, if required. He/she will have to provide a written notice to the insurer for the same.|
|Charges||The Bajaj Allianz Fortune Gain Plan is associated with various charges, such as premium allocation charge, fund management charge (FMC), policy administration charge (PAC), miscellaneous charge, switching charge, discontinuance charge, mortality charge, and service tax, as applicable.|
|Revision of charges||The insurance company may revise the charges associated with the plan, after taking approval from the IRDAI. The premium allocation charge and the mortality charge cannot be changed and are guaranteed throughout the policy tenure.|
|Termination of policy||The Bajaj Allianz Fortune Gain Plan terminates automatically when any of the following events occur:
|Free-look period||If the life assured disagrees with the terms and conditions of the policy, he/she can return the policy back to the insurer within 15 days of receipt of the policy documentation. This interval is referred to as the free-look period. The free-look period for policies that were purchased through distance marketing channels like online sale, telephonic purchase, etc. is 30 days. The policyholder is then liable to receive a refund of the premiums paid minus the charges borne by the insurer for stamp duty and medical examination.|
However, tax rules are liable to change in the future. So, it is advisable to consult a tax advisor before investing in the policy.
The Bajaj Alliance website has an online customer portal where you can login to see your insurance details. The website also allows customers to renew their insurance policies by paying online. Payments can be made through the following channels:
|Debit Cards||MasterCard, Visa, Maestro, and RuPay cards are accepted|
|Credit Cards||MasterCard, Visa, Maestro, American Express, and Diners Club cards are accepted|
|Bill Junction||You can register at Bill Junction and authorise your premium payments online|
|Netbanking||You can use the Netbanking facility offered by your bank to make premium payments online|
|e-Wallets||Premiums can be paid through e-Wallets like Jio Money, Airtel Money, ITZCash, iCashCard, PayCash, Oxigen, and Idea Money|
In addition to the above, you can initiate an online chat with a customer care representative to get clarifications to queries and for resolution of issues. The insurer also offers the SMS Support facility using which you can request for a callback from the customer service team. Alternatively, you can request for a callback through the Bajaj Allianz website.
Bajaj Allianz is one of the top insurance providers in India. It is a collaboration between Bajaj Finserv and Allianz SE, companies that have immense global exposure and local expertise. The insurance solutions offered by Bajaj Allianz cater to a variety of customer needs. The products range from child plans to ULIPs, health insurance and groups insurance policies.
The insurance solutions from Bajaj Allianz are created with technical prowess and in-depth market knowledge. The insurer is known for its competitively priced products and its quick response time for resolution of issues. Bajaj Allianz has become one of the leading players in the Indian insurance market within a short span of time. The company is now focussed on the introduction of insurance in the rural segments of the country.
Bajaj Allianz observed a remarkable claim settlement ratio of 98.07% for the financial year 2015-16. The individual products had a ratio of 91.3% and group products observed a ratio of 98.87%. The insurance company has received multiple awards in the past, highlighting its customer service excellence and innovative marketing strategies. Some of the awards received by the insurer are:
The insurer has several policies that are beneficial to the customer, such as: