08-16-2017, 10:28 PM
[attachment=3078]
INTRODUCTION
Life is full of uncertainties due to different types of risks like death, accidents, loss of health and property, famine, fire, earthquakes and so on. Everyday some unfavourable events do happen which cause anxiety to our life and disturb our peace of mind. Human beings always sought protection from such risks. Insurance is the answer to these types risk and uncertainties. Insurance is based on the principal that a group of persons exposed to similar type of risks join together and pool their resources to help the few unfortunate ones and meet the loss. Insurance is the process in which losses of few are served by many persons who are equally exposed to some risks. Its basic purpose is to derive the plans to meet financial consequences of unfavourable happenings. The unfortunate ones in a group, who suffer from risk, get compensation out of the pooled resources. In a way, the personal who are fortunate and don t face any loss, share the burden of the unfortunate sufferers. As such insurance is a cooperative device to share the sufferings of unfortunate persons in a group.
Human beings can never live in isolation because man is a social animal. He always tries to live in community and contributes to society s well- being and gets substance and protection from the society in which he lives. The modern concept of insurances is based on this principle. Insurance is a social device for eliminating or reducing the cost of society for certain types of risks.
Origin of Life Assurance:
Life Assurance was born in England when the first policy providing temporary cover for a period of 12 months was issued as early as 1583 A.D. the Amicable Society started granting fluctuating sum on death since 1705 and a fixed sum since 1757. With the development of mortality tables, Life Assurance acquired a scientific character. The Equitable Society founded in 1762 was the first Society established on scientific basis.
In India, after failure of two British companies, the European and the Albert in 1870, which attempted writing business on Indian lives, first Indian Life Assurance Society was formed in the same year called Bombay Mutual Assurance Society Ltd. it was followed by the Oriental Life Assurance Company Limited I 1874, Bharat in 1896and Empire of India in 1897.
The Swadeshi Movement of 1905 provided impetus to the formation of several companies such as the Hindustan Co-operative, the United India , the Bombay Life , the National . Further in the wake of freedom movement number of companies such as the New India , the Jupiter the Lakshmi emerged.
The Government began to exercise a certain measure of control on insurance business by passing the Insurance business by passing the Insurance Act in 1912. For controlling Investment of funds, expenditure and management, a comprehensive Act 1938. For controlling the affirm, the office of Controller of Insurance was established. The act was extensively amended in 1950.
In the year 1955, approximately 170 insurance Offices and 80 provident Fund Societies had been registered for transacting Life Assurance business in India. There were, however, no full guarantees to the policyholders. The concept of trusteeship was lacking. Many Insurance companies went into Liquidation. There were malpractices in insurance business. For achieving the following purposes it was felt necessary to nationalize the insurance business in India.
To provide security to the policyholders.
To utilize the funds for nation-building activities.
To avoid cut throat competition.
To abolish mal-practices.
To spread the message of Insurance to the rural areas.
Evolution of Life Insurance:
The beginning of Life Insurance is almost as old as the story of mankind. The term Life Insurance is, of course, a concept of modern times. But, the search for security commenced with the beginning of human life it self. The recorded beginning of human life itself. The recorded beginning of concept of Life Insurance is about 6000 years old.
First Life Policy:
The earliest record Life Insurance Policy was issued on 18th June, 1583 on the Life of William Gybbons, a citizen of London. The policy was procured by Richard Martin. It was under written for 12 months by 16 individuals for an amount of 383-6s-8d with premium @ 8% i.e. 30-13-4. The text of the policy ended with an interesting prayer. God send the said William Gybbons died on May 29, 1584, that is within a year. The underwriters disputed the claim pleading that the insured had survived 12 lunar months of 28 days each. The claim was finally paid through the Court.
DEFINITION OF INSURANCE
There can be two approaches for defining insurance. One is functional approach other is contractual approach.
Definition
The functional approach says insurance may be defined as a social device, whereby a large group of individuals, through a system of equitable contributions may reduce or eliminate measurable risk of economic loss common to all member of the group. In similar sense Disnadle has defined that Insurance is an instrument of distributing loss of few to many. Allen C. Mayer son states Insurance is device for the transfer to an insured of certain risks of economic loss that would otherwise be borne by the insured.
Contractual Definition
In contractual sense the following definition are noteworthy. To Justice Tindall, Insurance is contract in which a sum of money is paid to the assured in consideration of insurer s incurring the risk of paying a large sum upon a given contingency. In the words of E.W. Patterson, Insurance is a contract by which one party for a consideration called premium, assumes a particular risk of the other party and promises to pay to him or his nominee a certain a ascertainable sum of amount on a specified contingency.
KINDS OF INSURANCE
Insurance can be mainly classified into two categories.
A) Life Insurance
B) General Insurance
Life Insurance
The subject matter of Life Insurance is human life. Most of the insurance policies are combination of savings and security. The insured is promised by the insurance company that during the tenure of insurance in case of his death. His nominee will be paid the insurance amount. According to section 2 (ii) in Insurance Act 1938. Life Insurance is the business of effecting contracts of insurance upon human life including any contract. Whereby the payment of money is assured on death, except death by accident on the happening of any contingency dependent on human life and any contract, which is subject to the payment of premium for a term of the policy, he/she will be paid an amount as per terms of the policy.
General Insurance
General Insurance covers all different types of activities performed by human. These are also called as non-life insurance. Types are:
House / Office / Factory or any movable Fire Insurance assets destroyed in fire.
Shipment or transportation of goods Marine Insurance by ship, destroyed in catastrophe.
Jewellery / cash / household goods stolen Burglary Insurance or robbed.
Goods in transit by road or railway Carrier Insurance destroyed.
Theft or accident of vehicles Vehicle Insurance.
Financial cover in ailments / surgery etc. Health Insurance.
Purpose and Need of Insurance:
Life is full of uncertainties and insurance is based on un-certainties and if there are no uncertainties about the occurrence of a disaster, the concept of insurance will cease to exist. For insurance, if one is able to predict the forthcoming dangers, then one will take a proper safeguard action and then face the crisis in a very normal manner, but then, this is an utopian concept; because death, disaster and danger CANNOT be predicted. All individuals have assets; both tangible; the house, car, factory or intangible like voice of a singer, leg of a footballer, the hand of a author and many such others as quite often seen in the western countries. Now all such assets are insured, because they run the risk of becoming non-functional through a disaster or an accident. Such possible and unforeseen occurrences are known as PERILS. And the damage caused by such perils are the RISK that the assets are exposed to. Risk is a contingency and the insurance is done against such possible contingencies.
The concept of insurance is quite simple. People who are in a similar trade and are exposed to the same risks, congregate and come to an agreement that if any individual member suffers a loss, then the loss will be shared by others and minimised in order to enable the individual member recover from the loss and cover his ground. Similarly the different kinds of risks can be identified and separate groups can be formed to counter such risks and reduce the impact to a manageable proportion, in which the share could be collected from members either after the loss or in advance, at the time of admission to the group. This is an exemplary sign of humanity and insurance therefore serves mankind to a great extent; a point most of the individuals tend to overlook, since monetary aspect is involved. Now such insurance is for tangible assets.
The concept of insurance has been extended beyond the coverage of tangible assets. Exporters run the risk of importers in other country defaulting as well as losses due to sudden fluctuations in the currency exchange rates, economic policies turmoil. These risks are now insured. Doctors run the risk of being charged with negligence and can subsequently liable for damages. The amounts in questions can be fairly large, beyond the capacity of individuals to bear. These are insured. Thus insurance is extended to intangibles. In some countries even the voice of a singer, legs of a footballer can be insured, even though the advantage of spread may not be available in these cases. Satisfaction of economic needs requires generation of income from some source. If the property, which is the source of such income, is lost fully or partially, permanently or temporarily, the income too would stop. The purpose of insurance is a safeguard against such misfortunes by making goods the losses of the unfortunate few, through the help of the fortunate many, who were exposed to the same risk, but saved from the misfortune. Thus the essence of insurance is to share losses and substitute certainty by uncertainty.
Similarly human life is also an income-generating asset, albeit, intangible. This asset can be lost through an unexpectedly premature death due to some accident or disease or the asset can also be made non-functional through some disabilities. In the case of such unforeseen mishaps, insurance becomes essential to help those who are dependents to maintain their life in a normal and a regular manner. In this context, it becomes essential to mention that living too long can be equally or sometimes more problematic than dying too young. Hence a very old age can be considered to be a risk and insurance takes care of all such risks which need to be safe-guarded against. Insurance can minimise the impact of the risk on the owner of the asset and those who depend upon the asset, but only in terms of economy or finance, not in terms of emotions. Hence one can see the need and the purpose of insurance, which sadly speaking still remains a neglected part of an individual s life.
ADVANTAGES OF LIFE INSURANCE
It is superior to ordinary saving plan. The risk of death is covered under insurance scheme but not under ordinary saving plans. In case of death, insurer pays full sum assured, which would be several times larger than the total of the premiums paid. Under ordinary saving plans, only accumulated amount is payable.
Insurance encourages compulsory saving and forces thrift. After taking insurance, if the premium is not paid, the policy lapses. Therefore, the insured is forced to go on paying premium. In other words, it is compulsory. A saving deposit can be withdrawn any time.
Easy settlement and protection against creditors. Once nomination or assignment is made, a claim under life insurance can be settled in a simple way. Under M.W.P. Act, the policy moneys become a kind of trust, which cannot be taken away, even by the creditors.
It helps to achieve the purpose of the Life Assured. If a lump sum amount is received in the hands of anybody, it is quite likely that the amount might be spent in speculative way. To overcome this risk, the life assured can provide that the claim amount be given in instalments..
Ready marketability and suitability for quick borrowing. If a policyholder is not in a position to pay the premium, he can surrender the policy for a cash sum. He can also take loan for a short period to tide over the difficulty. Sometimes, an insurance policy is acceptable as security for a commercial loan.
Tax relief. By paying the insurance premium, the life assured obtains significant reliefs in income tax and wealth tax.
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY
The Insurance Act 1938 provided comprehensive regulation of the insurance business in India. It created a powerful supervisory authority in the Controller of Insurance. The controller of insurance had the powers to direct, advice, caution, investigate, inspect, search, seize, amalgamate, authorize, register and liquidate insurance companies. In 1999 as per the recommendation of Malhotra Committee, IRDA has been formed to regulate the insurance sector.
Duties, Powers and Functions of IRDA
Section 14 of IRDA Act, 1999 lays down the duties, powers and Functions of IRDA.
Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business.
Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include, -
Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration.
Protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance.
Specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents;
Specifying the code of conduct for surveyors and loss assessors;
Promoting efficiency in the conduct of insurance business;
Promoting and regulating professional organizations connected with the insurance and re-insurance business;
Levying fees and other charges for carrying out the purposes of this Act;
Calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business;
Control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act 1938 (4 of 1938);
Specifying the form and manner in which books of account shall be maintained and insurers and other insurance intermediaries shall render statement of accounts;
Regulating investment of funds by insurance companies;
Regulating maintenance of margin of solvency;
Adjudication of disputes between insurers and intermediaries of insurance intermediaries;
Supervising the functioning of the Tariff Advisory Committee;
Specifying the percentage of premium income of the insurer to finance schemes for promoting the regulating professional organizations referred to in clause (f).
Specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector; and
Exercising such other powers as may be prescribed
OBJECTIVES OF THE STUDY
To examine the emerging trend of Bajaj Allianz Life Insurance and its products and services in India as well as at Sambalpur.
To evaluate Marketing of Insurance products and services given by Bajaj Allianz Life Insurance.
To compare the life Insurance products offered by the BALIC organizations.
To know the origin and growth of this company and its products.
To know different services and facilities offered by this company to the customers as well as society as a whole.
To assess competitive strength and policies.
To assess the probable value of future sales.
It throws light on the products that offered by Bajaj Allianz Life Insurance.
It shows the requirement and preferences of target customers.
SCOPE OF THE STUDY
This summer training project contains the products and services of Bajaj Allianz Life Insurance Company towards the Indian society.
This insurance study consists of fundamental of life insurance, its products & prices only.
SIGNIFICANCE OF THE STUDY
Insurance is very important for modern age. Every human being for his survival need for food, clothing and shelter. These are known as basic or essential human wants without which our existence is meaningless. These human wants give birth to various needs which when satisfied give a sense of satisfaction, if these wants are not fulfilled one feel deprived and unhappy.
Insurance is, in fact, a social device. It reduces the cost of loss to the society by reducing the effects of losses caused by a variety of risks. It accumulates funds to meet individual losses. It a mechanism of spreading of spreading loss of one over many facing the same risk. So, the Significance of Bajaj Allianz Life Insurance may be studies under four heads.
(A) Importance to policy holders.
(B) Importance to special group of individuals i.e. business.
© Importance to commerce and industry.
(D) Importance to society.
RESEARCH METHODOLOGY
The Research Methodology in this study includes Research Design, Data Collection, Sample, Field work and tools used in analysis and interpretation. The proposed study would be based on both Primary and Secondary Data source.
METHODOLOGY
Data Collection:
Primary Data: Data are collected through personal visit to the divisional office and also some branch offices, conversation with the D.O. and Marketing Manager, through local correspondents and agents.
Secondary Data: It may be either in the published or unpublished from. So, I have collected the data here only through the published form, i.e. like Annual Reports, Brochures, Magazines, Journals, Economic Times, a recent magazine life news and internet.
LIMITATIONS OF THE STUDY
1. The study is made taking into consideration, the products of Bajaj Allianz Life Insurance Company. It is very difficult to analyse and present the working results, progress at a glance, investments and claims settlement operations of the Bajaj Allianz Life Insurance Company, due to its new emerging trend.
2. It is not evaluated all the matters of the Bajaj Allianz Life Insurance Company due to lack of adequate data, co-operation and participation of marketing managers, Agents and customers.
3. My research study is limited to Sambalpur city only . The conclusion drawn applicable to the Sambalpur city only.
4. The entire project study is conducted with in 45 days. Hence it is a time limit.
5. My study is limited to BALIC products only. No comparison is made with other competitors.
CHAPTER-2
INDIAN INSURANCE INDUSTRY- THE PARADIGM SHIFT
2.1 Introduction.
2.2 The Indian Insurance Market
2.3 Benefits of Insurance Market
2.4 Private Players.
INTRODUCTION:
Indian economy is in transition over the last ten years owing to the initiation of major economic reforms affecting almost all sectors. The paradigm shift from a mixed economic organisation to a market oriented organization has exposed all sectors to an intense competition. Insurance being one among the players in the financial services sector. Indian insurance business is the most significant one among them. The industry covers two dimensions viz. Life Insurance and General Insurance. While Life Insurance Corporation (LIC) of India is a financial intermediary which mobilizes people s savings and invests large amounts of premiums, the General Insurance Company (GIC) do not collect savings. Yet they raise crores of rupees from premiums. General insurance deals with exposure of risks to goods and property.
THE INDIAN INSURANCE MARKET
Traditionally the life insurers have been banking primarily on the agency distribution force while the general insurance business is department primarily on the development officers. The private players are bringing international experience, new technology, new channels of distribution and new products. The ground rules in the insurance business are being redefined, the existing public sector players are gearing up with match strategies to face competition.
The majority of insurance companies today are under tariff that means insurance companies cannot price the product to suit the customer of customer group. The way to service customer is to segment the market is to segment. There is a huge untapped potential in India, which needs to be
targeted. The distribution channel is a medium to reach the masses in urban, semi urban and rural areas.
BENEFIT OF INSURANCE
Insurance can be seen as a hedge against the unexpected calamities like death, theft or damage of property due to accidents, fire etc. The insurance potential untapped means human and physical assets unprotected and their worth unpreserved. The sense of lost worth is relatively easy to understand in the case of property. But it is difficult to view human beings from the angle. When these two things are appreciated in their right spirit. Life Insurance in India will not remain simply as one more sources of savings.
The most important benefit is the identification of unexpected losses. Restoring of losses not only rebuilds the economic viability of an organization but also strengthens the society at large. When the uncertainty gets reduced an insured person can spend more time and energy, work with greater concentration, resulting in higher efficiency and better performance. From the management point of view, it is the accumulation of fund for investment in the fields of national priority. Accumulation of funds stems out of a gap in in-payment timings.
PRIVATE PLAYERS IN THE MARKET
The new insurance companies used to channels of advertising from newspaper and the television to insurance agents and direct mailers. The new companies focussed their campaigns primarily on building an image of trustworthiness and reliability for themselves. Their advertisements carried messages like the family s happiness. It has been more than 2 years since private insurance company lunched operations in India, which is depicted in the table.
Company Indian Partner Foreign Insurer Area
Birla Sun life Aditya Birla Group Sun life, Canada Life
Om Kotak Kotak Mahindra Finance Old Mutual, South Africa Life
HDFC Standard Life HDFC Standard Life, UK Life
ICICI Prudential ICICI Prudential , UK Life
Max New York Life Max India New York Life USA Life
Tata AIG Tata Group AIG, USA Life & non life
ING Vasya Vasya Bank ING Insurance, Netherlands Life
Bajaj Allianz Bajaj Auto Allianz Life
SBI Life Insurance SBI Caediff, France Life
CHAPTER 3
3.1 History of Bajaj Allianz Life Insurance
3.2 Business Profile
(a) Bajaj Allianz Ranked No. 1 in new business.
(b) Bajaj Allianz issues one million policy
© Bajaj Allianz set up Ethical fund to attract minorities
(d) Bajaj Allianz completes four year with 365% growth.
(e) Small Insurance but big on premium.
(f) IRDA Position, Bajaj Allianz at No.1 slot for 2007.
HISTORY OF BAJAJ ALLIANZ LIFE INSURANCE COMPANY
ABOUT ALLIANZ BAJAJ LIFE INSURANCE
Allianz Bajaj Insurance Co. Ltd. Is a joint venture between two leading conglomerates Allianz AG, one of the world s largest Insurance Companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world, Allianz Bajaj Life Insurance.
Is the fastest growing private life insurance company in India.
Currently has over 300,000 satisfied customers.
Is backed by a network of 78 customers care centres spanning 55 locations across the country.
One of the India s leading Private Life Insurance Company.
GEARED TO PERFORM
Products tailored to suit your needs.
Decentralized organization structure for faster response.
Wide reach to serve you better a network of 78 branches spanning 55 locations nationwide.
Specialised departments for Banc assurance, Corporate Agency and Group Business.
Highest standard of customer service in the industry.
Toll Free number to answer all your queries, accessible from anywhere in the country.
Swift and easy claim settlement process.
GROWING REACH THROUGH TIE-UPS
BANCASSURANCE
Having pioneered the phenomenon in India, banc assurance is one of our core business strategies. Two of our strong banc assurance tie-ups are:
Standard chartered bank
Syndicate bank.
We have developed a range of life Insurance products executively for our Banc assurance partner. Also, our products are customised to suit specific needs of banks.
VALUES
At Allianz Bajaj, customer delight is our guiding principle. Ensuring world class solution by offering customized products with transparent benefits is our philosophy.
VISION
To be the best Life Insurance Company in India to buy from, to work for and invest in.
BAJAJ ALLIANZ RANKED NO.1 IN NEW BUSINESS
Bajaj Allianz Life Insurance was ranked number one for the last three months (September-November 2007) on new business with Rs.586 crore against Rs.555 crore for ICICI prudential as per Insurance Regulatory Development Authority (IRDA) a result with a lead of over Rs.31 crore.
The company retains number one rank for the month of November 2007 amongst private sector life Insurance with a market share of 27.1% and Rs.18 crore lead.
The life insurance company grew 264% for this financial year (April November 2007) with a market share of 23.4% in the same period.
BAJAJ ALLIANZ ISSUES ONE MILLIONTH POLICY
Bajaj Allianz Life Insurance Company has issued its 1 millionth policy and has solidified its positions in the industry as a world class insurance provider in the country.
This is a landmark achievement for the company as it is a clear indication of the dedication with which the company and its agents have strived to make possible, the availability of affordable life insurance based products for all segments of the society. The company s current performance has placed it in the number one slot in terms of being the fastest growing life insurance company with a 250 percent growth.
Bajaj Allianz life is the only company in India that has shown an impressive growth under the vision of highly dedicated agents and team members. Commenting on the achievement, Mr. Kames Goyal, Country Manager, Allianz and Chief Executive Officer, Bajaj Allianz Life Insurance Company said, it is our customer focus driven policy that has enabled us to reach this landmark position.
The positive response that we have received from all our valued customers has propelled us to great heights and has gone on the strengthen our resolve to mark available, our insurance products in every nook and corner of the country.
BAJAJ ALLIANZ SETS UP ETHICAL FUND TO ATTRACT MINORITIES
Keeping up its social commitment, the Bajaj Allianz Life, the second largest private insurer in India, which largest private insurer in India, which launched four new schemes today in the life Insurance sector, has set up an Ethical Fund , to attract minorities, especially the Muslim community.
Taking to the Indian Express here today, Daljit Singh Rakhra, Chief Manager, Bajaj Allianz, (North region) said the ethical fund is being set up under the family Gain Policy. Under this plan, the company will not invest in tobacco, gambling or liquor companies. The policy suits religious investment guidelines as well. The idea is to attract conservative communities. Bajaj is looking up to the Music community to take up the policy in large numbers, said Rakhra.
The other three new life insurance schemes launched are Unit Gain Premier, Unit Gain Super and Health Care. The Unit Gain premier is a Umeed se Zyada plan. It has an upfront allocation of 105 percent or single premium on day one. It has a flexi maturity after six years.
The Unit Gain Super guarantees a life conversant it has a flexibility to pay the premium and end the policy any time. The Health Care is a comprehensive health care plan at just Rs.100 per month. This will take care of 11 diseases, including cancer, accident, kidney problem, heart problem, AIDS etc.
Turnover of Bajaj Allianz, Chandigarh Zone, which covers Punjab, Haryana, Himachal Pradesh and Jammu and Kashmir, is likely to be Rs.200 crore this financial year. Nine more offices will be added to the existing 56 in the North, said Rakhra. The company s present growth rate is a phenomenon 247 percent headed.
BAJAJ ALLIANZ COMPLETES FOUR YEARS WITH 365% GROWTH
Bajaj at Allianz Life Insurance the fastest growing life insurance company in India completed its fourth year in October with a bumper growth of 365% for the month of September 2005. For the month of August 2007 the growth registered was 1987.
Bajaj Allianz has been sealing new heights month after month. Bajaj Allianz has grown from strength to strength as on close of financial year 2003-04 and was ranked 6th. Today the company is ranked No.2.
Bajaj Allianz Life Insurance is the first and only private sector life insurance company to have office in 475 towns across the country offering flexible investment and insurance solutions with world class service.
First and only private sector Life Insurance Company to have office in 475 towns across the country offering flexible investment and in insurance solution with world class service.
In the last 12 months and has the insured closed to one million lives so far. Bajaj Allianz Life Insurance is consistently working to create livelihood across the country and have recruited 65,000 insurance consultant and 10,000 employees. Bajaj Allianz Unit Gain plus Equity Fund and Unit Gain Equity Fund were rates the 1st and 2nd best performing funds in Life Insurance Industry by outlook Magazine.
Bajaj Allianz Life Insurance market share rises to 25.5% in the month of August 05 amongst private sector life insurance.
SMALL INSURERS BET BIG ON PREMIUM
Small is big. The 13 private life insurance companies according for only 12% of the total policies sold but corner 27% of the premium income Contrast this with public sector behemoth LIC, which sells 88% of the policies but has 74% of the total premium income. Small players in the private insurance industry, all of five years are selling high premium policies but to fewer people. LIC, in comparison banks on volumes.
While LIC sold nearly 11 million policies, its premium income was Rs.1, 016 crore. Private insurance companies sold 1.5 million policies and had a premium income of Rs. 360 core up to October 2007, according to the Insurance Regulatory and Development Authority.
The New premium Income (NPI) till October 2005 shows a whopping growth of more than 247% for Bajaj Allianz and a more modest 75% for ICICI prudential Life, according to the regulator. In terms of the number of policies sold, Bajaj Allianz witnessed a growth of 108% and ICICI Prudential 36% in the same period. In fact, the NPI registered by SBI Life shows a negative growth of 6.7% even as its policies sold grew by 76%. Birla Sun Life, Similarly, has witnessed a negative growth in NPI of nearly 8.31% during the same period while its number of policies sold grew by 38%. Even LIC is experiencing an NPI growth of 26.9%.
Premium income is, however, only one of the factors to gauge the strength of a life Insurance company. Industry analysts also give importance to the number of policies sold.
Among the 13 private life insurance, ICICI prudential Life Continues to be the leader. According to industry estimates, as on October 2007 ICICI Prudential Life commanded a share of nearly 28% , down from 42 and in 2001, when the sector was opened up. Bajaj Allianz on the other hand, had a share of 2.7% in 2001 and has growth to command nearly 23% of the market today.
Companies such as SBI Life, Birla Sun Life, Om Kotak have either remained constant or declined over the past five years. The market share of Birla Sun Life has declined from 10.5% in 2001 to nearly 7% in October 2007. SBI Life, which had a market share of 5.5% in 2001, has remained in that range over the past five years.
IRDA POSITIONS BAJAJ ALLIANZ AT NO. 1 SOLT FOR SPET 2007
Bajaj Allianz Life Insurance Company has moved up to number 1 position amount the private life insurance as per the latest IRDA results for the month of September.
Bajaj Allianz is poised for an accelerated growth in the market and already become the fastest growing private Life Insurance Company in India for more than a year.
Kames Goyal, country Manager Allianz and Chief Manager, Allianz and Chief Executive Officer, Bajaj Allianz Life Insurance Company stated We at Bajaj Allianz are elated at the IRDA top rank as this is clearly a show of faith from our customers. This will further enthuse us to not just meet but exceed customer expectations.
CHAPTER 4
ANALYSIS OF PRODUCTS AND PRICES
4.1 New Unit Gain Super
4.2 New Unit Gain Premier SP
4.3 Health Care
4.4 New Unit Gain Plus
NEW UNIT GAIN SUPER
You have always achieved the best in life. Now we offer you the best financial planning. You can now avail of the twin benefit of risk protection as well as getting market linked return on your investment. An insurance plan that works round the clock to meet the changing requirements in life additional protection , more money to invest, sudden requirement to cash or a steady post retirement income.
With Bajaj Allianz Unit Gain super, you can invest in one life insurance plan that can take care of all your changing requirements. This plan ha been designed to provide your family with higher financial assistance should anything unfortunate were to happen to you as well flexibility, so that you do not have to worry about your changing needs.
The Bajaj Allianz New Unit Gain Super
The Bajaj Allianz new Unit Gain Super comes with a host of features to allow you to have the best of all world- protection and investments. It enables every participant to create a solid financial protection and savings plan for himself and his family. In this way, a participant in the Bajaj Allianz New Unit Gain Super Plan, you can secure your well-being and accumulate savings towards financial independence and a comfortable retirement.
The Key features of the New Unit Gain Super Plan are:
It is a unit page link plan with minimum term of 10 years and maximum maturity age 70.
Guaranteed death benefit.
You have the option to choose a host of additional benefit: UL Accidental Death Benefit, UL Accidental Total / Partial Permanent Disability Benefit, UL Critical illness Benefit and UL Hospital Cash Benefit.
It provides you with easy, regular contribution mechanisms to assist you in accumulating funds. Four different options to choose from Promising Club, Silver, Gold, Diamond and Platinum. Shatakveer, Dwi Shatakveer Club
IC club No of Lives Premium(100%RP& 10%Spand Top up) Rewards
Rs. Insurance cover
Rs. Convention
Promising club 15 3,00,000 3,000 2 lakh Branch level
Silver Club 25 6,00,000 6,000 2 lakh Branch level
Gold club 50 12,00,000 15,000 5 lakh Divisional Level
Diamond club 75 25,00,000 25,000 5 lakh Divisional Level
Platinum club 75 50,00,000 50,000 10lakh Regional Level
Shatakveer club 100 25,00,000 30,000 10lakh Regional Level
Dwi- Shatakveer 200 50,00,000 60,000 10lakh Regional Level
You can adopt your own investment strategy to grow the funds contributed.
Change of 4 investment funds today with flexible investment management: you can change funds at any time and also invest in the newer funds that would be introduced from time to time.
How does the Bajaj Allianz New Unit Gain Super Plan work
The premiums allocated are invested in a fund/ funds of your choice (depending on the allocation rate) and units are allocated depending on the price of units for the fund/ funds. The value of your policy is the total value of units that you hold in the fund/ funds. The insurance cover charges and the additional benefit charges are deducted through monthly cancellation of units. Fund management charge is priced in the unit value.
Sum Assured: you can choose a suitable basic sum assured under the New Unit Gain Super plan.
Minimum Sum Assured: 5 times the annualised premium.
Maximum Sum Assured: y times the annualised premium where y will be as per the following table.
Age Group 0 10 11 30 31 35 36 40 41 45 46 55 56 60
Y(Time) 35 40 40 30 20 12 8
Death Benefit:
On death before the age of 7 years: The death benefit will be the NAV of the units in the policy holder s account (Fund value) as on the date of receipt of intimation of death at the office. The policy terminates on the death of the life assured.
On death after the age of 7 years and before the age of 60 years: The death benefit will be the higher of the sum assured less the value of the units withdrawn by partial withdrawals in the last 24 months prior to the date of death or the NAV of the units in the policyholder s account (Fund value) as on the date of receipt of intimation of death at the office.
On death of the life assured on or after attaining the age of 60 years: In this case, the death benefit will be the higher of the NAV of the units in the policy holder s account (Fund Value), or the sum assured less all partial withdrawals made within two years before attaining age 60 years, and all the withdrawals made after attaining age of 60 years.
Maturity Benefit:
On maturity, the value of the units in the fund will be paid out and the policy will terminate.
Additional Benefits with New Unit Gain Super
You have the option to add the following additional benefits, providing total protection against uncertainties
UL Accidental Death Benefit.
UL Accidental Total and Partial Permanent Disability Benefit.
UL Critical Illness Benefit(UL CI)
UL Hospital Cash Benefit(UL HC)
(Please refer to the brochure on additional benefit for more details)
Assured Protection even if you miss payment of your premium Bajaj Allianz New Unit Gain Super provides you Premium Holiday an unique feature of continued protection even if you forget to pay your premiums. After payment of at least 3 full years premium, even if premiums due are not paid the policy will be kept in force by cancellation of units, at the prevailing unit price to meet the cost of insurance and the other charges, provided the value of the units in the policy holder s account does not reach an amount equal to one annual premium under the policy.
Investment Options:
Bajaj Allianz New Unit Gain Super offers you a choice of 4 funds. You can choose to invest fully in any one fund or allocate your premiums into the various funds in a proportion that suits your investment needs.
The four funds offered are as under:
1. Nifty Index Fund Risk Profile High: This fund provides capital appreciation through investment in equities forming part of NSE NIFTY. This fund will have an exposure of maximum 15% in Bank Deposits and money market instruments and minimum 85% in Equities.
2. Equity Growth Fund - Risk Profile - Very High: This fund provides capital appreciation through investment in selected equity stocks that have the potential for capital appreciation. This fund will have an exposure of maximum 20% in Bank Deposits and money market instruments and minimum 80% in Equities.
3. Income Fund - Risk Profile - Moderate: The objective of this fund is to provide accumulation of income through investment in high quality fixed income securities. This fund will have an exposure of maximum 20% in money market instruments and minimum 80% in G.Secs. Bonds and Fixed Deposits.
4. Balance Fund - Risk Profile - Moderate: The objective of this fund is to provide a balanced investment between long term capital appreciation and current income through investment in the Units of our Nifty Index Fund and Income fund. Indicative portfolio allocation: Units of Nifty index Fund 30% to 50%, Units of Income Fund 50% to 70%
UNIT PRICE
The unit price of each fund is arrived at by dividing the Net Asset Value (NAV) of the fund by the number of units existing in the fund at the valuation date.
The unit price of various funds are as follows:-
a) Equity Index Fund Rs 30.479
b) Equity Plus Fund Rs 30.342
c) Balanced Plus Fund Rs 18.682
d)Income Plus Fund Rs 12.185
Important Details of the Bajaj Allianz New Unit Gain Super Plan:
Minimum age at Entry : 0 (risk commences at age 7)
Maximum age of Entry : 60
Minimum age at Maturity : 18 years
Maximum Age at Maturity : 70
Minimum term : 10
The minimum age at entry for all additional benefits is 18 years.
The maximum age at entry for all additional benefits is 50 years.
Risk of Investment in the Units of the Plan:
The Proposer / Life Assured is aware that the investment in the Units is subject to the following, amongst other risks and agrees the he is making the investment in the Units with full knowledge of the same.
Bajaj Allianz New Unit Gain Super is only the name of the product and does not in any way indicate the quality of the policy, its future prospects or returns.
Bajaj Allianz new Unit Gain super, and in any manner does not indicate the quality of the respective funds, their future prospects or returns.
The investments in the Units are subject to market and other
risks and there can be no assurance that the objective of any of the
funds will be achieved.
The price of units of each fund can go up or down depending on the factors and forces affecting the financial markets from time to time.
Equity Growth Fund, Nifty Index Fund, Income Fund and Balance Fund do not offer a guaranteed or assured return.
All benefits payable under the Policy are subject to the tax laws and other financial enactments, as they exist from time to time.
The past performance of other funds of the company is not necessarily indicative of the future performance of any of these funds.
NEW UNIT GAIN PREMIER SP
You and your investment deserve more Which is why we have designed a unique plan that really offers you more. New Unit Gain Premier SP is a unique Premier SP is a unique insurance cum investment plan that provides your investment a zing from the start by allocating 105% of the single premium paid from day one thereby ensuring that you get MORE.
Bajaj Allianz New Unit Gain Premier SP is exactly what the name suggests, with a wide range of high quality investment funds to choose from coupled with flexible investment management. You really have the best of all worlds investment, insurance and tax benefits.
With Bajaj Allianz New Unit Gain Premier SP, you can invest in one life insurance plan that can take care of all your changing requirements, be it your investment needs, children education needs or peaceful golden years. The plan has been designed to provide your family with higher financial assistance should anything unfortunate were to happen to you as well as flexibility, so that you do not have to worry about your changing needs.
The Key features of the New Unit Gain Premier SP Plan are
It is a unit linked plan with minimum tem of 10 years and maximum maturity age 70,
Convenient single premium payment.
105% of the single premium is allocated.
Guaranteed death benefit.
You can adopt your own investment strategy to grow the funds.
Choice of 4 investment funds today with flexible investment management: you can change funds at any time and also invest in the newer funds that may be introduced from time to time.
Partial or full withdrawal facility, after three years from commencement (subject to surrender charge, if applicable).
How does Bajaj Allianz New Unit Gain Premier SP plan work
105% of the single premium paid is invested in a fund/funds of your choice and units are allocated depending on the price of units for the fund / funds. The value of your policy is the total value of units that you hold in the fund/funds. The cost of insurance and expense charges are deducted through cancellation of units. The Fund Management Charge is priced in the unit value.
Death Benefit:
You can choose a sum assured (Level of Protection) that you want in the New Unit Gain Premier SP Plan.
Minimum Sum Assured 1.25 times the single premium
Maximum sum Assured Y times the single premium where y will be as per the following table.
Age Group 0 17 18 35 36 45 46 50 51 55 56 60
Y (Time) 10 10 7 5 3* 2*
* Multiplier may be increased to 5 in special cases on case to-case basis.
Death Benefit.
On death before the age of 7 years: The death benefit will be the NAV of the units in the policy holder s account (Fund value) as on the date of receipt of intimation of death at the office. The policy terminates on the death of the life assured.
On death after the age of 7 years and before the age of 60 years: The death benefit will be the higher of the sum assured less the value of the units withdrawn by partial withdrawals in the last 24 months prior to the date of death or the NAV of the units in the policyholder s account (Fund value) as on the date of receipt of intimation of death at the office.
On death of the life assured on or after attaining the age of 60 years: In this case, the death benefit will be the higher of the NAV of the units in the policy holder s account (Fund Value), or the sum assured less all partial withdrawals made within two years before attaining age 60 years, and all the withdrawals made after attaining age of 60 years.
Maturity Benefit:
On maturity, the value of the units is payable to the life assured/ policy holder.
Investment option:
Bajaj Allianz Unit Gain Premier SP offers you a choice of 4 funds. You can choose to invest fully in any one fund or allocate your premium into the various funds in a proportion that suits your invests needs.
The Four Funds offered are as under:
1. Premier Equity Index Fund Risk Profile - High: The objective of this fund is to provide capital appreciation through investment in equities forming part of NSE NIFTY. This fund will have an exposure of maximum 15% in Bank Deposits and money market instruments and minimum 85% in Equities.
2. Premier Equity Growth Fund - Risk Profile - Very High : The objective of this fund is to provide capital appreciation through investment in selected equity stocks that have the potential for capital appreciation. This fund will have an exposure of maximum 20% in Bank Deposits and money market instruments and minimum 80% in Equities.
3. Premier Income Fund Risk Profile Moderate: The objective of this fund is to provide accumulation of income through investment in high quality fixed income securities. This fund will have an exposure of maximum 20% in money market instruments and minimum 80% in G-Secs, Bonds, and fixed Deposits.
4. Premier Balancer Fund Risk Profile Moderate: The objective of this fund is to provide a balanced investment between long-term capital appreciation and current income though investment in the units of our Nifty Index Fund and income funds. Indicative Portfolio allocation is units of Premier Nifty Index Fund 30% to 50%, units of Premier Income fund 50% to 70%.
These funds are professionally managed by asset managers of Bajaj Allianz , backed with the rich experience of Allianz AG, one of the largest asset managers in the world today, managing assets worth more than Euro 996billion ( Rs.53,64,456 crores).
UNIT PRICE
The unit price of each fund is arrived at by dividing the Net Asset Value (NAV) of the fund by the number of units existing in the fund at the valuation date.
The unit price of the funds are as follows (as on 15th may, 08)
a) Premier Equity Growth Fund Rs 14.254
b) Premier Equity Index Fund Rs 15.990
c) Premier Income Fund Rs 12.601
d) Premier Balance Fund Rs 11.158
Important Details of the Bajaj Allianz New Unit Gain Premier SP plan
Minimum age at Entry : 0 (risk commences at age 7)
Maximum age of Entry : 60
Minimum age at Maturity : 18 years
Maximum Age at Maturity : 70
Minimum term : 10
Minimum Single Premium : Rs.50, 000.
Termination of the policy:
The policy will terminate on occurrence of any of the following:
a) The units in the policy are fully surrendered.
b) The account value becomes less that Rs.10,000
c) The account value is not sufficient to support the cost of insurance and other charges.
d) The death of the Life Assured.
e) On maturity.
On the occurrence of (a) , (b) and © above the value of the units, if any, would be paid to the life assured/ policy holder upon such termination, subject to surrender charge, if applicable. In case of (d), death benefit will be as mentioned separately herein. In case of (e), the value of the units, if any is paid to the Life assured/ policy holder on maturity.
Tax Benefits:
Contribution made towards the premium will be eligible for tax deduction under section 80C of the Income Tax Act and Withdrawals (partial or full) are tax free under Section 10(10)D of the Income Tax Act, If the premiums paid in any year do not exceed 20% of the Sum Assured.
Mortality Charges:
The mortality charge would vary according to the attained age of the life assured at the time of deduction of the monthly cost of insurance as per the table below. Sample standard rates are given in the table below.
Age Mortality charge per annum per thousand of sum at risk
20 1.57
30 1.74
40 2.82
50 6.53
60 15.56
Risk of investment in the Units of the Plan:
The Proposer / Life Assured is aware that the investment in the Units is subject to the following, amongst other risks and agrees the he is making the investment in the Units with full knowledge of the same.
Bajaj Allianz New Unit Gain Premier SP is only the name of the product and does not in any way indicate the quality of the policy, its future prospects or returns.
Bajaj Allianz New Unit Gain Premier SP, and in any manner does not indicate the quality of the respective funds, their future prospects or returns.
The investments in the Units are subject to market and other risks and there can be no assurance that the objective of any of the funds will be achieved.
The price of units of each fund can go up or down depending on the factors and forces affecting the financial markets from time to time.
Equity Growth Fund, Nifty Index Fund, Income Fund and Balance Fund do not offer a guaranteed or assured return.
All benefits payable under the Policy are subject to the tax laws and other financial enactments, as they exist from time to time.
The past performance of other funds of the company is not necessarily indicative of the future performance of any of these funds.
HEALTH CARE
Health is Wealth: Particularly when health care costs are getting higher every year. The motional and financial burden of a serious accident, major illness or surgery often lasts beyond the immediate period of trauma. Bajaj Allianz Health Care protects you and family from the high expenses associated with medical care and provides you with a comprehensive financial cushion against various health hazards. The benefits under this plan are payable in addition to the benefits under all other plans that you may have, including a Med claim policy.
What is Bajaj Allianz Health Care
This is a three year health insurance plan, providing comprehensive health cover with life insurance benefit. You can choose the amount of cover for each benefit separately in multiplies of the minimum cover amount, subject to a maximum multiple of 10.
Feature Maximum Cover
Life Cover Rs.10,000
Hospital Cash (HC) Equal to Room Charges (Max. Rs. 500 per day and Max. Rs.1000 per day in ICU), Maximum Rs.30, 000 in a policy.
Post Hospitalisation Benefit 50% of claim settled for HC per day, maximum 5 days in a policy year.
Surgical Benefit Equal to Surgical Expenses. Rs.50, 000 per policy year.
Critical Illness Cover Rs.50, 000 during the policy term.
Accidental Permanent Total/ Partial Disability ( APT/PD) Rs.50, 000 payable on total disability and Rs.25, 000 payable on partial disability.
The benefits payable for all policies under Bajaj Allianz Health Care plan put together will not exceed the maximum available under Bajaj Allianz Health Care.
Indicative premiums (Inclusive of Service Tax)
Age For Minimum Cover (Male) For Minimum Cover (Female)
20 1010 1071
30 1114 1202
40 1593 1484
45 2080 1767
50 2704 2135
Benefits:
Live Cover is payable on death of the life assured.
Hospital Cash Benefit:
The worry of meeting expenses relating to hospitalization adds to the trauma of hospitalization. Hospital Cash Benefit reduces this financial burden and helps you recover with peaces of mind. If you have to stay in hospital as a result of injury. Sickness or disease, we will pay at the rate of the room charge in hospital, subject to the limit of the benefit level chosen, for each full day s stay in hospital exceeding 3 days up to the total limit allowed in a policy year. The amount is payable in lump sum at the end of the stay in hospital. The benefit period starts a waiting period of 60(sixty) days from the commencement of policy or reinstatement of policy, except for accidental injury. Multiple claims can be made in a policy year.
Post Hospitalisation Benefit:
Recuperating from the surgery / Major treatment takes times and our Post Hospitalisation Benefit allows you this facility without adding burden to your wallet. We pay 50% of the Hospital Cash benefit claim settled per day for a maximum of 5 days in a policy year for essential follow up treatment on the basic of recommendation of the hospital / surgeon.
Surgical Benefit:
The costs of doing a surgery have gone up significantly today. Our surgical benefits pay you for a surgery done by a qualified surgeon performed at a registered hospital with a minimum of 15 beds (as in-patient) for surgical procedures advised by a qualified doctor/ Physician/ Surgeon. The benefit amount payable is equal to the surgical expenses (i.e. surgeon s fee, operation theatre charges and anaesthetic s charges) subject to the maximum surgical benefits amount payable in a policy year. The surgical benefit can only be claimed in the claimed if the illness covered is diagnosed at least 180 days after the date of commencement of policy or reinstatement of policy. No waiting period if surgery is due accident injury.
Critical Illness benefits:
Some illnesses are critical. They not only alter your life s pattern but also result in a financial drain. The critical illness Benefit softens the impact on the family by paying out a lump sum as per the cover selected immediately, while other policy benefits continue. The Critical illness benefit can only be claimed if the illness is diagnosed at least 180days after the date commencement or reinstatements of policy. We cover 11 critical illnesses. First health attack. Coronary Artery Disease requiring Surgery, Stocks, Cancer, Kidney Failure, Major organ transplantation, Multiple Sclerosis, Aorta Graft Surgery, Primary Pulmonary Arterial Hypertension, Alzheimer s Disease, Paralysis.
Accident Permanent Total / Partial Disability (APT / PD)
Accidents are unpredictable and so are the consequences. They may lead to a permanent disability partial or total. This benefit provides a financial cushion against such misfortunes.
Accidental permanent total disability will mean total and permanent disability as a result of an accident (within 180days from the date of accident) resulting in one of loss of both eyes. Loss of both arms or both hands, loss of one arm and one leg, Loss of one arm and one foot, Loss of one hand and one foot, loss of one leg , loss of both legs, loss of both feet, Removal of the lower jaw. Accidental permanent partial disability will mean permanent disability as a result of an accident result in one of: loss of one eye, Loss of one leg, loss of one arm, loss of one hand, loss of one foot, loss of one hand will mean above wrist, loss of arm will mean above elbow loss of feet will mean above and loss of leg will mean above knee.
Who is eligible
All people who are between 18 and 57 years of age.
Premium payment mode
For your convenience we have provided yearly and monthly premium modes. The monthly mode is available only under Salary Saving Scheme (SS) and SEC. The minimum premium is Rs. 1000 for monthly.
Tax Benefits as per current tax laws
Contributions up to Rs10, 000 will be eligible tax benefits under Section 80D, as per applicable tax laws.
Exclusions under Hospital Cash Benefit:
The hospital cash benefit will not be paid in the hospital confinement is due to
Any per-existing conditions.
Routine eye tests, dental treatment or other examination and / or tests not incidental to the treatment or diagnosis of an injury, sickness or disease.
Pregnancy, miscarriage (except as a result of an accident), impotency, sex charge, abortion or birth control.
Sleep disorder, psychiatric or mental disorders,
AIDS, any AIDS related illness or HIV infection.
Prostheses, cosmetic surgery or reconstructive surgery unless as a result of an accident injury.
Custodial care, bed rest, convenience care, convalescence, general debility, rest cure.
Any treatment relating to obesity, weigh reduction, weight improvement.
Self-infected injuries or attempted suicide while sane or insane.
War, invasion, civil war, rebellion.
Any injury, sickness or disease received as a result of insured person committing any breach of law.
Any injury, sickness or disease received as a result of the insured person being under the influence of alcohol or other that in accordance with the direction of a registered medical practitioner.
Any injury, sickness or disease received as a result of the insured person participating in or training for any dangerous or hazardous sport or competition or driving in any form of race or competition.
Any injury, sickness or disease received as a result of aviation, gliding or any form of aerial flight other than as a fare paying passenger of a recognised airline or regular routes and on a scheduled time table.
Health Care Plan frequently Asked Questions (FAQS)
1. Why should buy Bajaj Allianz Health Care
Ans. Bajaj Allianz Health Care is a comprehensive Health Insurance policy, where in offers 6 in 1 insurance cover i.e., Hospital Cash benefit, Post Hospitalisation Benefit, Surgical Benefit, Critical Illness Cover, and Benefit for partial and total permanent disability due to accident and life cover.
2. Who can buy Bajaj Allianz Health Care
Ans. Any one between the ages of 18 to 57 can apply for Bajaj Allianz Health Care Plan.
3. How can I buy Bajaj Allianz Health Care
Ans. Just call us on our toll free no.1600225858 or no. 9823335858 or visit any of our branches, and our Consultants will get in touch with you and guide you through the require process.
4. Do I have to under medical check up
Ans. Yes. A complete medical examination which will be paid by us may have to be carried out. Our consultants will guide you through the required process
5. Why should buy Health if have other medical insurance policies
Ans. Bajaj Allianz Health Care can be claimed along with other medical insurance policies like med claim. Besides, Health Care provides coverage for 3 years instead of one year, thereby given added protection and coverage. Premiums are guaranteed for 3 years.
6. What if miss paying the premiums
Ans. The policy can be reinstated within 6 months from the due date of the first unpaid premium subject to the payment of outstanding premiums plus interest, subject to underwriting.
7. Do I need to be treated only in particular hospitals, which are in your penal
Ans: No, you can choose your own hospital as per your convenience and belief, provided it is a registered hospital with 15 beds. The hospital need not be in our penal.
8. What is the procedure for claim
Ans. All documents related to claims have to be submitted to the company within 60 days of the occurrence of the event. Claim will be advised on receipt of all documents required.
Section 45 of the Insurance Act, 1938.
No policy of life insurance effected after the coming into force of this act shall, after the expiry of two years from the date on which it was effected be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of medical officer , ore referee, or friend of the insured, or in any other documents leading to the issue of the policy was in accurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was materials to disclose and that it was fraudulently made by the policy holder and that the policy holder knew at the time of making it that the statement was false or that it suppressed facts which it was materials or disclose.
NEW UNIT GAIN PLUS
The Thumb rule for buying insurance is the your insurance needs and minimal in your early earning years, increases with added responsibilities (Marriage children, loans etc.) and taper off by the time your retire. It is difficult to find a single insurance plan that can take care of all your changing requirements in life, additional protection, and more money to invest, sudden requirement of cash or a steady post-retirement income.
With Bajaj Allianz Unit Gain Plus, you can invest in one life insurance plan that can take care of all your charging requirement throughout your life. This plan been designed to provide you with maximum flexibility. So that you do not have to worry about your changing needs.
Bajaj Allianz Unit Gain Plus offers the unique option of combining the protection of the life insurance with the attractive prospects of investing in securities. You can choose the investment funds you want to invest your money, providing you with an opportunity to have a direct stake in the performance of the financial markets. You also benefit from attractive tax advantages and can protect your loved ones against unfortunate events.
The Bajaj Allianz New Unit Gain plus Plan
The Bajaj Allianz Unit Gain Plus comes with a host of features to allow you to have the best of all worlds Protection and investment with flexibility like never before.
Some of the key features of the plan are:
Guaranteed death benefit.
Choice of 6 investment funds with flexible investment: you can change funds at any time.
Attractive investment alternative to fixed interest securities
Provision for full / partial withdrawals any time after three full year s premium paid.
Unmatched flexibility to match your changing needs.
Maturity Benefit equal to the fund value payable on date of maturity.
How does the plan work
The premiums allocated are invested in a fu