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Bajaj Allianz Save Assure Plan

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Overview

A traditional 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 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 tenures.

Eligibility Conditions for Bajaj Allianz Save Assure Plan

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

Parameter

Minimum

Maximum

Entry Age

1 year

60 years

Maturity Age

18 years

75 years

Key Features of Bajaj Allianz Save Assure

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

Parameters

Details

Plan Type

Traditional non-participating endowment assurance plan

Basis

Individual policy

Policy Term

15 years and 17 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 will be provided per 1000 of Sum Assured subject to a maximum rebate of INR 70,000

Coverage

Maturity Benefit = 115% of Sum Assured (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 115% of Sum Assured) (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)

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 Save 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. Two 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 115% of the applicable Sum Assured

  2. Death Benefit - In case of the death of the insured life, the Sum Assured on Death will be payable to the nominee. 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 115% of 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 115% of 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 3 years), a loan of up to 90% of the surrender value can be availed

  4. Surrender Benefit - In case 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 Save Assure Policy in Action

Mithun, aged 30 years, decides to go for a 17 years term of Save Assure Policy. Through a limited premium payment term he needs to pay a premium of INR 30,605 for a period of 12 years regularly for a Sum Assured of INR 5,00,000.

At maturity, Mithun would be entitled to receive INR 5,75,000 (115% of Sum Assured), provided he has paid all premiums and not availed any loan on the policy.

In case Mithun passes away in the 8th year of the policy, his nominee would still receive INR 5,75,000 (115% of Sum Assured) provided no loans have been availed on the policy earlier and all the premiums have been duly paid.

Premium Payment for Bajaj Allianz Life Save Assure Plan

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

Premium Parameter

Details

 

Premiums (minimum)

15 years Policy Term

17 years Policy Term

Yearly

INR 8140

INR 6620

Half-yearly

INR 5000

INR 4200

Quarterly

INR 2500

INR 2100

Monthly

INR 1000

INR 800

 

No maximum limit for premiums

 

Premium Paying Term (PPT)

Limited premium payment term. Limited pay is available for policy tenures less 5 years, i.e., 10 years and 12 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

 

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.

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