Bajaj Allianz Future Gain ULIP

Bajaj Allianz Future Gain Plan

Why Invest in Bajaj Allianz Future Gain ULIP?

● Increasing Educational Costs

Driven by inflation, educational costs in India are on the rise. It is anticipated that with the current scenario of rising costs, the average cost of an MBA degree will be around 50-60 Lakhs (INR), while an engineering degree will cost around 25-30 Lakhs (INR) by 2025-end. Moreover, according to a survey, an average middle-class family spends around 60% of its salary on their children’s education. This alarming situation calls for an investment with high returns, ULIP plans being the ideal choice.

● Dual Benefits in One Plan

With Future Gain ULIP, you enjoy the benefits of an investment as well as an insurance plan. This child investment plan provides a financial protection your child needs, more so in your absence. Even in the case of an unfortunate event, rest assured that your child’s future is secured by means of this Bajaj Allianz Future Gain ULIP.

● Small Investments Reap Bigger Returns

With small investments on regular intervals, you can watch your money grow into a compounded handsome amount on maturity. This collection of funds and the Bajaj Allianz Future Gain fund performance helps ease the financial burden when it comes to paying your child’s education fees and other charges involved when studying abroad.

● Prevents you from falling in debt

With a number of students and their families suffering under the burden of education loan debt, the situation is getting more and more alarming. While you cannot do without getting the best education opportunities for your child, preparing for its finances is vital. Here’s where ULIPs help you. Future Gain ULIPs are a great investment option that enable you to use your regular savings to prevent you from falling into debt.

● Save on Taxes

When it comes to tax savings, a ULIP is the best investment option to have. From its very first investment up to maturity, ULIP plans are exempt as per the Income Tax Act of 1961, under section 80C, 80CCC and 10(10D). Hence, ULIP tax benefits enable you to save more and secure a brighter future for your child with the right financial planning.

●  Add-on Benefits

With the flexibility of enhancing your coverage with the available riders and the option to take maturity benefit in installments, the Bajaj Allianz Future Gain is the plan you need!

Benefits of Bajaj Allianz Future Gain ULIP

●  Death Benefit

In case of the unfortunate event of your death before the maturity date, your nominee will receive a death benefit as a lump-sum which is the sum assured or fund value, which is higher among them.

● Survival Benefit

With Future Gain ULIP, you can enjoy a maturity benefit as a survival advantage which includes the fund value and the top up premium fund value if applicable.

● Tax Benefits

Under section 80C of the old income tax structure, you can enjoy ULIP tax benefits by claiming deductions equivalent to the premium amount paid by you as life insurance or under 80CCC as pension up to a permissible limit. This limit is currently set at Rs 1.5 Lakh. Also, under section 10(10D), you enjoy tax benefits on partial withdrawal / maturity benefits.

Eligibility & Documents Required for Bajaj Allianz Future Gain ULIP

The following table gives an overview of the eligibility and documents needed when applying for Future Gain ULIP.

How does Bajaj Allianz Future Gain ULIP work?

A ULIP investment is divided into two parts. The first part goes into the premium to secure the life insurance cover and second part of the investment goes into equity or debt funds to reap financial benefits. With respect to your future financial goals, you can increase or reduce the ratio of your ULIP investments in favor of your investment portfolio or insurance coverage. In both the scenarios, you are sure to gain exceptional financial benefits.

Let’s understand with an example how the Bajaj Allianz Future Gain ULIP helps you save for your child’s future

Vijay, a 35 years old Male is investing Rs.10,000 every month for his 8 years old daughter in Bajaj Allianz Future Gain Plan. With a total investment of Rs. 18,00,000, he will receive Rs. 37,83,930 at the end of 15th policy year. The return amount will help Vijay cater the finances required for his daughter’s higher education so that his daughter does not have to compromise on her dreams.

Riders Benefits in Bajaj Allianz Future Gain ULIP

Here’s a walkthrough of the several rider benefits that allow you to enhance the scope of your Bajaj Allianz Future Gain policy.

• Accidental Death Benefit: With this add-on, your family will receive an additional sum assured in case of your accidental death.
• Accidental Permanent Total/Partial Disability Benefit: In case you acquire permanent total/partial disability in an accident, this rider provides an extra sum assured to you and your family members.
• Critical Illness Benefit: This rider covers you when you are first diagnosed with any of the mentioned 11 critical illnesses. The policy pays an additional sum assured to you and your family, which can be used for the disease treatment and other expenses.
• Family Income Benefit: Here, 1% of the rider sum assured is paid monthly to your family members in case of your death, accidental permanent total disability or the first diagnosis of any listed critical illnesses.
• Waiver of Premium Benefit: In case of your death or permanent disablement, the future premiums of your ULIP are waived off under this rider benefit.

Bajaj Allianz Future Gain ULIP – Product Specification

The table below gives a brief about Bajaj Allianz Future Gain ULIP

Following are the inclusions of the Future Gain ULIP.

• Partial Withdrawals: You can make partial withdrawals from the policy after the completion of the five-year lock-in period.
• Free Fund Switches: You can switch funds annually without any additional charges in the Investor Selectable portfolio strategy.
• Top-Up Premiums: You can increase the fund value by a minimum of Rs. 5000 using the top-up premium facility.

Bajaj Allianz Future Gain ULIP - Exclusions

The only thing excluded from Bajaj Allianz Future Gain ULIP is suicide. However, if you (the policyholder) die by suicide within 12 months of the policy initiation or renewal, your beneficiaries will receive the fund value as of the date of your death.

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