BajajAllinz and the policy name is “Capital Unit Gain”?

I have taken Ulip form BajajAllinz and the policy name is “Capital Unit Gain”; the policy premium term is of 39 years.i have completed 3 years. i have paid 30k . if i wantnt to Surrender they are saying Penalty is 56.24 % .so can i cotinue the policy plz give me suggssion.

3 Replies to “BajajAllinz and the policy name is “Capital Unit Gain”?”

  1. If you had completed three years you can withdraw only 2years amount. It is not advisable to withdraw now.It is a profitable policy and you can continue.You can watch the net asset value in their web site. If your policy value has good appreciation then do not with draw now. When the market index is very high you consider withdrawing. Besides your policy term is too long you could have restricted it to 15 or 20 years.

  2. hi,
    its a good policy, as per me you should continue with it, insurance is meant for long term not for short term then only you can feel it sweetness, but if you need money then only consider it to withdraw not before 5 yrs, it will be beneficial for you.
    hope my answer will help you.

  3. Hello epperla,

    I had the same policy. The policy takes 5% of first years premium as policy administration charges. The penalty of 56.24% is also units allocated from the first years premium only. If you continue with the policy for 39Years your first years premium would have already gone down to near zero value.

    As others have said Insurance is a long term investment so it is generally good idea to stick with a policy for long term but in this case I found the policy administration charges to be too steep to continue. So i have surrendered the policy.

    You can go to the Bajaj Allianz office and ask them to give you a statement indicating the exact penalty value that you will be charged. In my case they tried mis-leading me trying to convey that 50% of total value will be the penalty charges. But when I asked them for a written document they give me the exact value.

    Best of luck.


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