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  • Bajaj Allianz Lifelong Assure Plan

    Bajaj Allianz Life Insurance

    Overview

    With the Bajaj Allianz Lifelong Assure you are protected and also earn an income along with it. At all stages of our life we like to be financially independent, this is an individual participating plan, with whole life endowment. When you have purchased this plan, you can be rest assured to have a worry-free life all the way to the end.

    The Eligibility Conditions for The Lifelong Assure:

    Particulars

    Minimum

    Maximum

    Entry Age

    10 years

    55 years

    Maturity Age

    100 years

    The Key Features of The Bajaj Allianz Lifelong Assure

    1. This is an individual participating long term endowment plan with the policy term being the maturity age - the entry age of the applicant.
    2. The minimum sum assured should be Rs. 1, 00, 000 there is no limit for the maximum amount of sum assured.
    3. Depending on the premium paying term the guaranteed death benefit is a sum amounting to 300% of the sum assured.
    4. Premium paying term for this plan, you have the flexibility of choosing 10 years, 15 years and 20 years.
    5. Premium payment frequency can be as per your choice of annually, semi-annually, quarterly, and monthly. The monthly premium paying frequency will only be available under salary deduction scheme & ECS.
    6. The Bajaj Allianz Lifelong Assure is valid for up to 100 years.
    7. It offers you Cash Bonus starting from the end of 6 year with Guaranteed Cash Back starting from the end of Premium Payment Term
    8. You have the flexibility to choose the option to take policy benefit in monthly installments
    9. You can get high sum assured rebate, and get more value for money
    10. All female policyholder can enjoy a premium rebate .
    11. Free-look period of 15 days from the date of the receipt of the policy is available with this plan. If you have purchased this policy through distance marketing 30 day period is provided to the policyholder, and in case of disagreement can return the policy.
    12. This policy also offers you get a grace period 30 days if the premium frequency is made annually, semi-annually, quarterly, but if the premium is paid on a monthly basis a grace period of 15 days is provided to the policyholder.

    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 policy offers high sum assured rebate, this is a discount offered as per the below table:

      Age Bands

      10 - 25 years

      26 - 40 years

      41 - 55 years

      Rebate of a 10 year premium paying term

      19

      14

      11

      Rebate of a 15 year premium paying term

      15

      12

      9

      Rebate of a 20 year premium paying term

      14

      10

      8

    3. The Maturity Benefit - Your policy will reach a maturity age of 100 years, if on the date of maturity all the premiums are paid then the maturity value of the policy will be paid out and the policy will be terminated. If there are any terminal bonuses, that will be added to the sum assured as well.

      The premium paying term if chosen as the below examples then the sum assured will be in

      10 years, 200% of the sum assured

      15 years 250% of the sum assured

      20 years 300% of the sum assured

    4. Survival Benefit - From the 3rd year of the policy, the policyholder will receive a guaranteed cash back of 3% of the sum assured for each year from the time the premium paying term has ended till the age of 99 years.

      The policyholder will also be entitled to cash benefits if any from the 6th year of the policy, till the policyholder has reached 99 years of age.

    5. Death Benefit - If during the policy the life assured has died , and all the premiums have been paid, the death benefit will be payable to the nominee as follows:

      If the policyholder is 45 years or lesser, the higher of the below will be paid

      1. 10 times of the annual premium
      2. 105% of the premiums paid till date
      3. 200%, 250% or 300% of the sum assured will be paid depending on the premium paying term you have decided.
    6. If the policyholder is 45 years or above, the higher of the below will be paid:
      1. 7 times of the annual premium
      2. 105% of the premiums paid till date
      3. 200%, 250% or 300% of the sum assured will be paid depending on the premium paying term you have decided.

    How Does This Plan Work?

    Harry, aged 30 years has chosen to take the Bajaj Allianz Life Lifelong Assure policy, with a premium paying term of 20 years. He has chosen the Sum Assured of Rs. 5,00,000 and is paying an annual premium of Rs. 51,805. He will pay this amount, after he receives a high sum assured rebate of Rs. 4000.

    After Harry has made the payments of the entire policy term he will receive a cash bonus from the end of the 6th year. And will also receive a guaranteed cash back of 3% from the end of the premium paying term that is 20 years. On maturity he will receive Rs. 15, 00, 000.

    If Harry dies at the age of 65 years, the nominee he’s chosen will get the below:

    The total premiums he would have paid will be Rs. 10, 36, 100. And he would have cash bonus paid Rs. 8, 70, 000. The total guaranteed cash back paid will be Rs. 2, 25, 000

    Harry will receive a death benefit if the death occurs during the policy term an amount of Rs.15, 00, 000. making the total benefit he receives Rs. 25, 95, 000.

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