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Insurance Company
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Bajaj Allianz Life Insurance Company Ltd
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Plan Name
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Bajaj Allianz New FamilyGain
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Plan Nature
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ULIP
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Plan Category
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Protection Plan
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UIN No.
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116L039V02
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About Plan
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The Bajaj Allianz New FamilyGain is unit linked endowment plan, which comes with a double advantage of a life cover plus fund value. Small investments regularly help make a large investment portfolio. This simple investment plan with low premiums comes with a host of features to allow you to have the best of all worlds - Protection and Investments.
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Minimum Entry Age
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0
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Maximum Entry Age
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60 Years
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Minimum Policy Term
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10 Years
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Maximum Policy Term
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70 Years
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Minimum Maturity Age
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18 Years
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Maximum Maturity Age
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70 Years
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Minimum Premium
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Rs 5000
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Benefits
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| Particulars | Description |
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Maturity Benefits
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On maturity, the NAV of units in the fund will be paid out and the policy will terminate.
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Death Benefits
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· On death before the age of 7 years: The death benefit will be the NAV of the units in the policyholder's account (Fund Value) as on 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: The death benefit will be the sum assured plus the NAV of the units in the policyholder's account (Fund value) as on date of receipt of intimation of death at the office.
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Switch Benefit
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you can switch between funds with three free switches every policy year, subject to a minimum switching amount of Rs. 5,000 or the fund value, whichever is lower.
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Tax Benefits
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| Section | Description |
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SEC 80 C
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Under Section 80 C premiums up to Rs. 100,000 are allowed as deduction from taxable income.
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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SEC 80 D
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Under Section 80 D premium up to Rs 10,000 (Rs.15,000 for senior citizens) are allowed as deduction from taxable income.
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UL Accidental Death Benefit [116A013V01]
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UL Accident Permanent Total/Partial Disablity Benefit [116A014V01]
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UL Critical Illness Benefit [116A015V01]
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UL Family Income Benefit [116A018V01]
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UL Waiver of Permium Benefit [116A019V01]
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UL Hospital Cash Benefit [116A016V01]
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Even if you miss payment of your premiums:Bajaj Allianz New FamilyGain provides you with the unique feature of continued protection even if you forget to pay your premiums. After payment of 3 full years' premiums, when premiums due are not paid the policy will be kept in-force, with fullinsurance benefits by way of deducting units for the Cost of Insurance and all other charges, provided the value of units does not fall to an amount equivalent to one annual premium under the policy.
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The Company aims to value the Funds on each day the financialmarkets are open. However, the Company reserves the right to value less frequently in extreme circumstances, where the value of the assets may be too uncertain. In such circumstances, the Company may defer valuation of assets until a certainty on thevalue of assets is resumed. The deferment of valuation of assets will be subject to prior consultation with IRDA.Currently, the cut-off time is 3 p.m. for applicability of Unit Price of a particular day for switches, redemptions and publication of Unit Price.
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Bajaj Allianz New FamilyGain offers you a choice of 3 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.
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You can apportion the investible amount between various funds available. The apportionment to any fund must be at least 5% of the investible amount. At any policy anniversary, you also have the flexibility to change the apportionment to the funds.
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You may have received a bonus or some lumpsum money. You can use that to increase your investments in your policy. The minimum Top up premium is Rs. 5000 and the maximum total top up premium is 25% of the total regular premium paid till date. Top Up premium can be accepted provided till all due regular premiums are paid.
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Anytime after the third policy anniversary provided premiums for 3 full yearsÆ premiums have been paid, you may withdraw money, depending on your requirements, through partial or complete surrender of units. In case of partial withdrawals, each top-up will have a 3-year lock-in period. For the purpose of full withdrawal by way of surrender, the lock-in period on the Top-up units does not apply. Also, this condition will not applyto top-ups paid in the last 3 years of the contract.In case of partial withdrawal, a minimum balance of 125% of one annual premium across all funds must be maintained, and the minimum withdrawal amount is Rs. 1000.In case the policy is taken on the life of a minor, the partial withdrawals shall not be allowed until the minor (life insured) attains majority (ie. On or after attainment of age 18).All partial withdrawals made shall be allowed from the top up account (fund built up on account of top-up premiums) as long as top-up account supports the partial withdrawal.
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The Fund value can be withdrawn without surrender penalty after 3 years from commencement, if three years premiums are paid. Withdrawals have been explained in the Cash Withdrawal Option earlier in this document.
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Bond Fund
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Equity Index Fund II
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Pure Stock Fund
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Particulars
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Range
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Bond Fund
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Money Market Instruments
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0% - 20%
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G-Secs, Bonds & Fixed Deposits
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80% - 100%
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Equity Index Fund II
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Bank Deposits & Money Market Instruments
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0% - 15%
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Equities
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85% - 100%
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Pure Stock Fund
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Bank Deposits & Money Market Instruments
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0% - 40%
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Equities
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60% - 100%
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Bond Fund
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17-May-13
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18.8333
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Equity Index Fund II
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17-May-13
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19.7242
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Pure Stock Fund
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17-May-13
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24.2706
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Bond Fund
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Equity Index Fund II
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Pure Stock Fund
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03-Jul-09
10:49
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Bajaj Allianz has invested Rs 50 cr SKS Microfinance
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16-Jun-09
10:59
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Bajaj Allianz Life has launched Invest Plus
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21-May-09
11:46
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Bajaj Allianz Life Insurance posted profit of Rs 45 Cr in FY09
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13-May-09
12:59
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Bajaj Allianz Life launched ULIP plan
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21-Apr-09
10:41
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Allianz expands India presence into asset management
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11-Apr-09
10:45
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Policies for women : Bajaj Allianz
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31-Mar-09
09:46
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Bajaj Allianz to insure all Volkswagen vehicles
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17-Feb-09
16:20
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Bajaj Allianz launches CenturyPlus II
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20-Jan-09
12:50
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Private insurers see market share rise to 62%
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16-Jan-09
16:20
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Bajaj Allianz Life Insurance GWP is Rs 6726cr
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17-Dec-08
14:15
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Equity-based Ulips outdo indices
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13-Dec-08
11:20
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Allianz sees bright future for its Asian operations
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21-Nov-08
09:56
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Bajaj Allianz to infuse Rs.300 Cr
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30-Aug-08
10:12
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Vijender Singh snapped up by Bajaj Allianz Life Insurance
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22-Aug-08
17:00
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Bajaj Allianz Life Insurance is going in for a rejig
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18-Aug-08
11:40
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Bajaj Allianz Introducing Bajaj Allianz Fortune Plus
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