| The pure equity option under the unit-linked insurance plan will specifically exclude companies dealing in gambling, contests, liquor, entertainment, hotels, banks and financial institutions. Shariah, the Islamic law, prohibits investment in these companies. |
| Sanjay Jain, head - marketing at Bajaj Allianz Life, said, "It's a kind of ethical fund that will also appeal to certain sections of Sikhs and Christians apart from the Muslim community." |
| FamilyGain also offers policy holders a choice of three other investment options "� equity index fund, debt fund and balanced fund "� but the investments of these funds will also be made in sectors banned by Shariah. |
| Apart from blacklisting sectors, Shariah also stipulates financial parameters such as debt-equity ratio or the market capitalisation-debt ratio. |
| Muslims are barred from investing in companies where the debt ratios are higher than certain levels. |
| Industry sources said the Insurance Development Regulatory Authority (Irda) had earlier denied Bajaj Allianz permission to introduce a "takafull" insurance product for Muslims as the Reserve Bank of India (RBI) has not yet allowed Islamic banking in India. |
| A senior official from Bajaj Allianz stated, "There is a huge untapped potential in this market. Hence, through the FamilyGain plan, we plan to incorporate features conducive to Islamic investment norms." |
| The Pune-based life insurer also launched three other insurance products today. These include a single premium UnitGain Premier and HealthCare, a health care plan at just Rs 100 per month. |
| The health care plan provides life cover. As part of future growth strategies, Bajaj Allianz is looking at launching a capital guarantee plan and also introducing a few modifications in the existing pension plan. |
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