Pune Bajaj Allianz Life Insurance Company, according to a note has managed to sell 12000 Assure plans.
The insurer clocked Rs 120 crores of a recently launched plan named Bajaj Allianz Life Goal Assure ULIP.
Introduced barely seven months ago, the Life Goal Assure plan offers a first of its kind feature called ROMC (Return of Mortality charges).
Launched in Feb'18, the ROMC based feature was sold as a game-changer.
Maharashtra accounted for the maximum sale of this policy with 1200 policies being sold. Sales was brisk in Karnataka and Andhra Pradesh. The company reached out more to millennials and hence majority policyholders (55%) were within the age group of 26-35 years.
Tarun Chugh, MD and CEO said, "We are delighted at the overwhelming response we have received on our first ROMC-enabled life goal based product. It has helped us set a new course for ourselves, as well as introduced something unique within the industry. This product continues to be popular amongst customers looking for value-packed investment solutions to help them achieve their life goals."
Understanding Bajaj Allianz's Assure Policy
Company officials had been quoted during the launch as saying that the plan had two unique benefits. First, in the form of The Return of Mortality Charges (ROMC) and second was a Return Enhancer.
ROMC on maturity of the policy, offers a policyholder the cost of the life cover.
With the Return Enhancer, a policyholder is offered an additional 0.5% of each due installment, if the maturity benefit is opted in installments over a period of five years.
As an example, if a person invested Rs. 4 lakh for a period of 10 years, the fund value with ROMC on maturity (if the person opts for a settlement option on maturity) at 8% would be Rs 67,80,200. With the Return enhancer, a 4% value addition will zoom investments to Rs 50,37,295.
In the absence of an ROMC and Return Enhancer, policyholder's fund value at 8% would be Rs 59,26,052 and at 4% would be Rs 47,59,402.