Max Advantage Insurance Plan - Bajaj Allianz

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Max Advantage Insurance PlanMaturity BenefitOn maturity of your policy, you will receive the regular and top premium fund value (if any) under all funds plus the guaranteedaddition.Surrender BenefitYou have the option to surrender your policy from the 6th (sixth) policy year. The surrender value payable will be equal to theregular premium fund value plus the top up premium fund value, if any as on date of surrender of the policy. The policy shallthereafter terminate upon payment of full surrender value.Guaranteed AdditionIf you have paid all due regular premiums, then, at maturity, we shall pay guaranteed addition to you for an amount equivalent to60% of the total allocation charge in respect of regular premium.DefinitionsFund value: is equal to the number of units under this policy multiplied by the respective unit price on the relevant valuationdate.Regular Premium Fund Value: is equal to the number of units pertaining to regular premium under this policy multiplied by therespective unit price on the relevant valuation date.Top Up Premium Fund Value: is equal to the number of units pertaining to top up premium under this policy multiplied by therespective unit price on the relevant valuation dateUnit 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 fundat the valuation date.All requests received for any unit transaction till the cut-off time of a day shall be processed at the unit price of the same day.The requests received after the cut-off time of a day shall be processed at the unit price of the next day. The request for unittransaction can be premium payment/surrender / partial withdrawal/switching/ death claim. Currently the cut-off time is 3.00pmfor applicability of unit price for a particular day.Discontinued Policy Fund: is the fund maintained by the Company that is set aside and is constituted by the discontinuancefund value of the Discontinued Policies determined in accordance with the “IRDA (Treatment of Discontinued Linked InsurancePolicies) Regulation, 2010”Discontinuance Value:a) The Discontinuance Value of the Policy will be the higher of• The Regular Premium Fund Value less the Discontinuance Charge, plus the Top Up Premium Fund Value, if any, all as on Dateof Discontinuance, accumulated at the rate of return earned on the Discontinuance Policy Fund net of Fund ManagementCharge
Max Advantage Insurance PlanOR• The Regular Premium Fund Value less the Discontinuance Charge, plus the Top Up Premium Fund Value, if any, all as onDate of Discontinuance, accumulated at the minimum guaranteed rates of investment return. The minimum guaranteedrates of investment return is same as the rates of interest as applicable to the Savings Bank Account of State Bank of Indiaduring the period the Policy was in discontinuance.b) In accordance with the IRDA regulation, the current Fund Management Charge on Discontinued Policy Fund is 0.5% perannum.c) The Fund Management Charge and the minimum guaranteed rates of investment return as mentioned above may changefrom time to time as per the IRDA guidelines.Valuation Date: We aim to value the funds on each day the financial markets are open. However, we may value the funds lessfrequently in extreme circumstances, where the values of assets are too uncertain. In such circumstances, we may defer thevaluation of assets for up to 30 days until we feel that certainty as to the value of assets are resumed. The deferment of valuationof assets will be with prior consultation with the IRDA.Computation of NAVThe NAV of the Fund shall be computed as the market value of the investment existing in the fund plus value of current assets lessvalue of current liabilities and provisions, if any.This calculation will be done before creation/redemption of units.Sample Illustration*Age 25 35 40MaturityAge 35 45 50Policy Term 10 10 10Premium Paying Term 5 5 5Premium p.a. 50,000 50,000 50,000Sum Assured 500,000 500,000 500,000Fund Value at maturity @ 6% 314,735 308,139 299,208Fund Value at maturity @10%427,376 419,695 409,088*This is an indicative projection on basis of prescribed growth rate by the regulator. The above projection is based on 100% investmentin Bond Fund for male healthy lives and after service tax.
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Max Advantage Insurance Plan - Bajaj Allianz

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