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New ULIP launched by Bajaj Allianz with double benefits


New ULIP launched by Bajaj Allianz with double benefits

Bajaj Allianz Life Goal Assure is a special goal driven ULIP (Unit-Linked Insurance Plan) launched by Bajaj Allianz Life Insurance Company Limited. This offers investment returns and life coverage to customers. This plan comes with double benefits in the form of the Return Enhancer and Return of Mortality Charges or ROMC. The latter ensures the cost of the life coverage for the holder of the policy, thereby boosting the overall corpus value. The former ensures an extra 0.5% of every due installment in case the maturity benefit is chosen in installments throughout 5 years. The fund value of the customer will continue being deployed across the preferred funds of him/her throughout this time period.

This new ULIP could help customers maximize their investments and there is a fund booster mechanism as well. This is basically an extra amount which is added to the value of the fund on the maturity date for the policy. There are loyalty value additions which come with investing in the policy for a period of 10 years or even more or at least annualized premiums of Rs. 5 lakh or higher. There are other options like changes of Premium Payment Terms, decreases in Sum Assured and unlimited free switching between tax benefits and funds under Sections 10 (10D) and 80C.

As per current calculations, in case Rs. 4 lakh is invested annually for 10 years by an individual, at the time of maturity, the fund value with ROMC (8%) will stand at Rs. 67, 80, 200 and at 4% this will be Rs. 50, 37, 295. There will be Return Enhancer benefit available for the customer as well. The overall fund value without these benefits at 8% returns will be Rs. 59, 26, 052 while this would be Rs. 47, 59, 402 at 4%. Bajaj Allianz Life Insurance Company Limited also has 5 other ULIPs in its kitty and currently offers life coverage for 4.4 crore individuals throughout India.

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