Bajaj Life Elite Assure
Bajaj Life Elite Assure is a non-linked participating individual life insurance savings plan that is designed to achieve your financial goals while providing protection to your family. The plan offers a combination of life cover, guaranteed maturity benefits, guaranteed loyalty additions, and bonus potential to support your long-term savings needs.
Key Advantages of Bajaj Life Elite Ass
There are various benefits of getting this plan. These are as follows:
- You can get a loan of up to 90% of your policy's surrender value.
- You can get life insurance protection along with guaranteed maturity benefits, guaranteed loyalty additions, and bonuses.
- You will get guaranteed loyalty additions of up to 315% of the Guaranteed Maturity Benefit (GMB), which is based on your policy and premium payment terms.
- You can choose a policy term of 15, 20, 25, or 30 years according to your financial goals.
- You can increase the protection by adding one or more optional riders at an additional cost.
- You can also get a premium discount when you choose a Guaranteed Maturity Benefit (GMB) of more than Rs.5 lakh.
Eligibility Criteria for Bajaj Life Elite Assure
To buy the policy, you should know the following eligibility criteria:
Eligibility Criteria | Details |
Entry Age | Minimum age: 0Maximum age: 55 years |
Maturity Age | Minimum age: 18 yearsMaximum age: 70 years |
Term of policy | 15, 20, 25 and 30 years |
Sum Assured | 10 times of Annualised Premium. |
Minimum Premium Amount | Monthly: Rs.4,500Quarterly: Rs.13,000Half-Yearly: Rs.25,500Yearly: Rs.50,000 |
Maximum Premium Amount | No limit |
Premium Paying Term | 5, 7, 10 & equal to Policy Term |
Guaranteed Maturity Benefit (GMB) | Minimum: Rs.3,00,000Maximum: No limit |
How to Customize Your Policy?
You can easily customize your plan according to your needs by following the simple steps given below:
Step 1: Select your preferred Policy Term.
Step 2: Choose your Premium Paying Term.
Step 3: Decide on your Premium Payment Frequency.
Step 4: Select your desired Guaranteed Maturity Benefit (GMB).
Your premium will be determined based on your chosen Guaranteed Maturity Benefit (GMB), age, policy term, premium paying term, and premium payment frequency. The Sum Assured under the policy is 10 times the Annualised Premium.
Explanation of Working of Policy with an Example
Sagar, who is 30 years old, decides to get a policy term of 25 years. He selected a Sum Assured of Rs.6,00,000 and decides to pay an annual premium of Rs.58,952. Making the sum assured an amount of Rs.5,89,520 which is 10 times the annual premium.
At maturity, Sagar will receive:
% of return on investment | Guaranteed Maturity Benefit | Guaranteed Loyalty Additions | Vested Bonuses | Total |
At 8% | Rs.6,00,000 | Rs.14,40,000 | Rs.15,56,274 | Rs.35,96,274 |
At 4% | Rs.6,00,000 | Rs.14,40,000 | - | Rs.20,40,000 |
Sagar passes away in the 17th year of the policy in an unfortunate manner, his nominee will receive the death benefit as mentioned below:
% of return on investment | Guaranteed Maturity Benefit | Guaranteed Loyalty Additions | Vested Bonuses | Total |
At 8% | Rs.6,00,000 | Rs.7,20,000 | Rs.8,31,947 | Rs.21,51,947 |
At 4% | Rs.6,00,000 | Rs.7,20,000 | - | Rs.13,20,000 |
Note: All figures mentioned here are an indication only.
Policy Revival
If your policy has lapsed due to non-payment of premiums, you can revive it by meeting the following conditions:
- Apply for revival within 5 years from the due date of the first unpaid premium and before the policy maturity date.
- Pay all outstanding premiums along with the applicable interest. The current revival interest rate is 10% per year, compounded half-yearly.
- Submit proof of good health, if required, at your own expense.
- The revived policy may be issued with revised terms based on the company's current underwriting guidelines.
- The policy will be revived only after the company approves and confirms your request.
- On revival, eligible bonuses and reduced guaranteed loyalty additions will be restored as per the policy terms.
Contact Details for Grievance Redressal
If you have any questions, concerns, or complaints about your Bajaj Life Elite Assure policy, then you can contact the customer care through any of the following channels:
- Customer care number: 020-6712 1212 (available from Monday to Saturday (excluding public holidays), from 9:00 a.m. to 7:00 p.m.)
- Email: customercare@bajajlife.com
- Address: Bajaj Life Insurance Limited, Bajaj Insurance House, Airport Road, Yerawada, Pune – 411006
If your issue still not get resolved or you do not receive a response within 14 days, you can contact the Grievance Redressal Officer at:
- Phone: 020-6712 1212
- Email: gro@bajajlife.com
If you are still not satisfied, you may escalate your complaint to IRDAI by calling 155255 or 1800-4254-732, or by emailing complaints@irdai.gov.in.
FAQs on Bajaj Life Elite Assure
- What is the grace period provided under the Bajaj Life Elite Assure plan?
In case you are not able to pay the premium by the due date, then you will be allowed a grace period of 30 days for yearly, half-yearly, and quarterly modes and 15 days for the monthly mode.
- Are tax benefits available under the Bajaj Life Elite Assure Plan?
Yes, you will get the tax benefits as per applicable Income Tax laws.
- Are there any exclusions under the policy?
There is only one exclusion, i.e. suicide within 12 months of policy commencement or revival. In such cases, the nominee receives a higher of 80% of total premiums paid or the surrender value.
- What is the minimum and maximum entry age for buying Bajaj Life Elite Assure?
The maximum entry age is 55 years, and there is no minimum entry age for buying the plan.
- What premium payment options are available under the Bajaj Life Elite Assure?
You can get options like regular pay (equal to policy term) and limited pay (5, 7, or 10 years).
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