New ULIP with a twin benefit of return of Mortality charges on maturity and return enhancer on maturity benefits
Bajaj Allianz Life Insurance Company Ltd. launched ‘Bajaj Allianz Life Goal Assure’ a value-packed goal-based Unit-Linked Insurance Plan (ULIP) on February 19th 2018. This plan has been designed to provide investment benefits and life cover to the new generation of investors in India, claims the company.
According to the company, the plan has two ‘unique’ benefits in the form of The Return of Mortality Charges (ROMC) and the Return Enhancer. The Return of Mortality Charges (ROMC) on the maturity of the policy guarantees the policyholder the cost of the life cover, enhancing the value of their corpus. While the Return Enhancer enables the customer with an option additional 0.5% of each due installment, if the maturity benefit is opted in installments over a period of five years. Besides, the customer’s fund value will continue to participate in the fund(s) of his/her choice during this period.
“I believe our new age ULIP with its unique features will be a game changer for the industry. Today’s generation of retail investors, life maximizers as we identify them, have expanded the definition of LifeGoals and are looking for investment solutions that are value packed, convenient and backed by reliable investment performance”, said Tarun Chugh, Managing Director and Chief Executive Officer, Bajaj Allianz Life Insurance Company Ltd at the launch of the this plan.
In addition to the features like ROMC and Return Enhancer, this plan provides fund booster. It is an additional amount added to the fund value on the date of maturity of the policy. Other key features include loyalty additions (on regular minimum annualised premium of 5 lakh or more, or staying invested in the policy for 10 years and above). There are options like decrease Sum Assured, change Premium Payment Term, unlimited free switches between funds and tax benefits under section 80C and 10(10D).
According to the company calculations, if a person annually invests Rs. 4 lakh in this plan for 10 years, then on maturity the fund value with ROMC (if the person opts for a settlement option on maturity) at 8% would be Rs 67,80,200 while at 4% would be Rs 50,37,295, as she will also get the benefit of Return Enhancer of the product. Without this plan (ROMC and Return Enhancer), the person’s fund value at 8% would be Rs 59,26,052 and at 4% would be Rs 47,59,402.
“We are confident that the new product will offer a powerful proposition to new age investors”, added Tarun Chugh. Apart from this plan, Bajaj Allianz Life Insurance Company Ltd has five more ULIPs and covers 4.4 crore life across the country.