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In Unit Linked Insurance Policies, the investment risk is borne by the policyholder. These insurance products do not offer any liquidity in the first 5 years, as they have a mandatory lock-in period of 5 years. During this period, the policyholder cannot fully or partially withdraw the invested amount or surrender the policy.
Bajaj Life Fortune Gain Plan
Bajaj Life Fortune Gain is a Unit Linked Insurance Plan (ULIP) that provides twin benefits of life insurance coverage and wealth creation through market linked returns.
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- Bajaj Life Fortune Gain Plan
Bajaj Life Fortune Gain - Key Features
- Single Pay option of premium payment
- Loyalty Additions at the policy term end
Below are the 7 funds are available for investment
- Accelerator Mid-cap Fund II
- Asset Allocator Fund II
- Equity Growth Fund II
- Pure Stock Fund
- Blue Chip Equity Fund
- Bond Fund
- Liquid Fund
Bajaj Life Fortune Gain - Benefits
- Loyalty Additions: On maturity, 3% of the Single Premium of Rs 1, 00, 000 is added for a term of 10-30 years.
- Maturity Benefits: Single Premium Fund Value + Top-Up Fund Value; the maturity value can be earned by installments through settlement option over a period of 5 years
- Death Benefits: In case of death of the insured, higher of; Sum Assured + (Top-Up Sum Assured - Partial Withdrawals) made 2 years prior to death Or, Fund Value + Top-Up Fund Value
- Tax Benefits: All premiums paid and claims received are eligible for tax benefits Under Section 80C and 10(10D) of Income Tax Act.
Bajaj Life Fortune Gain - Product Specification:
|
Product Name |
Entry Age |
Maturity Age |
Policy Term |
Premium Payment Term |
Sum Assured |
|
Bajaj Life Fortune Gain |
1/63 years |
18/70 years |
7/30 years |
Single Premium Payment Term |
Entry Age < 45 1.25 x Single Premium Entry Age >= 45 1.10 x Single Premium |
Latest ULIP NAVs
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Bajaj Life Fortune Gain - Policy Details
Grace Period: If the insured fails to pay his premium within the premium due date then he is allowed a grace period of 15 days for monthly premium payment mode and 30 days grace period in case of annual premium payment mode, failure to which the policy shall lapse.
Investors often research the best SIP to invest in for long-term financial stability, just as careful planning is needed to manage ULIP premium payments and avoid lapses.
Policy termination or Surrender Benefit: On completion of 5 years the plan enables a surrender value with its plan. If the insured surrenders his plan before completing 5 years with his plan then his Net Fund Value after deducting discontinuation charges shall be credited to his linked discontinued policy fund with a yearly 4% growth. If the insured surrenders his plan after completing 5 years, then the complete fund value as on the surrender date is paid to the insured with no additional charges applicable.
Free Look Period: In case the insured is not satisfied with his plan benefits or terms and conditions, then he has the option to cancel his plan within 15 days of plan inception, given that no claims have been done yet.
People also read: Bajaj Life NFO
Inclusions
- Partial Withdrawals: Every year after completing 5 plan years, partial withdrawals are allowed with a minimum value of Rs.5, 000.
- Free Switches: Every year unlimited free switches are allowed to switch between funds
- Premium Redirections: Every year redirecting future premiums is allowed into another fund
- Top-up premiums: To increase the fund value top up premiums can be paid to increase the fund value with a minimum of Rs.5000
Additional Features or Riders
Below are the rider covers as additional top-up covers insured can enjoy with the base plan:
- Accidental Death Rider
- Accidental Permanent Total/ Partial Disability Rider
- Critical Illness Rider
- Waiver of Premium Rider
- Family Income Benefit Rider
Decreasing cover: The sum assured can be decreased subject to certain terms and conditions
Systematic Switching Option: This option is available in the initial 12 months of the plan where the premiums are invested in the Liquid Fund and then a part of the fund is transferred to other funds monthly.
Exclusions
Suicide: If the insured commits suicide within first 12 months of plan inception or renewal then the settlements are done by paying the fund value as on the date of death.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Documents Required
Below are the documents which are required to be insured under Bajaj Life Fortune Gain Plan:
- Duly filled Proposal form/Application form
- Address Proof
- Age Proof
- Other KYC documents; PAN Card, Adhaar Card, Tax Details etc
- Medical History
**Documents required are a subject to the plan options and the sum assured chosen.
You may also like to read: Bajaj Life ULIP Plans
FAQ's
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Q. What is the decreased sum assured under the plan?
A. Under the decreased sum assured option, the insured has the choice to reduce the single premium sum assured in his first plan year. This change in sum assured can be done on any of the premium due date, this change is subject to the minimum sum assured allowed.
**Any change in the sum assured has miscellaneous charges applicable under it. -
Q. What is the investor selectable portfolio strategy?
A. The insured gets the flexibility to invest his premiums into his choice of funds in proportional units as per requirements. The redirection of premiums into any fund should be atleast 5%. -
Q. What are the death benefits provided in details?
A. In the case of death of the insured before the date of the maturity, then the benefits of death that are payable to the nominees in a lump sum amount are as follows:
Higher of,
Sum Assured / Single Premium
Or,
Higher of,
Top Up Sum Assured / Top Up Premium Fund Value- If the insured dies before his age of 60 years, the assured sum amount will be reduced by the partial withdrawals made from the single premium amount within 2 years before the date of death.
- If the insured dies after his of 60 years, the assured sum amount will be reduced by the partial withdrawals made from the single premium fund within 2 years before turning 60 years and partial withdrawals made after turning 60.
- The partial withdrawals done from the top up premiums shall not be deducted.
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Q. What are the conditions for loyalty additions under the plan?
A. The insured gets to avail loyalty benefits under the plan, which is calculated at a percentage of single premium which shall be added to the single premium fund value on the date of maturity.
Insurers Offering ULIPs
Disclaimer: Policybazaar Insurance Brokers Private Limited does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar Insurance Brokers Private Limited does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ