Mumbai: Private insurer Bajaj Allianz Life Insurance on Monday launched a new unit-linked plan – Guaranteed Maturity Insurance Plan (GMIP) - at maturity that will provide at least 200 percent of the amount invested along with a secure life cover.

"People living in small towns and rural areas rarely get a chance to invest in ULIPs due to the high premium or the commitment to pay premiums year after year. Thus, to reach out to these segments, we have come up with GMIP, which provides a guaranteed maturity benefit of at least double the premium paid," Bajaj Allianz Life Insurance Head - Product Development and Market Management, Rituraj Bhattacharya said in a release issued here.

The product is the lowest single premium ULIP, which is as low as Rs 5,000, making the product affordable for all income segments.

In GMIP, the single premium invested will be kept in denominations of Rs 5,000 each called as 'Guaranteed Maturity Certificate' (GMCs).

The provision of GMCs facilitates liquidity and preserves guarantee since partial withdrawals can be made only in units of GMCs, that is in multiples of Rs 5,000.

The other unique features of this plan are flexibility of partial withdrawal after five years, life cover throughout the term of 10 years and it is also eligible for tax benefits.