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Bajaj Allianz Elite Assure

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Overview

This policy with Bajaj Allianz Elite Assure is a non-linked participating endowment plan, with regular and limited premium payment. This plan helps you choose the right savings plan with amazing options of investment portfolios and get good returns as well as security your family’s future .

The Eligibility Conditions for This Policy:

Particulars

Minimum

Maximum

Entry Age

0 years

55 years

Maturity Age

18 years

70 years

  1. This is a traditional participating endowment plan, with a regular and limited premium payment, and is an individual policy.
  2. The Sum assured should be a minimum of 10 annual premiums. The premium will be decided as per the a calculation of the Guaranteed Maturity Benefit, age, term of policy, frequency of payments of premium, premium payment term.
  3. With this plan you get coverage for Death, Maturity, Surrender and even any additional riders if applicable.
  4. With the Bajaj Allianz Elite Assure, you have the flexibility to choose your premium paying term.
  5. Premium payment frequency can be as per your choice of annually, semi-annually, quarterly, and monthly. This frequency can be changed during the term of the policy.

    The modal premium frequency is multiplied with the annual premium by the below mentioned factors.

    Frequency of Premium

    Monthly

    Quarterly

    Semi-Annually

    Annually

    Factor of Frequency

    0.09%

    0.26%

    0.51%

    1.00%

  6. Policy term can be chosen by you, you have the flexibility of choosing from 15 years, 20 years, 25 years, and 30 years You also have an option to backdate your policy, you can choose to backdate at the time of inception of the policy.
  7. Revival of the policy can be done with 2 years of lapsing or has been due for non-payment of premiums this revival has to be done before the maturity of the policy.
  8. There are many riders that can be added to this plan, for a nominal extra cost. These are the riders available with Bajaj Allianz Life Elite Assure:

    1. Bajaj Allianz Accidental Death Benefit Rider
    2. Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider
    3. Bajaj Allianz Critical Illness Benefit Rider
    4. Bajaj Allianz Family Income Benefit Rider
    5. Bajaj Allianz Waiver of Premium Benefit Rider
  9. This plan has a Free-look period of 15 days from the date of the receipt of the policy and a 30 day period in cases of distance marketing.
  10. With this policy you get a grace period 30 days if the premium frequency is made annually, semi-annually, quarterly, and in case of a monthly premium being paid the grace paid is grace period of 15 days.

The Benefits and Advantages of The Bajaj Allianz Elite Assure:

  1. Tax Benefits - With this plan, you get a tax benefit under 80C and for maturity/death benefits 10(10D) under the Income Tax Act 1961.
  2. The Maturity Benefit - is Guaranteed Maturity Benefit plus Guaranteed loyalty additions plus Vested bonus, Interim bonus, if any Terminal Bonus will be added to the policy every year from the very first year.
  3. Death Benefit - If all premiums are paid in full and the policyholder dies in an unfortunate event, then the sum assured will be paid to the nominee of the policy. The Death Benefit will be the higher sum assured of:
    1. Guaranteed Maturity Benefit
    2. Sum Assured
  4. Loan facility available - With this policy you can available for a loan provided it has reached the surrender value. An amount of 90% of the surrender value can be taken as a loan. If the policyholder dies before paying the loan amount back then the amount is deducted from the benefit payable and is then paid out.
  5. Premium Rebate - If the policy has a Guaranteed Maturity Benefit of Rs. 5,00,000 and above then the policyholder can get premium rebates as per the below:

Payment Term in years

7

10

15

20

25

30

Rebate in Rs.

90

76

67

72

77

81

How Does This Plan Work?

Sagar, aged 30 years, decides to go for a 25 years term of Bajaj Allianz Elite Assure . He’s chosen a Sum Assured of INR 6,00,000 and decides to pay an annual premium of INR 58, 424. Making the sum assured an amount of Rs.5,84,240 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

Please note: All figure mentioned here are an indication only.

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

This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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