Bajaj Allianz Smart Insurance Plan III

Recommendations :No

Name of the policy :
Bajaj Allianz Smart Insurance Plan III

A brief desciption :

Bajaj Allianz Smart Insurance Plan III is a ULIP Policy providing fund value at maturity and in case of death of the Life Assured before attaining 60 years of age, the nominee gets Higher of Sum Assured less partial withdrawals made last in 24 months (if any) or The Fund Value and in case of death of the Life Assured after attaining 60 years of age, the nominee gets Higher of Sum Assured less partial withdrawals made in last 24 months before age 60 years and all partial withdrawals made after age 60 years or The Fund Value. However loads of charges and almost neglible insurance makes this product worthless.

Started date :
3/12/2010

Type of policy :
Insurance cum Investment

Category :
ULIP

Insurance :
Entry Age < 45 - 10 times annualised premium For Age >45 - 7 times the annualised premium, Max- PT * AP

Returns expected :
8%-10% (The performance would be less than a performing equity diversified mutual fund)

Entry age :
1-60 Years

Surrender :
If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

Minimum amount :
Min- 50,000 Max- No limit

Mortality Charges :
Mortality Charge will be deducted at each monthly anniversary by cancellation of units. Sample mortality charges per annum per thousand of sum at risk for a healthy male life is shown below: For Age 20- Rs 1.57, For Age 30- Rs 1.74, For Age 40- Rs 2.82, F


Premium Allocation Charge Year 1 :0%
Premium Allocation Charge Year 2 :0%
Premium Allocation Charge Year 3 :0%
Premium Allocation Charge Year 4 :0%
Premium Allocation Charge Year 5 :0%
Premium Allocation Charge Year 6 :0%
Fund Management Charge :Equity Growth Fund II 1.35%, Accelerator Midcap Fund II 1.35%, Pure Stock Fund 1.35%, Asset Allocatiob Fund 1.25%, Bluechip Equity 1.25%, Liquid Fund 0.95%, Bond Fund 0.95%
Surrender/ Premium Discontinuance Charge Year 1 :6% of lower of (AP,RPFV) subject to Max Rs. 6,000
Surrender/ Premium Discontinuance Charge Year 2 :4% of lower of (AP,RPFV) subject to Max Rs. 5,000
Surrender/ Premium Discontinuance Charge Year 3 :3% of lower of (AP,RPFV) subject to Max Rs. 4,000
Surrender/ Premium Discontinuance Charge Year 4 :2% of lower of (AP,RPFV) subject to Max Rs. 2,000
Surrender/ Premium Discontinuance Charge Year 5 and above :Nil

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