UnitGain was launched with a choice of four funds to the customer – equity, debt, balanced and cash funds. The cash fund comes with the guarantee that the value of units in the fund will not go down.

UnitGain is one of the most flexible unit linked plans in the market, and allows the customer to change the sum assured during the term of the policy to match their changing life insurance requirements. Also, the plan offers a premium holiday feature, where the policy is kept in-force even when premiums are not paid as long as there are enough units to cover charges.

The policy provides customers flexibility in paying additional premium through single premium top-ups, as well as in increasing the level of regular premium in later years (along with increase in income). In addition, the facility of cash withdrawals allows the policyholder to take out cash from the policy according to his needs.

Announcing the launch, Sam Ghosh, CEO of Allianz Bajaj Life Insurance, said: "This is the first in a series of products that we have lined up on the Unit Linked Platform. These products will allow our customers to combine the benefits of life insurance with the scope of participation in the equity and debt markets. The high flexibility offered in UnitGain brings it closest to a universal life policy in the Indian market."

The customer has flexibility in selecting the funds of his choice, and there is scope for the customer to manage his investments through fund switching. Up to three complimentary changes are allowed in a year.

UnitGain also offers a choice of additional benefits to select from, including accidental death benefit, accidental permanent total/partial disability benefit, critical illness benefit and hospital cash benefit.

Currently, Allianz Bajaj offers a choice of eight individual life products with a range of packages and additional benefits to choose in each product.

Allianz Bajaj Life Insurance is the fastest growing private sector life insurance company and clocked over 300 percent growth in annualized new business premium in the first nine months (April 2003 to December 2003) of the business year. The new business premium income rose to Rs.100 crores (about 17.4 million euros) from that of Rs. 33 crores (about 5.7 million euros) for the corresponding period last year.

The company recently had a capital infusion of Rs. 50 crores (87. million euros), taking the total capital to Rs. 250 crores (43.5 million euros), to fuel its aggressive expansion plans.

By the end of March 2004, the company intends to add more branches in cities where they don’t have a presence. Currently the company has offices in 48 cities and has 79 branch offices. The company has achieved a truly pan-India presence in a short time and has a 17,000 plus strong agency force and over 70 Corporate Agents.

Allianz Bajaj has bancassurance partnerships with Standard Chartered Bank, as well as with Syndicate Bank, one of India’s most progressive and leading nationalized banks.

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