Bajaj Life Magnum Fortune Plus III Plan

Eligibility Criteria for the Bajaj Life Magnum Fortune Plus III Plan

Features of Bajaj Life Magnum Fortune Plus III Plan

The plan offers a variety of features designed to provide investment flexibility and life coverage. Below are the key features of the Bajaj Life Magnum Fortune Plus III Plan:

• Investment-Linked Market-Based Solutions: The premiums are invested in different funds, such as equity and debt funds, as well as a hybrid fund, enabling the policyholders to have a share in the market performance.
• Several Portfolio Strategies: There are three portfolio strategies that policyholders can select:
  • Investor Selectable Portfolio Strategy.
  • Target Asset Allocation Strategy.
  • Automatic Transfer Portfolio Strategy.
  • Top-Up Premium Facility

Top-up premiums can also be made as an extra investment within the term of the policy.

• Partial Withdrawal Facility: The policyholders are allowed to withdraw the money after a lock-in period of five years.
• Flexible Policy Options: The plan can be modified, like decreasing the sum assured, changing the premium payment term, or the policy term, depending on the given circumstances.

Benefits of the Bajaj Life Magnum Fortune Plus III Plan

Below are the benefits available under this plan:

1. Death Benefit

   In case the life assured dies within the policy term, the nominee shall get the better of the following:

   • Domicile value, prevailing sum assured, or regular premium fund value.
   • Top up the premium fund value or the top-up sum assured.

   The death benefit is subject to a minimum of 105% of total premiums paid under the policy.

2. Maturity Benefit

   In case the life assured manages to survive until the maturity date, the fund value, the top-up fund value, is paid as a maturity benefit.

   Policyholders can also opt to take the maturity benefit in terms of structured payouts over a period of up to five years.

3. Loyalty Additions

   Starting from the 10th policy year, loyalty additions may be credited annually based on the average fund value of the previous three years.

4. Maturity Booster

   Additional maturity value may be added at the end of the policy term, depending on factors such as auto-pay selection or existing customer status.

5. Return Of Mortality Charges

   When the policy matures, the accumulated amount of the mortgage charges paid out will be restored to the fund value, assuming the policy is not terminated.

Riders Under the Bajaj Life Magnum Fortune Plus III Plan

The available riders in this plan include:

• Bajaj Life Linked Accident Protection Rider II: It is a supplementary financial coverage in case of accidental death or accidental permanent disability of the life assured.
• Bajaj Life Care Plus Rider: It provides additional benefits of protection that may be added to the coverage included in the primary policy.
• Bajaj Life Linked New Critical Illness Benefit Rider: Covers critical illnesses, which are specified, and helps the policyholders cope with medical as well as financial problems when they are facing severe health issues.

Riders are optional and require payment of additional premiums.

Policy Details of the Bajaj Life Magnum Fortune Plus III Plan

1. Grace Period

   A grace period is available for premium payments:

   • 30 days for yearly, half-yearly, and quarterly payments
   • 15 days for monthly payments

   During this period, the policy remains active.

2. Revival

   If premiums are not paid, the policy may be revived within three years from the first unpaid premium by paying pending premiums and meeting underwriting requirements.

3. Free Look Period

   Policyholders receive 30 days from the date of policy receipt to review the terms and cancel the policy if they disagree with the conditions.

   

4. Surrender

   The policy may be surrendered at any time.

   • During the first five years, the fund value is transferred to the discontinued policy fund.
   • After the lock-in period, the fund value is paid as the surrender value.

5. Fund Switching

   Policyholders can switch between available funds under the plan, and unlimited free switches are permitted.

Exclusions Under the Bajaj Life Magnum Fortune Plus III Plan

1. Suicidal Cover

   In case of the death of the life assured through suicide within 12 months of the date of commencement or revival of the policy, the nominee will get the value of the available funds rather than the entire death benefit.

2. Total Permanent Disability (TPD)

   Total permanent disability coverage is only provided when the policy has had the corresponding rider.