Bajaj Allianz Life Long Assure Plan

Bajaj Allianz Lifelong Assure is a life endowment plan offering protection to the insured till 100 years of age. It features a lifelong cover along with guaranteed benefits that ensure regular income flow at all stages of life. This complete protection plan also allows policyholders to opt for policy benefits as monthly installments.

Eligibility Conditions for Bajaj Allianz Lifelong Assure:

Minimum Entry Age 10 years (as on last birthday)
Maximum Entry Age 55 years (as on last birthday)
Maturity Age 100 years (as on last birthday)

Policy Terms and premium payments for Bajaj Allianz Lifelong Assure:

Bajaj Allianz Lifelong Assure policy allows one to select the Sum Assured and Premium Payment Term at the time of application. 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.

Policy Term From the date of entry till 100 years
Terms for Premium Payments 10, 15, 20 years
Payment Frequency Monthly, Quarterly, Half-Yearly and Yearly
Minimum Sum Assured Rs. 1,00,000
Maximum Sum Assured No limit on Max Sum Assured

Prime features of Bajaj Allianz Lifelong Assure:

  • This Bajaj Allianz Life Insurance Policyholders are eligible for cash benefits right from the end of 6th year
  • Assured money backs from the end of premium payment term
  • A complete life cover till the person insured attains 100 years of age
  • Guaranteed death benefits equal to 300 % of the Basic Sum Assured
  • Enhances monetary value with high sum assured on reimbursements and special offers for female policyholders
  • Provides customers a chance to enhance their coverage with rider benefits
  • If the policyholder fails to pay premiums for the first three years, the policy will expire immediately after the grace period

Benefits Payable under Bajaj Allianz Lifelong Assure

Survival Benefits
  • The company offers guaranteed cash back benefits every year at the rate of 3 % on Sum Assured once the premium payment term gets over
  • Policyholders will start receiving Cash Bonuses from the end of 6th policy year
Maturity Benefits
  • The policy will mature when the insured attains 100 years of age
  • For premium payment term of 10 years, maturity benefits will be 200% of Sum Assured
  • For premium payment term of 15 years, maturity benefits will be 250% of Sum Assured
  • For premium payment term of 20 years, maturity benefits will be 300% of Sum Assured
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. Claims under death benefits are paid subject to the following terms
  • If the insured person’s age at entry is below 45 years, then his nominee will be paid 10 times the annual premium amount and 105 % of total premium. Depending on the premium payment term the sum assured will be 200%, 250% or 300%
  • If the insured person’s age at entry is 45 years or above, then his nominee will be paid 7 times the annual premium amount and 105 % of total premium. 200%, 250% or 300% of the sum assured will be paid depending on the premium payment term selected by the individual
Surrender Benefits
  • Policyholders can surrender the policy anytime on completion of the 3rd premium year, provided all premiums are paid
  • The surrender value will be more than the Guaranteed Surrender Value and Special Surrender Value.
Tax Benefits Premiums and benefits are eligible for tax exemptions under 80 C and 10 D of Income tax act.

Higher Sum Assured Rebate

Bajaj Allianz Lifelong Assure gives attractive premium discounts, where policyholders can avail discounts on the annual premium for each complete additional Rs 1,000 sum assured purchased over and above the minimum sum assured of Rs 1,00,000.

Policy Revival

  • If lapsed, the policy can be revived subject to the following conditions:
  • Revival application should be made within 2 years from the date of first unpaid premium
  • All due premium payments should be cleared
  • Evidence of good health should be submitted along with the application
  • Revival of the policy may not be on the same terms that were applicable at the time of joining

Policy Termination

The policy can be terminated based on the following events:

  • Where the early termination value has been paid
  • On full surrender of the policy
  • At the end of revival period due to the failure in paying premiums
  • On maturity
  • On death of the policyholder

Additional Benefits on Bajaj Allianz Lifelong Assure:

  • If the person insured stops paying premiums after 3 full years of premium payment, then his policy will be reduced to a paid-up policy with lesser assured benefits.
  • Policyholders are eligible for guaranteed cash backs and cash bonuses if 5 year’s premiums have been paid by the policyholder.
  • Cash bonuses are paid at the end of every year for applicable policies starting from 6th year onwards.
  • The company offers additional benefit riders at minimal costs namely Bajaj Allianz Accidental Death Benefit Rider, Accidental Permanent Total/ Partiality Disability Benefit Rider, Critical Illness Benefit Rider and Family Income Benefit Rider.
  • Policyholders are eligible for loans once the policy achieves surrender value. The loan provided will be up to 80 % of the surrender value.
  • If the full premium payments made by the individual does not extend beyond 3 years and is between 1 and 2 years, an early termination value will be available.
  • The policyholder can choose to renew the terms and conditions within 15 days or apply for refund stating the reasons.

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

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