Bajaj Allianz Super Life Assure Plan

Coming from the house of Bajaj Allianz, a joint venture between Bajaj Finserv and Europe-based Allianz SE, the Life Super Life Assure is a traditional endowment plan. This policy offers the dual benefit of coverage and protection so as to safeguard the financial future of your family.

Eligibility Criteria for Bajaj Allianz Super Life Assure:

To be able to get the Life Super Life Assure policy, an individual needs to meet the following criteria.

Minimum age at entry Super - 18 years Life - 0 years
Maximum age at entry Super - 50 years Life - 55 years
Minimum assured sum Rs.100,000
Minimum term of the policy 12 years
Maximum policy term 20 years
Minimum age at maturity 30 years
Maximum age at maturity 70 years

Key features of Bajaj Allianz Super Life Assure:

The comes with a lot of interesting features. Find out all about them below:

Plan Type Non-linked, participating, regular premium payment endowment plan
Plan Basis Individual
Premium Payment Modes Monthly, Quarterly, Half-yearly, Yearly (Monthly mode is allowed only through ECS or salary deduction scheme)
Loan 90% of the Surrender Value (SV) at the time of availing
Grace Period 15 days for monthly and 30 days for other payment modes
Free Look Period 15 days (30 days if the product is availed under distance marketing)
Nomination Nomination is available in accordance with Section 39 of Act
Assignment Available in accordance with Section 38 of Insurance Act
Tax Benefit Applicable based on Section 80C of Income Tax Act. Maturity Benefit, Death Benefit, and Surrender Benefit are all eligible for tax benefits under Section 10 (10) D of Income Tax Act, subject to the provision being stated
Surrender Benefit Policy can be surrendered anytime as long as premiums have been paid for the first three years
Suicide Exclusion If the person insured commits suicide, whether sane or insane within one year from commencement/revival, the policy will pay either 80% of the premiums paid, surrender value at the time of death

Benefits of Bajaj Allianz Super Life Assure:

The Bajaj Allianz Super Life Assure comes with plenty of noteworthy benefits. You will find a few of them mentioned below.

Maturity benefit: As part of the maturity benefit, this Life Insurance Plan offers the sum total of sum assured, vested bonus, and terminal bonus. This benefit is only available as long as all the due premiums have been paid under the policy.

Death benefit: In the unfortunate event of the life assured’s death during the policy’s term, their family will get benefits depending on the plan they have chosen.

For Life variant, the payout will be higher of:

  1. Sum assured at death# along with vested bonus and terminal bonus.
  2. 105% of the total premium* paid.

For Super variant, the payout will be higher of:

  1. Sum assured at death(#) along with vested bonus and terminal bonus.
  2. 105% of the total premium paid.

#= sum assured if higher of 10 times of annualized premium or sum assured

Tax benefits: Premium paid for this policy is eligible for tax benefits based on Section 80C of the Income Tax Act. Apart from the premium, maturity benefit, death benefit, and surrender benefit are also eligible for tax benefits based on Section 10 (10) D of Income Tax Act. The latter however, is subject to the provision stated therein.

Policy loan: If you are stuck by some financial obligation during the policy term and require a loan, you can avail a loan as long as the policy has acquired a surrender value. The loan amount you are likely to get will be 90% of the total surrender value.

Change your premium frequency factor: If you are unsatisfied with your premium frequency and are looking to change it at the time of any policy anniversary, you can choose to alter your current frequency to other ones (yearly, half-yearly, quarterly, monthly) as long as the frequency you are looking for is available and meet the modal premium criteria.

Premium Frequency Yearly Half-yearly Quarterly Monthly
Frequency Factor 1.00 0.51 0.26 0.09

Policy revival: You can also choose to review your policy in case you have failed to renew your policy before the end of available grace period. You can renew the policy under the following conditions:

  1. The application for revival is submitted within 2 years from the due date of the first unpaid premium. Also, this period should be before the maturity date of the policy you have chosen.
  2. All the due premiums along with any applicable taxes and interest are paid at a rate the company decides.

How Bajaj Allianz Super Life Assure policy works?

The way Bajaj Allianz Super Life Assure policy works is quite simple. An individual can even customise the policy to suit their needs:

Here’s how it works:

  1. The individual must first choose the plan variant which, in this case, is Super or Life.
  2. Once the plan variant is chosen, the individual must decide on the Sum Assured based on their premium payment capability and requirement.
  3. The individual then has to choose the policy term.
  4. Once the first three steps are dealt with, premium payment frequency can be decided.

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

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