Bajaj Life Magnum Fortune Plus II Plan

Eligibility Criteria for the Bajaj Life Magnum Fortune Plus II Plan

Features of Bajaj Life Magnum Fortune Plus II Plan

The plan offers a combination of protection and investment opportunities. Below are the key features of the Bajaj Life Magnum Fortune Plus II Plan:

1. Market-Linked Investment Options

   Premiums are invested in unit-linked funds, allowing policyholders to participate in potential market growth.

2. Multiple Fund Choices

   Policyholders can choose from several equity, debt, and hybrid funds depending on their investment preference.

3. Flexible Portfolio Strategies

   Three portfolio strategies are available:

• Investor Selectable Portfolio Strategy
• Target Asset Allocation Strategy
• Automatic Transfer Portfolio Strategy

5. Top-Up Premium Option

   Policyholders may add additional investments during the policy term to increase the fund value.

6. Partial Withdrawals

   After the lock-in period, partial withdrawals are allowed from the policy fund subject to specified conditions. With flexible investment options, the Bajaj Life ULIP Plan enables policyholders to align their insurance plan with their financial goals.

7. Settlement Option

   Benefits can be received as instalments instead of a lump sum for up to five years.

Benefits of the Bajaj Life Magnum Fortune Plus II Plan

Below are the benefits offered by the Bajaj Life Magnum Fortune Plus II Plan:

1. Death Benefit

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

   • Prevailing sum assured or regular premium fund value
   • Top-up sum assured or top-up premium fund value

   The benefit is also subject to a minimum guaranteed benefit equal to 105% of total premiums paid.

2. Maturity Benefit

   If the life assured survives until the maturity date, the fund value accumulated in the policy is paid as the maturity benefit.

3. Loyalty Additions

   Starting from the 10th policy year, loyalty additions are credited to the fund value if the policy remains active.

4. Return Of Mortality Charges

   At the end of the policy term, the insurer may add back the total mortality charges deducted during the policy term to the fund value.

5. Maturity Booster

   Depending on eligibility conditions, such as auto-pay or online purchase, a maturity booster may be added based on the average fund value of the last three policy years.

Riders Under the Bajaj Life Magnum Fortune Plus II Plan

The following riders that can be added to the plan (dependent on insurer requirements and eligibility) include the following:

1. Connected Accidental Death Benefit (ADB) Rider

   Another payout in case the life assured dies in an accident.

2. Linked Accidental Total Permanent Disability (ATPD) Rider

   Gives financial assistance in case of total permanent disability of the life assured in an accident.

*Riders are optional and may require additional premium payments.*

Policy Details of the Bajaj Life Magnum Policy Plan

The following are the policy details of the Bajaj Life Magnum Fortune Plus II Plan:

1. Grace Period

   A grace period is allowed for premium payments:

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

   During this period, the policy remains active.

2. Revival

   A discontinued policy can be revived within three years from the date of the first unpaid premium, subject to approval and payment of pending premiums.

3. Free Look Period

   Policyholders have 30 days from receiving the policy document to review the terms and cancel the policy if dissatisfied.

   

4. Surrender

   The policy may be surrendered at any time.

   • If surrendered during the 5-year lock-in period, the fund value moves to the discontinued policy fund.
   • After the lock-in period, the fund value is payable as the surrender value.

5. Fund Switching

   Policyholders may switch between available funds. The plan allows unlimited free switches. Investors exploring long-term financial growth often compare the best investment plans to identify options that balance risk and returns.

Exclusions Under the Bajaj Life Magnum Fortune Plus II Plan

The following are the exclusions under the plan:

1. Suicidal Cover

   In case the life assured commits suicide within 12 months of starting the policy or reviving it, the fund will be paid, or the premiums will be refunded according to the policy's terms.

2. Total Permanent Disability (TPD)

   The benefits of TPD are only applicable when the corresponding rider is added to the policy.