Bajaj Allianz Cash Assure Plan

is a protection and compulsory savings tool that offers the insured a way to meet his short term financial requirements and also acts as a long term investment option. It is a non-linked, participating plan with paybacks at regular intervals during the term. Applicants are free to choose the interval of premium payments and policy term.

Eligibility Conditions for Bajaj Allianz Cash Assure:

Minimum Entry Age 0 years
Maximum Entry Age 54 years (as on last birthday)
Minimum Age at Maturity 18 years (as on last birthday)
Maximum Age at Maturity 70 years (as on last birthday)

Policy Terms for Bajaj Allianz Cash Assure:

Policy Term 16, 20, 24 and 28 years
Minimum Sum Assured Rs 1,00,000
Maximum Sum Assured Subject to underwriting

Premium payments offered by Bajaj Allianz Cash Assure::

Terms for Premium Payments Monthly, Quarterly, Half-Yearly and Yearly
Payment Frequency Rs 1,00,000

This Bajaj Allianz Life Insurance Plan premium payments vary for female policyholders, and it is equal to the premiums paid by a 3 years younger male policyholder. The maximum premium is based on the Sum Assured selected by the individual. Below are the details of the minimum premium amounts with respect to the policy term:

Policy Term Yearly Half Yearly Quarterly Monthly
16 years 9,000 5,000 3,000 900
20 years 8,000 4,500 2,500 800
24 years 7,000 4,000 2,300 700
28 years 6,500 3,500 2,000 650

Note: Premiums amounts will be calculated based on the individual’s gender, age at the time of entry, sum assured, premium payment term and the payment frequency.

Key features of Bajaj Allianz Cash Assure:

Money Backs
  • The plan offers money backs at regular intervals
  • Based on the policy term, the company offers guaranteed money backs up to 150 % of the Sum Assured
Female Policyholders Offers special rates on premium payments for female policyholders
Policy Surrender
  • Individuals have to option to surrender their policies any time after payment of 3 full year’s premiums.
  • The surrender value will be higher than Guaranteed Surrender Value and Special Surrender Value
Changing Premium Frequency The plan allows for change of premium modes at every premium anniversary

Benefits Payable Under Bajaj Allianz Cash Assure:

Survival Benefits Survival benefits are paid as money backs at the end of policy years and the figures are as given below
Money back Payment Terms 16 Years 20 years 24 Years 28 years
1st 4th 5th 6th 7th
2nd 8th 10th 12th 14th
3rd 12th 15th 18th 21st
Maturity Benefits Maturity benefits will be paid at the end of the policy term. It will be 60% of the sum assured and will include vested bonuses and terminal bonuses wherever applicable
Death Benefits
  • In case of the death of the individual, his authorized nominees will receive the benefits, provided all the premiums till the date of death have been paid. It will be a minimum of 105 % of the total premiums paid.
  • Death benefits will be paid even after survival benefits have started for the policy term
Rider Benefits The company offers additional benefit riders at minimal costs namely Accidental Death Benefit Rider, Accidental Permanent Total/ Partiality Disability Benefit Rider, Waiver of Premium Benefit Rider, Critical Illness Benefit Rider and Family Income Benefit Rider
Tax Benefits The policy is eligible for tax benefits under section 80C and 10 D of the income tax act.

Additional Features

  • A failure to pay the premiums for continuous 3 years can result in the lapse of this policy after grace period and no benefits will be paid under this life insurance plan
  • But if the premiums for first 3 years have been paid before discontinuing the further payments, the policy will be reduced to a paid-up policy with lesser benefits compared to the original plan
  • An application for revival can be made within 2 years from the due date of the first unpaid premium, but it should be done before the policy attains maturity
  • Policyholders are eligible for loans once the policy has acquired a surrender value
  • The policyholder can choose to renew the terms and conditions within 15 days or apply for refund stating the reasons.
  • If case of death of the insured person due to suicide, the sum paid will be as under
    1. 80% of the paid premiums if the person dies within a year from the date of commencement of risk
    2. If the person dies within 1 year from the latest revival, then a sum higher than 80% of the premiums minus survival benefits will be paid

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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