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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 Future Wealth Gain Plan
Bajaj Life Future Wealth Gain Plan is a non-participating, individual, unit-based endowment life insurance plan that offers to create wealth in the long term as well as offer life insurance cover. The plan enables the policyholders to invest in market-linked funds and guarantees the financial security of their families. It also provides flexible policy choices and investment plans to assist in satisfying financial objectives like retirement plans, wealth creation, or educating children.
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- Bajaj Life Future Wealth Gain Plan
Eligibility Requirements of the Bajaj Life Future Wealth Gain Plan
| Parameter | Details |
| Minimum Entry Age | 0 Years |
| Maximum Entry Age | 60 Years |
| Minimum Maturity Age | 18 Years |
| Maximum Maturity Age | 75 Years |
| Policy Term | 10 Years / 15–25 Years |
| Premium Payment Period |
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| Minimum Annual Premium | ₹50,000 |
| Minimum Half-Yearly Premium | ₹30,000 |
| Minimum Quarterly Premium | ₹15,000 |
| Minimum Monthly Premium | ₹5,000 |
| Minimum Top-Up Premium | ₹5,000 |
| Frequency of Premiums | Annual, Semi-Annual, Quarterly, Monthly |
Features of Bajaj Life Future Wealth Gain Plan
The following are the main features of the plan:
- Two Plan Variants: Select between Wealth Plus and Wealth Plus Care based on the coverage needs. As per the variants:
- Wealth Plus focuses on wealth creation and life protection through market-linked investments.
- Wealth Plus Care provides additional protection with an accelerated cancer benefit, along with an income benefit during the premium payment term.
- Portfolio strategy choices: Either the investor-selectable portfolio strategy or the wheel of life portfolio strategy.
- Various Investment Funds: The plan provides equity, debt, and balanced funds based on various risk profiles.
- Loyalty Additions: The extra units are charged after every 5 years of policy, beginning on the 10th year.
- Fund Booster: In this case, additional units are added to the fund value upon maturity, provided that all the premiums have been paid.
- Top-Up Premium Facility: The policyholders are allowed to add extra lump-sum options to the term of the policy. With a Bajaj Life ULIP Plan, policyholders can invest in different funds while maintaining financial protection for their families.
- Premium Reduction Option: After 5 policy years, policyholders may reduce the regular premium by up to 50%.
Benefits of Bajaj Life Future Wealth Gain Plan
The following are the benefits that are offered under this plan.
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Maturity Benefit
At maturity, the policyholder is provided with the sum of the regular premium fund value and the top-up premium fund value based on the number of units accumulated over the period of the policy.
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Death Benefit
Should the life assured die within the term of the policy, then the nominee gets the greater of the following:
- Prevailing Sum Assured and Top-Up Sum Assured, as applicable.
- Fund Value (as of date of death).
The benefit of death is subject to the guaranteed amount of 105% of the sums paid in premiums up to the time of death.
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Loyalty Additions
Loyalty additions are charged on the fund value after every five policy years beginning with the 10th policy year to date, provided the premiums are paid on a regular basis.
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Settlement Option
The nominee or policyholder is allowed to take the maturity/death benefit in instalments over a maximum of five years.
Riders Under Bajaj Life Future Wealth Gain Plan
The riders that can be employed to augment protection benefits include:
- Bajaj Life ULIP Accidental Death Benefit Rider.
- Bajaj Life ULIP Accidental Permanent Total/Partial Disability Benefit Rider.
- Bajaj Life ULIP Waiver of Premium Benefit Rider.
Policy Details of Bajaj Life Future Wealth Gain Plan
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Grace Period
There is a 30-day grace period on annual payments and a 15-day grace period on monthly payments on premium payments after the due date without penalty.
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Revival
Where a discontinued policy is revived on non-payment of premiums within three years of the date on which the first premium was not paid, the policy may be revived on underwriting approval.
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Free Look Period
The policyholders may end the policy within 15 days (or 30 days in the case of electronic policies) in case they are not content with the terms and conditions.
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Surrender
The policy may be surrendered at any point in time. In case of surrender within the first five years, then the value of the fund is moved to a discontinued policy fund, which is paid after the lock-in period.
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Fund Switching
The policyholders are at liberty to change investment funds to realign their portfolio in line with the market conditions and their risk preferences. The best investment plans enable individuals to grow their savings while maintaining financial protection and stability
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Exclusions Under the Bajaj Life Future Wealth Gain Plan
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Suicidal Cover
In case the life assured commits suicide within 12 months of commencement or revival of the policy, the nominee will be paid the value of the fund on the date of death.
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Total Permanent Disability (TPD)
The benefits of Total Permanent Disability are offered on the basis of selecting the relevant rider and will be subject to the terms and conditions of the available riders.
FAQs
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When is it possible to withdraw money from this plan?
The partial withdrawals may be made upon fulfilling five years of the policy, as per the policy terms. -
What are the investment opportunities under this plan?
The programme offers a variety of fund choices such as equity funds, debt funds, and balanced funds as per various portfolio strategies. -
Is there a lock-in period under this plan?
Yes, a lock-in period of first 5 years of the policy is there. Under which, you are not allowed to withdraw any money, either partially or fully.
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