Mumbai (PTI): Private sector life insurance company, Bajaj Allianz Life Insurance, on Monday announced the launch of its wealth-creating ULIP, Bajaj Allianz Fortune Plus.

The product would be the first ULIP to offer Zero Surrender Charges and high allocation from day one, a release issued here said.

It would be available at affordable premiums to masses starting at Rs 15,000 per annum only.

"This is the best investment plan for the Indian masses, it provides unmatched flexibility, high allocation, zero surrender charges and unlimited top-ups," Allianz's Country Manager and CEO, Bajaj Allianz Life Insurance, Kamesh Goyal," said.

The product also offers Asset Allocation Fund wherein Bajaj Allianz Life Insurers professional fund managers hedge market instruments to maximise returns.

It is available for three terms of 10, 15 and 20 years.

Bajaj Allianz Life Insurance has a presence in over 950 towns and has sold over 7.5 million policies.