Bajaj Allianz Life Insurance
Bajaj Allianz Income Assure Policy

Bajaj Allianz Income Assure Plan

Bajaj Allianz Life Income Assure is a non-linked, participating, life, individual, limited premium payment, monthly income endowment savings plan. It provides a monthly income guarantee that enables you to draw on your secondary income when necessary, enabling you to indulge in happiness without second-guessing yourself. Additionally, it guarantees that even in the event of your passing, your family members will continue to work towards their objectives.

The plan is also available in 2 life cover variants, i.e., Income and Assure.

Depending on his or her insurance needs, the life assured can select one of four policy terms. To increase customers’ savings, the plan offers bonuses. The insurance coverage can also be expanded by using riders, which are available from Bajaj Allianz for a small additional fee. The Bajaj Allianz Life Income Assure Plan offers discounted premium rates for female customers, just like the majority of the insurance policies the company offers.

Eligibility Criteria

Here is the eligibility criteria for the Bajaj Allianz Life Income 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 of attainment of majority, (i.e., 18 years age last birthday) or the maturity date.

Maximum Entry Age50 years
Minimum Maturity Age18 years
Maximum Maturity Age74 years
Policy Term (in Years)17, 19, 22, 24
Premium Payment Term (in Years)5, 7, 10, 12
Minimum Sum Assured

144 * Minimum GMI chosen

Example: If the minimum GMI opted is Rs. 1,100 then, the minimum Sum Assured will be Rs. 1,100 * 144 = ` 1,58,400

Maximum Sum AssuredNo Limit, subject to prevailing Board approved underwriting guidelines
Minimum Premium

Income: 21,965 per annum / 1,977 monthly

Assure: 22,058 per annum / 1,985 monthly

Maximum PremiumAs per the maximum sum assured
Premium Payment FrequencyYearly and Monthly

What are the Important Features & Benefits of the Bajaj Allianz Life Income Assure Plan?

Listed below are the key features and benefits of considering the Bajaj All[ianz Life Income Assure Plan. 

  1. Survival Benefit

The Guaranteed Monthly Income (GMI) (regardless of the variant selected) will be paid each month for 144 months, beginning from the end of the premium payment term, assuming the life assured is still alive at that time.

  1. Maturity Benefit

The vested Bonus (if any) and terminal Bonus (if any), if any, will be paid as long as the policy is still in effect as of the maturity date and the life assured is still alive.

  1. Death Benefit

In the unfortunate event that the life assured passes away during the policy term, the death benefit will be the greater of:

  • 105% of the total premium paid;
  • Sum Assured on Death plus vested Bonus (if any) plus Terminal Bonus (if any).
  1. Option to Change Premium Payment Frequency

You have the option to change the frequency of your premium payments at any policy anniversary, including monthly and yearly, provided that it is available and meets the minimum modal premium requirements at the time. The annual premium is multiplied by the premium payment frequency factors to determine the modal premium for frequencies other than the yearly frequency.

  1. Tax Benefits

By the provisions of the current Income Tax Act, the premium paid, the survival benefit, 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 obtain independent legal counsel regarding your eligibility.

  1. Grace Period

You will be given a grace period of 30 days for yearly premium payment frequency and 15 days for monthly frequency to pay the outstanding premium if you have not made payment by the due date. If the life assured passes away during the grace period, the death benefit will be paid out by the terms of the policy as if the policy were still in effect for the full amount assured, less any unpaid premiums (including extra premiums, rider premiums, Goods & Service Tax, and any other applicable taxes levied, subject to changes in tax laws, if any, due as of that date).

  1. Free Look Period

You will have the opportunity to review the terms and conditions of the policy within 15 days of receipt and thirty (30) days in the case of an electronic policy or a policy obtained through a distance learning method. If you object to any of the terms and conditions, you will have the option to return the policy along with a statement of your objections. You will be eligible for a refund that consists of all premiums paid (less any applicable taxes), less the proportionate risk premium and rider premium for the time the life assured had coverage, as well as any costs incurred by the company for the medical exam and stamp duty fees.

Exclusions Under the Bajaj Allianz Life Income Assure Plan

The nominee or beneficiary of the Policyholder shall be entitled to receive the greater 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 latest revival of the policy, whichever date is later.

How to Revive Your Lapsed Bajaj Allianz Life Income Assure Plan?

You may reinstate your policy if it has expired or has become paid up as a result of missed premium payments under the following circumstances:

  1. The application for revival must be submitted within five (5) years of the first unpaid premium’s due date.
  1. All outstanding premiums, applicable taxes, and interest accruing at the rate that the Company may determine from time to time are paid. The applicable revival interest rate at the moment is 9.0% per year, compounded semi-annually.
  1. You must provide sufficient documentation of your overall health and ongoing insurability on your dime.
  1. Depending on the current Board-approved underwriting guidelines, 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. Based on the current Board-approved underwriting guidelines, the Company may decide not to revive the policy. The Company will return the amount deposited for the revival of the policy if the policy is rejected based on the Board-approved underwriting guidelines.
  1. The Sum Assured and Sum Assured on Death under the policy that was in effect before the date of the most recent lapse or paid-up will be reinstated upon revival. The policy will be attached with any unattached bonuses that were due during the lapsed or paid-up period. A lump sum payment will be made for any discrepancy between the Survival Benefits payable and the Survival Benefits paid up.

How Does the Bajaj Allianz Life Income Assure Plan Work?

Amit aged 30 years has taken Bajaj Allianz Life Income Assure. He chooses a Guaranteed Monthly Income (GMI) of Rs. 3,000 p.m. and a premium payment term of 12 years. The policy term will be 24 years with a provision for GMI for 12 years. His sum assured will be Rs. 4,32,000 (GMI * 144). The premium depending on the variant chosen will be Rs. 31,788 p.a. for Income and Rs. 32,211 p.a. for Assure.

Amit would receive GMI of Rs. 3,000 per month from the end of PPT till the end of the Policy Term.

GMITotal GMI during the Policy Term
Rs. 3,000Rs. 4,32,000

On the maturity date, Amit will receive the following maturity benefit:

At Assumed Investment Return8%4%
Non-Guaranteed Vested Bonus (If any)Rs. 4, 66, 859Rs. 54, 933

How to Zero In On Bajaj Allianz Life Income Assure Plan?

If you are looking to buy the Bajaj Allianz Life Income Assure Plan, then Probus Insurance is here to help you out! Being a leading and certified insurance broker, it offers a wide range of insurance solutions to its customers.

To simply buy the Bajaj Allianz Life Super Life Assure plan from Probus Insurance, all you need to do is simply visit the official website of the company. Now click on the “We Are Here” chatbot at the right-hand side of the page. 

Then, Enter your name, email, phone number, department, etc., and then you can ‘live chat’ with any of the customer care agents of the company. Ensure all the details are correct. They will help you out throughout the purchasing process of the plan.

Alternatively, you can get in touch with the company’s customer service department by using any of the following methods:

  • Call: 7304332968
  • WhatsApp: 7304332968
  • Via Mail: care@probusinsurance.com

Frequently Asked Questions

This plan includes HSAR. The policyholder is eligible for HSAR for each additional Rs. 1,000 in sum assured purchased above the required minimum sum assured.

The Guaranteed Monthly Income (GMI), which is paid every month for a period of 144 months, starting from the end of the premium payment term, is the Survival Benefit under both variants, provided all due premiums are paid.

The GMI amount must be chosen by the policyholder at the time of purchase and is then fixed for the duration of the policy.

Five riders are available for you to select from by adding a small fee. The following riders are offered by Bajaj Allianz: Accidental Death Benefit Rider, Accidental Permanent Total / Partial Disability Benefit Rider, Critical Illness Benefit Rider, Family Income Benefit Rider, and Waiver of Premium Benefit Rider.

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