In our previous post, we discussed on long-term financial goals and how we can achieve them. We discussed the importance of the growth of your wealth and protection of Life assured. Growth and protection are crucial to long-term financial planning. Growth requires systematic and disciplined investing from you.
Bajaj Allianz has launched a plan which can help you with your long-term financial goals – Future Wealth Gain, a unit-linked endowment plan which offers a choice of two variants – Wealth Plus & Wealth Plus Care.
A few advantages of Future Wealth Gain plan –
- High Life Insurance Cover and 75 years as the maximum age of maturity for “Wealth Plus” variant. One also has an option to choose from multiple policy terms.
- Benefit of Accelerated Cancer Cover combined with Income Benefit under “Wealth Plus Care” variant
- Choice of 2 investment portfolio strategies as per your future needs and also the one which fits in your comfort zone
- Loyalty Additions are provided at the end of every 5th Policy Year starting from the 10th policy year
- Fund Booster to enhance Fund Value at maturity
- Option to take maturity benefit in installments (Settlement Option) which is a logical thing if one cannot handle investments probably due to lack of knowledge or no prior experience.
Future Wealth Gain Plan: How it works and illustrations –
At the first place define your goals and set a target amount which you would need at a specified time. This amount can be your need or your family’s need.
Amit is 30 years old and wishes to protect himself and his family with Future Wealth Gain plan. Now he has 2 options to choose from “Wealth Plus” & “Wealth Plus Care”. He has to choose one of these options carefully because once he chooses an option he cannot change his preference later on.
Amit chooses to go with Wealth Plus Care variant.
He has decided the premium he wishes to pay i.e. Rs 50,000/- per annum. Sum assured will be 10 times of his annual premium i.e. Rs 5,00,000/-
He decides on the policy term which is 15 years.
He has a choice to choose between the two portfolio strategies and he decides to go with “pure stock fund”.
He also has an option to opt for any riders. There are two riders available – Accidental Death Benefit Rider and Accidental Permanent Total/ Partial Disability Benefit Rider.
Maturity benefit to Amit based on the assumed investment return, are as per the table given below:
Death or Accelerated Cancer Benefit to Amit.
If in the 6th policy year, Amit is diagnosed with cancer, Accelerated Cancer Benefit plus the Income Benefit will be triggered. The Income Benefit is payable in installment at each policy anniversary for the remaining period of the premium payment term. Based on the assumed investment returns, the benefits payable are as per the table given below.
Know more about the plan on the company website. #InvestBefikar& #JiyoBefikar