Bajaj Allianz General Insurance is one of India’s prominent insurance providers. The company has been around since 2001 when it was certified by the IRDA (Insurance Regulatory and Development Authority) to sell insurance products. The company shares are split into a 74-26 sharing where Bajaj Finserv Limited holds 76% of the shares and Allianz SE holds the remaining 24%.
The company offers a wide variety of insurance plans to its customers. One type of plan among them is the savings plan which is meant to help policyholders invest in the future. This is done by letting them invest their money in plans that require them to invest now and walk off with sizeable maturity benefits when policies mature.
Bajaj Allianz Savings Plans
Bajaj Allianz Save Assure
This is an endowment plan that offers policyholders both death and maturity benefits and can be used to plan for future expenses.
- The maturity benefit of the scheme is 115% of the sum assured.
- It can be taken for 15 years or 17 years with premiums being paid only for 10 years or 12 years.
- It allows policyholders to take the maturity benefits as monthly income over a period of 5 or 10 years.
Bajaj Allianz Guarantee Assure
This is a non-linked and non-participating endowment plan that helps customers save for upcoming expenses.
- Policyholders can choose the sum assured and the policy term.
- In this scheme, the premium needs to be paid only for 5 years.
- It also offers maturity benefits that can be taken in monthly installments spread over 5 or 10 years.
Rakesh needs to invest some money so he decides to invest in the savings plan. He pays a premium of about Rs. 30,600 per year for 17 years for which he is given a sum assured of Rs. 500,000. At the end of the 17 years, his policy matures and he gets a maturity value of Rs. 575,000 which he can now use to pay for the down payment of a car or go on a dream vacation or refurbish his house.
Why buy Bajaj Allianz Savings Plans
- With a claims settlement ratios of over 90%, Bajaj Allianz is a preferred choice when it comes to buying life insurance.
- All the information that you’d want, including product brochures, is available on the company’s website.
- The application process can be completed online including submission of the required documents.
Tips on Bajaj Allianz Savings Plans
If you are planning on making a big purchase a few years down the line, you can invest in one of these savings plans and get back more than you put in. It also works if you foresee big expenses coming your way.
Other Bajaj Allianz Life Insurance Plans
GST of 18% is applicable on life insurance effective from the 1st of July, 2017