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  • Bajaj Allianz Guarantee Assure Plan

    Bajaj Allianz Life Insurance


    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 Guarantee Assure Policy

    This plan from Bajaj Allianz Life is aimed towards furthering long term savings and helps in building a corpus for a secure financial future. Life insurance 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

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