Bajaj Life Future Wealth Gain II Plan

Eligibility Criteria for the Bajaj Life Future Wealth Gain II Plan

Features of Bajaj Life Future Wealth Gain II Plan

The plan includes several features designed to support investment flexibility and long-term wealth creation. Here are the key features of the plan:

1. Investment Options That are Tied to the Market

   Premiums are invested in various equity, debt, and balanced funds, enabling policyholders to share in market performance.

2. Two Portfolio Strategies

   Policyholders have the option of:

   • Investor Pick Portfolio Strategy.
   • The Wheel of Life Portfolio Strategy is also an option for policyholders.

   These plans dictate the allocation of premiums to available investment funds.

3. Top-Up Premium Facility

   Top-up premiums allow policyholders to make extra investments during the policy term.

4. Partial Withdrawal Option

   The withdrawal may be done in parts upon expiry of the five-year lock-in period. With a Bajaj Life ULIP Plan, policyholders can invest their premiums in different funds while maintaining life cover

5. Loyalty Perks and Boosters of Funds

   Additional units can be charged to the policy fund value at certain intervals and on maturity in case of policy provisions being satisfied.

Benefits of the Bajaj Life Future Wealth Gain II Plan

Below are the benefits available under this plan:

1. Death Benefit

   If the life assured passes away during the policy term, the nominee receives the higher of:

   • Sum Assured or Regular Premium Fund Value
   • Top-Up Sum Assured or Top-Up Premium Fund Value

   The benefit is subject to a minimum of 105% of total premiums paid, ensuring a guaranteed payout level.

2. Maturity Benefit

   If the life assured survives until the policy maturity date, the policyholder receives the following:

   • Regular Premium Fund Value + Top-Up Premium Fund Value

   This accumulated fund value depends on the performance of the selected investment funds.

3. Loyalty Additions

   Loyalty may be added to the fund value at the end of each 5th policy year, starting with the 10th policy year, assuming that regular premiums have been paid.

4. Fund Booster

   A fund booster can be issued at the maturity of a fund in case the policy is still active and the premiums are paid in full.

5. Income Benefit (Wealth Plus Care Variant)

   In Wealth Plus Care, an income benefit could be payable at the remaining premium payment term in case of death or cancer diagnosis during the premium payment period.

Riders Under the Bajaj Life Future Wealth Gain II Plan

Riders can enhance protection beyond the base policy.

• Bajaj Life UL Accidental Death Benefit Rider: This is an extra payment in case of accidental death.
• Bajaj Life UL Accidental Total Permanent Disability Rider: It is a type of insurance that protects in case of permanent disability of the insured caused by an accident.
• Bajaj Life UL Waiver Of Premium Rider: Waives next-generation premiums in case of certain events like loss of life or critical illness.

Policy Details of the Bajaj Life Future Wealth Gain II Plan

1. Grace Period

   The policy provides a grace period for premium payments:

   • 15 days for the monthly premium frequency
   • 30 days for all other payment frequencies

   During this period, the policy remains active with risk cover.

2. Revival

   Any policy that has been discontinued can be reinstated within 3 years of the first unpaid premium, provided the outstanding premiums are paid and the insurer approves the reinstatement.

3. Free Look Period

   A policyholder will have 30 days after receiving the policy document to check on the policy conditions and cancel it in case he/she does not agree with the conditions.

   

4. Surrender

   The policy may be surrendered at any time. If surrendered during the lock-in period, the fund value will be transferred to the discontinued policy fund and paid after completion of five policy years.

5. Fund Switching

   Policyholders can switch between available investment funds, subject to the plan’s switching rules. It is recommended to review the best Investment plans to identify options that match different risk levels.

Exclusions Under the Bajaj Life Future Wealth Gain II Plan

1. Suicidal Cover

   If the life assured dies due to suicide within 12 months from the policy commencement or revival, the nominee will receive the fund value as per policy conditions.

2. Total Permanent Disability (TPD)

   Total permanent disability benefits are available only if a relevant rider providing disability coverage has been added to the policy.