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Bajaj Allianz Future Gain Plan

Bajaj Allianz Future Gain Plan is an individual, non-participating, unit-linked endowment plan, with options for regular and limited premium payment. The plan offers the choice of 2 investment portfolio strategies and 7 funds.

It also provides 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.

Eligibility - Who is the Bajaj Allianz Future Gain Plan for?

Parameter Details
Minimum Entry Age 1 year
Maximum Entry Age 60 years
Minimum Age at Maturity 18 years
Maximum Age at Maturity 70 years
Minimum Policy Term 10 years
Maximum Policy Term
  • For PPT 5-6 years: 10, 15 to 20 years.
  • For all other PPTs: 10, 15 to 30 years.
Premium Payment Term (PPT) 5 years to 30 years

Sum Assured and Premium Range - What you get and what it costs?

Sum Assured:

The policy offers various payouts, such as maturity benefit, death benefit, surrender benefit, claw-back additions, and loyalty additions.

  • If the age at entry is less than 45 years, the minimum sum assured is 1.25 times the single premium.
  • If the age at entry is 45 years or more, the minimum sum assured is 1.1 times the single premium.

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)

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.

Plan Coverage - What the Bajaj Allianz Future Gain Plan covers?

The Bajaj Allianz Future Gain Plan works in the following manner:

  • The customer pays the premium at the beginning of the policy.
  • After the insurer applies the premium allocation rate, this amount is invested in ‘Investor Selectable Portfolio Strategy’.
  • The allocation of units is according to the prevailing unit prices of the funds.
  • The unit price is adjusted for the fund management charge.
  • The policy administration charge and mortality charge are deducted on a monthly basis by cancelling units.
  • The coverage of the Bajaj Allianz Future Gain Plan is as detailed below:
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:
  • The higher of the the single premium fund value or the sum assured, PLUS
  • The higher of the top-up premium fund value or the top-up premium sum assured
If the life assured dies before attaining 60 years of age, then the sum assured is reduced based on the partial withdrawals made from the fund during the 2 years immediately preceding death. If the life assured dies at the age of 60 or after, then the sum assured is reduced on the basis of any partial withdrawals made from the fund during the two years immediately preceding the attainment of 60 years of age and after. Partial withdrawals made from the top-up premium fund is not deducted.
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.
  • For policy term between 7 and 9 years, if the single premium is between Rs.50,000 and Rs.99,999, the loyalty addition is nil.
  • For policy term between 7 and 9 years, if the single premium is between Rs.1 lakh and above, the loyalty addition is nil.
  • For policy term between 10 and 30 years, if the single premium is between Rs.50,000 and Rs.99,999, the loyalty addition is nil.
  • For policy term between 10 and 30 years, if the single premium is between Rs.1 lakh and above, the loyalty addition is 3%.
Surrender Benefit The policyholder can surrender the policy at any time during the policy tenure.
  • If the policy is surrendered during the lock-in period of 5 years, the single premium fund value minus the surrender/discontinuance charge plus the top-up premium fund value is transferred to the discontinued policy fund. The life cover ceases at this time. The discontinuance value is paid at the end of the lock-in period as the surrender value.
  • If the policy is surrendered after the lock-in period, the surrender value payable is the single premium fund value plus the top-up premium fund value.
  • Once the surrender value is paid out, the policy terminates.
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.

Exclusions - What the Bajaj Allianz Future Gain Plan doesn’t cover?

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.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

The salient features of the Bajaj Allianz Future Gain Plan are described below:

Partial withdrawal The policyholder can make partial withdrawals from the policy after the fifth policy year.
  • The minimum amount that can be withdrawn is Rs.5,000.
  • After the withdrawal, the single premium fund value should not be below 1/5th of the single premium.
  • Partial withdrawals are paid by cancellation of units.
  • The partial withdrawals are made from the eligible top-up premium fund value on a first in first out basis. Once the eligible top-up premium fund value is exhausted, the subsequent partial withdrawals start from the single premium fund value.
  • A maximum of 2 partial withdrawals is possible in a policy year.
  • The maximum amount that can be withdrawn at a time is 10% of the single premium and top-up premiums paid as on the date of withdrawal request.
  • The total amount that can be withdrawn at any time cannot be more than 50% of the single and top-up premiums paid.
  • The interval between any two partial withdrawals should be a minimum of 3 months.
  • A partial withdrawal should not result in the termination of the policy. If the life assured is a minor, the partial withdrawal can be made only after he/she reaches 18 years of age.
  • In the Investor Selectable Portfolio Strategy, the policyholder can choose the funds from which partial withdrawals can be made.
  • The insurer may change the withdrawal and time gap limits after informing the policyholder of the same.
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:
  • Equity Growth Fund - Risk profile is very high
  • Accelerator Mid-Cap Fund - Risk profile is very high
  • Pure Stock Fund - Risk profile is very high
  • Asset Allocation Fund - Risk profile is high
  • Bluechip Equity Fund - Risk profile is high
  • Bond Fund - Risk profile is moderate
  • Liquid Fund - Risk profile is low
The policyholder can choose to fully invest in any one fund or allocate the premiums into all 7 funds, in a ratio that suits his/her risk appetite and investment needs. The premium re-direction to any fund should be a minimum of 5%.
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 Future Gain Plan. The minimum value of the switching amount is the lower of:
  • Rs.5,000, or,
  • The value of units in the fund to be switched from
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.
  • Top-up premiums are also considered to be single premiums.
  • The minimum top-up premium is Rs.5,000.
  • The amount of top-up premium that a policyholder pays determines the top-up sum assured under the policy. The top-up sum assured is:
    • 1.25 times the top-up premium paid for age less than 45 years
    • 1.1 times the top-up premium paid for age of 45 years and above
  • At any point of time during the policy tenure, the total top-up premiums should not exceed the single premium paid.
  • Each top-up premium will have a 5-year lock-in period.
  • The company may refuse to accept top-up premiums at any time, based on underwriting guidelines.
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.
  • The amount paid in each installment is the outstanding fund value divided by the number of outstanding installments.
  • The installment payment is made by redemption of units from the funds at the unit price.
  • The investment risk during the period of settlement is borne by the policyholder.
  • During the settlement period, there will be no risk cover.
  • Only fund management charges are deducted during the period of settlement.
  • During the settlement period, fund switches or partial withdrawals are not allowed.
  • The policyholder can choose to withdraw the fund value completely during the settlement period.
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 Future 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 Future Gain Plan terminates automatically when any of the following events occur:
  • The policy units are fully surrendered.
  • When Bajaj Allianz receives a notification of the death of the life insured.
  • When the policy matures or at the end of the settlement period.
  • When the discontinuance value is paid.
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.

Tax Benefits – How you can save with the Bajaj Allianz Future Gain Plan?

  • The premiums paid towards the Bajaj Allianz Future Gain Plan are eligible for tax benefits under section 80C of the income Tax Act.
  • The death benefit, surrender value, and maturity benefit are eligible for tax rebates under Section 10(10D) of the Income Tax Act.

However, tax rules are liable to change in the future. So, it is advisable to consult a tax advisor before investing in the policy.

Other Benefits – How you can save with the Bajaj Allianz Future Gain Plan?

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.

Why you should buy the Bajaj Allianz Future Gain Plan from Bajaj Allianz?

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 posted a remarkable claim settlement ratio of 98.07% for the financial year 2015-16. 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:

  • Bajaj Allianz received the BFSI Sector Award for Marketing Excellence at the National Awards in 2016.
  • It also received the ‘Best Life Insurance Company’ award by ABP News at the BFSI Awards in 2017.
  • The insurer was honoured with the title of 'Company with Highest Claim Settlement' at the BFSI Awards by ABP News in 2017.
  • Bajaj Allianz Life Insurance was conferred with the ‘Seal of Gold’ in 2016, which is a recognition for its marketing connect, brand reputation, customer centricity, and product variants.

The insurer has several policies that are beneficial to the customer, such as:

  • In case a claim is not settled by Bajaj Allianz within 30 days, the claimant receives an interest of 10.5% for the delay each day.
  • The company also settles most of the registered claims through direct electronic transfer, hence making the payout process speedy and reliable.