Bajaj Allianz Life today launched its ‘one-of-a-kind,’ new age ULIP — Bajaj Allianz Life Goal Assure — designed for providing maximum investment benefits and life cover for ‘Life Maximizers’ – the new generation of investors in India. This ULIP highlighted ‘Return of Mortality Charges’ where a policyholder gets back the cost of life cover when the policy matures — thus enhancing value of the corpus on maturity, said Tarun Chugh, Managing Director and Chief Executive Officer, Bajaj Allianz Life Insurance Company Ltd.
“A Customer who opts to receive the maturity benefit in installments (and not lump-sum) over a period of five years will receive the benefit of Return Enhancer, which is an addition of 0.5% of each due installment,” he said here, adding that this new age ULIP has been designed to provide investment benefits and life cover to the life maximizers, the new generation of investors in India.
Describing this Bajaj Allianz new age ULIP as a ‘game-changer’ for the industry, Chugh expressed confidence in the new product offering a powerful proposition to new age investors. “The present-day generation of investors – identified by us as +Life Maximizers+ — have expanded the definition of life goals while seeking ‘value-packed, convenient’ investment solutions that are backed by reliable investment performance,” he said.
“India is one of the most optimistic and fastest-growing economies in the world – even expecting to beat the Chinese economy – with an intact GDP growth, bullish Stock Market where sentiment is upbeat; and Inflation that has been tamed. Funds are cheaper, Government Balance sheet is healthier and Interest rates – that were once hurting both corporate and retail credit – have declined,” he said, noting that “Life insurance companies are ‘stronger’ in long-term funds management, and Our funds are rated well as being top performing funds with a reliable investment record.”
“The present scenario is witnessing many changes including where growth is fuelled by a new consumer segment — a generation seeking its own identity without following default life templates – that wants to know what they are getting for their money,” Chugh said, adding that Bajaj Allianz came out with this new age ULIP in this regard and other life insurance companies were expected to come out with more related initiatives.
About this ULIP compared with Mutual Fund options, Sampath Reddy, Chief Investment Officer, Bajaj Allianz, said “This ULIP is a savings and investment option that is superior – due to its mortality advantage — to savings in the mutual funds industry.”