Bajaj Allianz Life Insurance has announced the launch of a unit-linked plan that offers a minimum guarantee of 170% at development. This Ulip with guaranteed returns will be offered for customers from January 11. This is a single-premium life insurance policy, known as Shield Plus, and the term is fixed at 10 years and the minimum premium requirement is Rs 25,000.
The returns, which work to around 5.45% on this product, could be compared to that of a bank or a post office deposit. But since the product has a justice experience, there is a strong opportunity of out performance over the long term, say experts.
The sum assured could be equivalent to 1.1 times or five times of the single premium paid, which takes care of the safety element of the ULIP. However, the insurer has capped the maximum sum assured at 1.1 times the single premium for persons in the age group of 56-65 years.
The product offers a choice of six funds but only Shield plus Fund offers minimum guaranteed unit price at maturity.
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