Bajaj Allianz Guarantee Assure Plan


A traditional non-linked non-participating endowment assurance plan which focuses on turning savings into a profitable investment strategy that aids in financial security and fulfilling future needs. The plan provides a life cover that ensures any exigencies are dealt with in a better manner. This Bajaj Allianz Life plan comes with limited premium payment terms and is meant for people who wish to have a greater return on limited premium payment through a choice of three policy tenures.

Eligibility Conditions for Bajaj Allianz Guarantee Assure Plan

The eligibility conditions for availing this policy can be depicted in the table mentioned below -




Entry Age

9 years

60 years

Maturity Age

18 years

69 years

Key Features of Bajaj Allianz Guarantee Assure

This plan is meant for planning a secure financial future and has the following salient features -



Plan Type

Traditional non-participating non-linked endowment assurance plan


Individual policy

Policy Term

7 years, 8 years and 9 years

Policy Validity

Depends on the chosen policy term and payment term

Basic Sum Assured

The minimum sum assured amount would be INR 1,00,000 and there is no maximum cap on the same

Discount on Sum Assured

In case the sum assured amount is more than INR 1,00,000, a discount of Rs. 7.50 will be provided per 1000 of Sum Assured


Maturity Benefit = Sum Assured + Guaranteed Additions (if all policy premiums have been duly paid)


Death Benefit = Higher of (5 times annualised premium, 105% of total premiums paid or Sum Assured) + Guaranteed Additions (provided due premiums have been paid in full)


Settlement Option - As per this option, the policyholder or the nominee can avail the Maturity Benefit or Death Benefit in installments over a period of 5 or 10 years in a monthly frequency


Early Termination Value = 10% of total premiums paid till date + 10% of guaranteed additions (in case 2 years’ premiums > premiums paid >= 1 year’s premiums)


Surrender Benefit = Guaranteed Surrender Value or Special Surrender Value (subject to payment of premiums of 2 years)

Free look Period

30 days in case of online purchase. 15 days otherwise

Grace Period

15 days for monthly payment, 30 days for all other premium payment frequencies

Nomination and Assignment

Nomination and assignment facilities are available

Reinstatement or revival

Policy, if not surrendered, can be revived within two years from the date of last unpaid premium

Benefits and Advantages of

This plan from is aimed towards furthering long term savings and helps in building a corpus for a secure financial future.provided by this policy throughout the policy term is an added benefit. The advantages of this plan can be outlined as the following -

  1. Life cover is present throughout the policy term
  2. Three long term policy tenures that aid in a better financial planning
  3. Better return on savings done through premiums
  4. Limited premium payment options help in case of financial constraints
  5. Applicable tax benefits can be availed as per Sections 80C and 10(10D) of the Income Tax Act

The key benefits under this policy can be explained as below -

  1. Maturity Benefit - After the policy tenure is over or it reaches the maturity age, this amount can be paid to the policyholder or nominee. The maturity benefit includes the Sum Assured (SA) and the Guaranteed Additions (as 5% of SA per year for 7 years policy, 6% of SA per year for 8 years policy, 7% of SA per year for 9 years policy)
  2. Death Benefit - In case of the death of the insured life, the Sum Assured on Death will be payable to the nominee. It will include the higher of 5 times annualised premium, 105% of total premiums paid or Sum Assured and Guaranteed Additions as per the policy tenure
  3. Policy Loan - Once the policy has attained a surrender value, post premium payment of 2 years), a loan of up to 90% of the surrender value can be availed
  4. Surrender Benefit - In case 2 years’ premiums have been paid in full, the policy would acquire a Guaranteed Surrender Value and the same will be paid to the policyholder. If a Special Surrender Value decided by the insurer is higher than the GSV, the policyholder may be entitled to the same
  5. Tax Benefit - The contributions made towards the premiums of this policy can be tax deductible as per Sections 80C and the received benefits can fall under Section 10(10D). These benefits are dependent on the prevailing tax laws

Bajaj Allianz Life Guarantee Assure Policy in Action

Vaibhav, aged 30 years, decides to go for a 9 years term of Guarantee Assure Policy. Through a limited premium payment term he needs to pay a premium of INR 1,28,020 for a period of 5 years regularly for a Sum Assured of INR 5,00,000.

At maturity, Vaibhav would be entitled to receive INR 8,15,000 (Sum Assured + Guaranteed Additions), provided he has paid all premiums and not availed any loan on the policy.

In case Vaibhav passes away in the 3rd year of the policy, his nominee would receive INR 7,10,100 (5 times annualised premium and Guaranteed Additions) provided no loans have been availed on the policy earlier and all the premiums till date have been duly paid.

Premium Payment for Bajaj Allianz Life Guarantee Assure Plan

The details of premium payment for this plan can be summarised in the table below -

Premium Parameter



Premiums (minimum)



INR 23,839



INR 12,158



INR 6,198



INR 2,145


No maximum limit for premiums


Premium Paying Term (PPT)

Limited premium payment term. of 5 years for all policy tenures


Premium Paying Frequency

Premiums can be paid in monthly, quarterly, half-yearly and yearly frequencies


Premium Paying Modes

ECS, debit cards, credit cards, cheques and other acceptable modes


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

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