Bajaj Allianz Life Launches GMIP Under ULIP Portfolio

“Guaranteed Maturity Insurance Plan” (GMIP) was recently launched by private insurer Bajaj Allianz Life Insurance which would provide at least 200% of the amount invested, at maturity. It would also provide a secure life cover.

People who live in rural areas and small towns rarely get a chance to invest in ULIPs because of the high premium or the commitment to pay yearly premiums. To reach these segments, Bajaj Allianz Life has thus come up with GMIP, which provides a guaranteed maturity benefit of at least double the premium paid.

Bajaj Allianz - Health Insurance Policy for Senior Citizens
Bajaj Allianz Insurance Company offers Silver Health policy that allows the maximum insurance of Rs. 5 lakhs.

To make the product affordable for all income segments, GMIP is the lowest single premium ULIP at Rs. 5,000.

In GMIP, the single premium invested will be kept in denominations of Rs 5,000 each called as “Guaranteed Maturity Certificate” (GMCs).

The provision of GMCs facilitates liquidity and preserves guarantee. This is because partial withdrawals can be made only GMC units that is in multiples of Rs 5,000. Flexibility of partial withdrawal after 5 years, life cover throughout the 10 year term and eligibility for tax benefits are some of the other unique features of this plan.

Source-Medindia

More Unorganized Segments to Get Health Insurance
On 12th January 2012, the Union Cabinet reviewed the Rashtriya Swasthya Bima Yojana and decided that this health insurance scheme would be extended to more people among the vulnerable sections.

ULIP Structure Set For a Minor Alteration
Insurers are set for a minor alteration on their ULIPs offerings once the Direct Tax Code comes into effect, wherein a higher life cover would be offered to qualify for tax benefits.