Srinagar, Dec 5: Bajaj Allianz Life Insurance has launched a new unit-linked plan – Guaranteed Maturity Insurance Plan (GMIP).
 Divisional Head, Bajaj Allianz Life Insurance, Parvaze said the plan provides at maturity at least “200 per cent of the amount invested along with a secure life cover.”
 With the minimum single premium as low as Rs 5000, the product is the lowest single premium ULIP available in India, he said.
 “People in small towns like Kupwara, Sopore, Islamabad (Anantnag), Pulwama, and its adjoining rural areas rarely get chance to invest in ULIPs due to the high premium sizes. Thus, in order to reach out to these segments, Bajaj Allianz has come up with this plan which provides a guaranteed maturity benefit of at least double the premium paid,” he explained.
 Giving details he said: GMIP is a simple to understand plan in which the single premium invested will be kept in denominations of Rs 5000 each called as “Guaranteed Maturity Certificate (GMCs)”.
 “The provision of GMCs facilitates liquidity and preserves guarantee since partial withdrawals can be made only in units of GMCs i.e. in multiples of Rs. 5000. Thus, the investor will not have to compromise on the guarantee of other GMCs which he/she holds till maturity,” he said.
 About other features of the plan, Parvaze said: 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.
 “Flexibility of partial withdrawal after 5 years Life cover throughout the term of 10 years Bajaj Allianz has adopted an innovative method for educating the people in small towns and rural areas about this plan,” he said. 

Lastupdate on : Mon, 5 Dec 2011 21:30:00 Makkah time
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