Bajaj Allianz Life Insurance Company Ltd launched a value-packed and goal-based ULIP product, available exclusively through the online channel, reported PTI.

"Bajaj Allianz Life Goal Assure is an online-only product to keep the charges drastically low. The product offers to even return the mortality charge if policy matures. This is first in the industry," Bajaj Allianz Life CIO Sampath Reddy said here.

The policy does not levy any allocation charge, he said.

The ULIP has been designed to provide investment benefits and life cover to the new generation of investors in India, Reddy said.

The maximum annual charge for the product is 1.35 per cent fund management fees, and Rs 400 per annum as annual maintenance.

Bajaj Allianz Life said at present, ULIPs contribute about 50 per cent of annual premium collections.