Bajaj Allianz Life Insurance, one of the leading private life insurance companies, expects to collect Rs 10-12 crore premium in its Berhampur division from its new Unit-Linked Insurance Policy named Max Gain.
The policy which opens on December 15 is valid till December 31.
“We hope to collect a premium of Rs 10-12 crore in the Berhampur division from the Max Gain policy. The new policy will help us to achieve our premium collection target for 2009-10”, Pravash Ranjan Mishra, senior divisional manager (Berhampur division), Bajaj Allianz Life Insurance.
Bajaj Allianz has set a premium collection target of Rs 325 crore in Orissa in the current fiscal. Though the insurance player has collected only Rs 72 crore so far, it expects to meet the target as most of the premium collection takes place in the last quarter of any fiscal.
Talking on the new policy, Mishra said, “We think the customers would appreciate the policy and come forward to invest in it to get guaranteed addition of up to 350 per cent on maturity. The lowest premium of the policy is Rs 25,000 per year.”
After three years, the policy holder may surrender the policy without any charges. There are also two optional riders-accidental death benefit and accidental premature total and partial disability benefits. The product also offer the benefit of premium reduction and facility of Top Up from the second policy year onwards and tax savings benefit under Section 80 C of the Income Tax Act.