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Bajaj Allianz Life Insurance has launched a new unit-linked plan — Guaranteed Maturity Insurance Plan — that provides at maturity at least twice the value of single premium paid along with life cover.
With minimum single premium at Rs 5,000, the product offers the lowest single premium ULIP in the country, thereby making the product affordable for all income segments.
Mr Rituraj Bhattacharya, Head-Product Development and Market Management, Bajaj Allianz Life Insurance, said: “People living in small towns and rural areas rarely get a chance to invest in ULIPs mainly due to the high premium or the commitment to pay premiums year after year.
“Thus, in order to reach out to these segments, Bajaj Allianz has come up with “Guaranteed Maturity Insurance Plan” which provides a guaranteed maturity benefit of at least double the premium paid.”
The sum assured will be five times the single premium for the first policy year, and for subsequent years it will reduce to 1.25 times the single premium for age-at-entry less than 45 years, and 1.10 times for 45 years and above.
The plan does not have any allocation charge and 100 per cent of the single premium paid by the policyholder goes into the unit account.
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