Allianz Bajaj unveils unit-linked plan

Allianz Bajaj has launched a unit-linked policy "" UnitGain. It offers a choice of 4 funds ""equity, debt, balanced and cash funds.

The cash fund also comes with a guarantee that the value of units in the fund will not go down.

UnitGain is a flexible unit-linked plan, where the customer can change the sum assured during the term of the policy to match their changing life insurance requirements during their lifetime.

It also offers a premium holiday feature, where the policy is kept in force when premiums are not paid so that there are enough units to cover charges.

It also allows for paying additional premium through single premium top-ups, as well as increasing the level of regular premium in later years.

The facility of cash withdrawal allows the policyholder to take out cash from the policy as per the requirement.

The customer has flexibility in selecting the funds of choice and there is scope for managing the investments in the funds through fund switching. The fund allows for 3 switches free of cost every year.

The additional benefits of the plan are accidental death benefit, accidental permanent total/ partial disability benefit, critical illness benefit and hospital cash benefit. The company currently offers a choice of 8 individual life products.

Allianz Bajaj Life Insurance is the fastest growing private sector life insurance company and clocked over 300 per cent growth in annualised new business premium in the first 9 months (April-December) of this fiscal.

The new business premium income of the company between April to December 2003 rose to Rs 100 crore from Rs 33 crore in the corresponding period last year.