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Insurance policy is a contract of protection/compensation by the insurer to the insured. It is designed to reimburse or compensate the insured party for the financial loss caused in event of death or damage to merchandise as mentioned in the insurance contract.

Broadly insurance can be classified in two categories:
First - Life Insurance which matures in event of death of the insured/policyholder. On occurrence of such an event the insurance company pays a sum of money assured to the nominee/beneficiary (person nominated by the policyholder). Life Insurances are of two types:
Traditional Plans - which contain Endowment Plan , Cash Back Plan, Term Plan , (Term Life Insurance) and Whole life policy. And Unit-linked Insurance Plans - are of 4 types - Endowment cum Ulips, Children Plan , Retirement Plan or Pension plan and investment/saving plans.
Second - General insurance. All insurance policies other than life insurance policies come under general insurance segmentation. (Also known as non-life insurance policies). These policies include Home Insurance, Auto Insurance, Travel Insurance, Marine Insurance, Theft Insurance, Office insurance and Health insurance
Health insurance is most acquired policy in general insurance segment. Health insurances are of 3 types - Comprehensive Plan - which include Mediclaim and Fixed benefits plan, Accidental Insurance and Critical Care plan .
  • Life Insurance
  • Health Insurance
  • Auto Insurance
  • Home Insurance
Home > Life Insurance > Life Insurance Companies > Bajaj Allianz Life Insurance > New Unit Gain Plan

Bajaj Allianz- New Unit Gain Plan

It’s an investment plan that gives you the best returns. It creates value for every rupee you invest. The plan gives you a life cover and extraordinary benefits.

1. Death Benefit :
a. On death occurring before the age of 7 years, the fund value as on the date of receipt of the intimation of death at the company office.
b. In case death after age of 7 years and before the age of 60 years, the benefits will be payable with Sum Assured less value of partial with drawls made in last 24 months prior to the date of death, or the fund value as on the date of receipt of intimation of death, which ever is higher. The death benefit payable would be calculated separately for regular premiums and top up premiums.
c. In case of death of the life assured on or after the age of 60 years. the benefit will be Sum Assured less value of partial withdrawals made within 24 months before the age of 60 years and all partial withdrawals made after the age of 60 years or the Fund Value as on the date of receipt of intimation of death at the office, whichever is higher. The Death benefit will be calculated separately for regular premiums and top up premium.
2. Maturity Benefits : In case of maturity the funds value in respect premium and top up premium.
3. Surrender Benefits :
a.The surrender value of the policy will be equal to the fund value less surrender charge.
b. After 3 years, you have the option to avail of surrender benefits by complete surrender of units.
c. The policy will get terminated on the payment of surrender value.

Parameters Minimum Maximum
Entry Age 0 yrs, risk commences at age 7 60 yrs
Maturity Age 18 years 75 yrs
Sum Assured 0.5*Policy Term *Annualized Premium Multiplier*Annualized Premium
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