Bajaj Allianz Life Insurance
Bajaj Allianz Elite Assure Policy

Bajaj Allianz Elite Assure Plan

Bajaj Allianz Elite Assure offers life insurance coverage in addition to an alluring return on investment. While life insurance makes sure that your loved ones can pursue their dreams even in your absence, investment returns make sure that your money is working just as hard as you are to achieve your goals.

This insurance plan assists you in selecting the ideal savings strategy with a wide variety of investment portfolio alternatives and lucrative rewards. The policy accrues Guaranteed Loyalty Additions up to 315% of the Guaranteed Maturity Benefit, depending on the term of premium payment selected. From 4 different coverage terms, the policyholder may select. The plan can also be improved by adding riders, which are available from Bajaj Allianz for a fee.

Eligibility Criteria

Here is the eligibility criteria for the Bajaj Allianz Elite Assure plan.

ParametersDetails
Minimum Entry Age

0 years

(Risk cover will commence immediately on the date of commencement of risk of the policy and, in the case of a minor life, the policy will vest on the life assured on the earlier attainment of majority (i.e., 18 years age last birthday) or on the maturity date)

Maximum Entry Age55 years
Minimum Age at Maturity18years
Maximum Age at Maturity70 years
Policy Term15, 20, 25, and 30 years
Premium Paying Term5, 7, 10 & equal to Policy Term
PremiumAs per the chosen Guaranteed Maturity Benefit
Sum Assured10 times of Annualized Premium
Guaranteed Maturity Benefit (GMB)

Minimum – Rs. 3,00,000

Maximum – No Limit

Premium Payment FrequencyYearly, Half yearly, Quarterly, and Monthly

Key Features & Benefits of the Bajaj Allianz Elite Assure

Here are the key features and benefits of the Bajaj Allianz Elite Assure Plan.

  1. The Maturity Benefit – One of the biggest benefits that make the Bajaj Allianz Elite Assure plan a popular one is that It includes a Guaranteed Maturity Benefit, Guaranteed Loyalty Additions, Vested Bonus, Interim Bonus, and, if applicable, Terminal Bonus, which will be added to the policy annually beginning in the first year.
  1. Death Benefit – The sum promised will be paid to the policy’s nominee if all premiums have been paid in full and the policyholder passes away tragically. The Death Benefit will be the greater of the following:
    • Guaranteed Maturity Benefit
    • Sum Assured
  1. Loan facility available – If the policy has reached the surrender value, you may be eligible for a loan. It is possible to borrow 90% of the surrender value. If the policyholder passes away before repaying the loan, the sum is subtracted from the benefit payable before being handed out.
  1. Surrender

If you have paid your premiums for at least 1 full year if your premium payment term is less than 10 years or at least 2 full years if your premium payment period is 10 years or more, you will be able to cancel your coverage at any time.

The surrender value shall be higher of:

  • Guaranteed Surrender Value (GSV) or
  • Special Surrender Value (SSV).
  1. Tax Benefit

By the provisions of the current Income Tax Act, the premium paid, the maturity benefit, the death benefit, and the surrender benefit may be eligible for tax benefits. Before claiming any benefit under the policy, you are urged to speak with your tax advisor and receive independent legal counsel regarding your eligibility.

  1. Option to alter the premium payment frequency

Throughout the insurance, the policyholder is free to alter the frequency of premium payments. As long as the requested and present frequencies may coincide, this is possible. This also relies on the policy’s minimum premium cap.

  1. Grace period

For policies with premium payment frequencies other than monthly, the policyholder will be given a grace period of 30 days if they have not made premium payments. The grace period is 15 days for policies that renew every month. To restore the policy benefits, the policyholder must pay the premiums within this window of time. If the life assured passes away during the grace period, the death benefit will be paid out for the full amount of the assurance less any unpaid premiums.

  1. Free-look period

The policyholder has 15 days to return the policy to the insurer if they do not agree with the terms and conditions stated in the policy document. The free-look period is this time frame. Policies purchased through distance marketing have a 30-day free-look period. The customer must give pertinent justifications for returning the coverage. The paid premiums will subsequently be eligible for reimbursement for the individual.

What are the Exclusions Under the Bajaj Allianz Elite Assure Plan?

The nominee or beneficiary of the policyholder is entitled to receive the higher of 80% of the total premiums paid or the surrender benefit as of the date of death, provided the policy is in force if the life assured dies by suicide within 12 months of the date of commencement of risk or the date of the most recent revival of the policy, whichever is later.

How To Revive Your Bajaj Allianz Elite Assure Plan?

You may renew your policy if it has expired or has been paid out as a result of unpaid premiums under the following circumstances:

  1. Before the maturity date and within five (5) years after the initial unpaid premium’s due date, the application for revival is submitted.
  1. The whole amount of overdue premiums is paid, together with interest calculated at the company’s discretion. The appropriate revival interest rate at the moment is 9.0% per year, compounded semi-annually.
  1. At your expense, sufficient proof of your excellent health is provided.
  1. Depending on the current Board-approved underwriting standards of the company, the policy revival may be subject to terms that are different from those that applied to the policy before it lapsed or was paid up.
  1. The revival won’t go into effect until the company specifically notifies you of it.
  1. Depending on the underwriting criteria established by the board, the company may decide not to resuscitate the policy.
  1. The policy will be attached with the unattached bonuses and/or decreased guaranteed loyalty enhancements upon resurrection.

Illustration Of Bajaj Allianz Elite Assure Plan

Naresh, who is 30 years and working as a Senior Software Developer, has taken Bajaj Allianz Elite Assure and opted for a policy term and premium paying term of 25 years. He chose a GMB of Rs. 6,00,000, for which he would be paying a premium of Rs. 58,952 yearly.

At investment

return

Guaranteed Maturity

Benefit (GMB)

Guaranteed Loyalty

Additions (GLA)

Vested Bonus (if any)

(VB)

Total
Of 8%Rs. 6,00,000Rs. 14,40,000Rs. 15,56,274Rs. 35, 96, 274
Of 4%Rs. 6,00,000Rs. 14,40,000–Rs. 20,40,000

How To Buy Bajaj Allianz Elite Assure Plan?

Here are the steps to buying Bajaj Allianz Elite Assure Plan.

Step 1: Simply visit the official website of Bajaj Allianz life insurance.

Step 2: After that, you will see the “Plans” section at the top. Hover over it. Under “Investment Plans”, you will see “Elite Assure”. Click on it.

Step 3: When you see the plan page, you will see the “Buy Now” option in the banner. Click on it.

Step 4: Then, you will see two options, “New Customer” or Existing Customer. Since you want to buy the policy, you will need to click on “New Customer”.

Step 5: After that, you will need to select the “Proposal Type”, either Self or Minor. Then, you are required to select the “Title”, and enter your first name, middle name, last name, mobile number, email Id, date of birth, and insured Pincode. Click on the orange-colored arrow below.

Then, you need to select your policy term and premium payment term. At the same time, you will need to enter the cash installment option. Also, you should select the premium payment frequency along with entering “Guaranteed Maturity” and “Sum Assured”. And click on the riders that you want to add

Step 6: Once you’re done entering all the details, you will then get the amount that you will need to pay. Then, you should make the payment using your Credit/Debit card.

Step 7: Congratulations- You’ve purchased your Bajaj Allianz Elite Assure Plan.

Offline Method:

Though the plan is available online, you may also purchase the Bajaj Allianz Elite Assure Plan via the offline method.

To acquire additional assistance, you go to any Bajaj Allianz Insurance branch office in your area and speak with the employees who are now on duty. The salesperson pitching the plan will ask a few questions before assisting the customer in purchasing the bundle.

Customers can also call the company’s helpline, which is staffed Monday through Saturday from 9:00 AM to 6:00 PM, at 1800 209 7272. The executive will explain to the client how to order the plan from the company.

Even with all of these options, Probus Insurance is always available to help if a customer still encounters issues when purchasing the plan. The organization’s employees will make every effort to assist clients with their problems.

Frequently Asked Questions

Subject to certain restrictions, you can choose to have your policy start at a specific date in the past.

When the grace period expires, your policy will lapse and no benefits will be paid out if the policyholder has not paid at least one year’s worth of premiums in full for premium-paying terms of less than 10 years or at least two years’ worth of premiums in full for premium-paying terms of 10 years and longer.

Based on the policyholder’s kind of policy communication address, Goods and Service Tax is assessed. This could alter depending on the state and rate of the policyholder’s address as of the adjustment date.

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