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  • Bajaj Allianz Invest Assure Plan

    Bajaj Allianz Life Insurance

    Overview

    A traditional non-linked participating endowment assurance plan which focuses on turning savings into a corpus that aids in financial security and fulfilling future needs of the family. The plan provides a life cover that ensures any exigencies are dealt with in a better manner. This 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 two policy variants.

    Eligibility Conditions for Bajaj Allianz Invest Assure Plan

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

    Parameter

    Minimum

    Maximum

    Entry Age

    0 years - Silver

    18 years - Gold

    50 years

    Maturity Age

    18 years

    70 years - Silver

    65 years - Gold

    Key Features of Bajaj Allianz Invest Assure

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

    Parameters

    Details

    Plan Type

    Traditional non-linked participating endowment assurance plan

    Basis

    Individual policy

    Policy Term

    Minimum - 17 years for Silver, 15 years for Gold

    Maximum - 40 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. 10 will be provided per 1000 of Sum Assured

    Coverage

    Maturity Benefit = Sum Assured + Vested Bonus + Terminal Bonus (if any) (if all policy premiums have been duly paid)

    Death Benefit = Higher of (7 times or 10 times annualised premium, 105% of total premiums paid or 1.25 times/ 2 times Sum Assured) + Vested Bonus + Terminal Bonus (if any) (provided 3 years’ 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 at a monthly frequency

    Early Termination Value = 11% or 15% of total premiums paid till date for tenure less than 3 years and payable on death of the policyholder or request for termination, whichever is earlier

    Surrender Benefit = Guaranteed Surrender Value or Special Surrender Value (subject to payment of premiums of 3 years)

    Bonuses

    Compound Reversionary Bonus, Interim Bonus, Terminal Bonus

    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 facility available but only one can be chosen at a time

    Reinstatement or revival

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

    Benefits and Advantages of Invest 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 for one’s family. 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. Two policy variants that offer better life cover multiples of 1.25 or 2 times the Sum Assured

    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 Sum Assured, Vested Bonuses (Compound Reversionary Bonus and Interim Bonus) as well as Terminal Bonus (if any)

    2. Death Benefit - In case of the death of the insured life, the Sum Assured on Death will be payable to the nominee along with vested bonuses and terminal bonus (if any). The Sum Assured on Death (SAoD) is calculated as per two different options -

      1. If Entry Age is less than 45 years, the SAoD will be the higher of 1.25 times or 2 times the sum assured, 10 times annualised premium or 105% of the total premiums paid till the date of demise

      2. If Entry Age is more than or equal to 45 years, the SAoD will be the higher of 1.25 times or 2 times the sum assured, 7 times annualised premium or 105% of the total premiums paid till the date of demise

    3. Policy Loan - Once the policy has attained a surrender value, post premium payment of 2 years or 3 years), a loan of up to 90% of the surrender value can be availed

    4. Surrender Benefit - In case 2 years’ or 3 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 Invest Assure Policy in Action

    Suresh, aged 27 years, decides to go for a Gold variant of Invest Assure Policy with a policy term of 23 years. Through a limited premium payment term he needs to pay a premium of INR 28,790 (less a rebate of Rs. 4000) for a period of 13 years regularly for a Sum Assured of INR 5,00,000.

    At maturity, Suresh would be entitled to receive INR 7,88,450 (Sum Assured + Vested Bonuses + Terminal Bonus), provided he has paid all premiums and not availed any loan on the policy.

    In case Suresh passes away in the 8th year of the policy, his nominee would receive a sum of INR 10,85,830 (2 times Sum Assured + Vested Bonuses) provided no loans have been availed on the policy earlier and all the premiums have been duly paid.

    It is to be noted that mentioned bonuses are dependent on external factors and the insurer’s discretion.

    Premium Payment for Bajaj Allianz Life Invest Assure Plan

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

    Premium Parameter

    Details

    Premiums (minimum)

    Yearly

    INR 5000

    Half-yearly

    INR 3000

    Quarterly

    INR 2000

    Monthly

    INR 800

    No maximum limit for premiums

    Premium Paying Term (PPT)

    Under the Silver variant -

    1. For a Policy Term of 17-19 years, PPT = 7 years or Policy Term-10

    2. For a Policy Term of 20-24 years, PPT = 7, 10 years or Policy Term-10

    3. For a Policy Term of 25-40 years, PPT = 7, 10, 15 years or Policy Term-10

    Under the Gold variant -

    1. For a Policy Term of 15-19 years, PPT = 5, 7 years or Policy Term-10

    2. For a Policy Term of 20-24 years, PPT = 5, 7, 10 years or Policy Term-10

    3. For a Policy Term of 25-40 years, PPT = 5, 7, 10, 15 years or Policy Term-10

    In any scenario the maximum premium payment term is 30 years

    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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