Bajaj Allianz Life Insurance has launched a new ULIP— Guaranteed Maturity Insurance Plan — that provides at least twice the value of single premium paid at maturity along with life cover.
With minimum single premium stands at Rs 5,000, the company has tried to make it affordable for all income segments. The sum assured will be five times the single premium for the first policy year, and for subsequent years it will reduce to 1.25 times the single premium for those under 45 years and 1.10 times for others.
The plan does not have any allocation charge and 100 per cent of the single premium paid by the policyholder goes into the unit account.
Meanwhile, Kotak Life Insurance has launched Invest Maxima which also boasts of zero allocation costs. Policyholders can choose between two investment options – the first offers a choice of five fund options and the second involves investing in the equity market in a systematic manner over a period of time. A customised combination of the two can also be done.
In the last policy year, holders can select to systematically exit, by gradually moving fund balances into a less risky money market fund. The minimum regular premium is Rs 50,000 and the minimum policy maturity period is ten years.