Bajaj Allianz iGain II Policy: Review, Analysis & Details

Bajaj Allianz has come out with another ULIP product, named as Bajaj Allianz iGain II Policy. In this article, we will go through a Review analysis and details of the Bajaj Allianz iGain II Policy, and see whether this policy is worth considering the investment. As the name includes ULIP's or Unit Linked Insurance Plans, it is a mix of investments and Insurance (something which I never recommend mixing together as explained in this article Insurance Investments v/s Tax savings). This policy from Bajaj Allianz also gives you tax benefits, with a lock-in period, so that is another attraction. However, let's look at all the other details and fine prints of this policy before deciding to buy it.
On their official website, there are certain things mentioned which we are putting here. They claim that "iGain II is the fastest way to buy life insurance online" and mention that this is the only ULIP policy in India which can be bought online ONLY. However, should also be noted is that the policy may require you to undergo medical tests. Hence, just because you buy the policy online and make the payment, it does not really mean you are entitled to get the benefits as the policy existence may be dependent on your medical test results.

So now let's move on further and assume that you buy this policy and get everything cleared. Since this is a ULIP, you get insurance, as well as some market linked returns. Your insurance comes at 5 times your annual premium amount. Hence, if I commit 50K per annum for this policy for 10 years, the sum assured on my death is 5 times, i.e. 2.5 Lacs. Along with this, you can also add some riders to this policy, like accident death benefit or total/partial disability which again come to the same amount. So I dont really think they are providing anything extra when you add the riders.

So looking at it from the point of view of insurance, I dont think the 5 times annual insurance premium cover will actually be suitable for anyone. Anyways, that depends upon the individual choice. Investors may take their call on it. Continue Reading about the Returns from Bajaj Allianz iGain II Policy