Bajaj Allianz Life views wealth creation opportunities for all

Mumbai: The phased unlocking of the Indian economy and an improvement in corporate earnings have raised equity market optimism for long-term wealth creation. Bajaj Allianz Life Insurance, one of India’s leading private life insurers, believing on India’s immense long-term growth potential launched today, a SMART ULIP (unit-linked insurance plan) Bajaj Allianz Life Smart Wealth Goal. This ULIP aims to create wealth for customers, while fulfilling long-term financial goals that may be related to child, oneself, and or parents, amongst other long-term goals.
 
Bajaj Allianz Life Smart Wealth Goal, not only offers customers insurance and investment under an integrated plan, but also addresses critical issue related to charges in ULIP. The plan comes with a unique Return of Premium Allocation Charge (ROAC) feature – which promises to return the entire amount of ROAC at the end of 10th policy year or on maturity (whichever is earlier). The plan also Returns all the Risk cover charges at maturity. The product is available in three variants - Wealth, Child Wealth and Joint Life Wealth.
 
The Wealth variant comprises of five investment portfolio strategies that are offered to customers. The variant offers periodic fund boosters to the customers wherein inclusions to fund are provided during the policy term. In addition to this, the customer will also have the flexibility to reduce the regular premium from the 6th policy year. In the Child Wealth variant there is an in-built waiver of premium and income benefit on death/ accidental total permanent disability (ATPD) to secure child goals in this plan. The variant also has a feature to receive periodic income to meet child’s education goal from 4 child milestone payouts. The Joint Life Wealth is a single pay variant offering an option to add spouse/ child/ parent/ grandparent/ co-borrower etc as joint life. The customer can also make partial withdrawals after 5th policy year, whenever there is need for funds.    
 
Commenting on the launch, Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life, said “Indian equities as an asset class offer great prospect for long-term wealth creation. We as an organization constantly endeavor to keep customers Life Goals on track especially during times of crisis. In these times of uncertainty, ULIPs offer customers the opportunity to create wealth over the longer horizon and manage uncertain times. Bajaj Allianz Life Smart Wealth Goal has been designed to offer customers a value-packed option, which is backed by our prudent investment strategies, and will offer a strong start to several customers towards getting their Life Goals Done with us.”