Bajaj Allianz Invest Assure Plan
Bajaj Allianz Invest Assure is a non-linked, individual, limited premium, endowment saving plan with a life component that is infused with features to make it simple for you and your family to achieve your life goals. Your family can continue to pursue their ambitions even in your absence with the support of additional financial security or life insurance.
The plan offers life insurance, ensuring that any unforeseen circumstances be handled properly. This insurance is for those who want to maximize the return on their limited premium payments by selecting one of two different policy types. It has restricted premium payment periods.
Continue reading to know more about the Bajaj Allianz Invest Assure’s eligibility criteria, features and benefits, exclusions, premium calculation, and more.
Here is the eligibility criteria for the Bajaj Allianz Invest Assure Plan.
|Minimum Entry Age|
Silver Variant – 0 year
Gold Variant – 18 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 maturity date.
|Maximum Entry Age||50 years|
|Minimum Age at Maturity||18 Years|
|Maximum Age at Maturity|
Silver Variant – 70 years
Gold Variant – 65 years
|Minimum Policy Term|
Silver Variant – 17 years
Gold Variant – 15 years
|Maximum Policy Term||40 years|
|Maximum Premium Paying Term||30 years|
|Maximum Premium||No Limit|
|Minimum Sum Assured||Rs. 100,000|
Key Features & Benefits of Choosing Bajaj Allianz Invest Assure
Listed below are the features and benefits of considering the Bajaj Allianz Invest Assure.
- Death Benefit
If all premiums are paid and the life insured passes away during the policy’s term, the nominee will get the sum assured on death, terminal bonus, and vested bonus. The sum assured on death is equal to the greater of 1.25 times the sum assured, 10 times the annualized premium for age at the admission of 45 years or less, or 10 times the total premiums paid (as of the date of death).
- Maturity Benefit
Another benefit that comes with the Bajaj Allianz Invest Assure policy is that it has a Maturity benefit equal to the Sum Assured plus a vested bonus plus a terminal bonus that is payable and the policy then terminates.
- High Sum Assured Rebate
The plan includes a tempting premium discount where you can receive a reduction of Rs. 10 on the annual premium for each entire additional Rs. 1,000 in Sum Assured acquired over and above the required minimum Sum Assured of Rs. 1,000,000.
- Alteration Premium Paying Frequency
If the requested and existing frequencies can be matched, you will have the opportunity to change the policy’s default premium payment mode at any time, provided that the mode is available and that the required minimum modal premium is met.
- Tax Benefits
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.
- Free Look Period
You will have the option to review the terms and conditions of the policy within 15 days of receipt and thirty (30) days for electronic policies and policies obtained through distance learning. If you disagree with any of the terms & conditions, you will have the option to return the policy with a justification for your objections. You will be entitled to 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.
- Surrender Benefit
- If at least two years’ worth of premiums have been paid, you will have the choice to cancel your coverage.
- The surrender value must exceed both the Special Surrender Value (SSV) and the Guaranteed Surrender Value (GSV).
- The GSV will be the total of the percentage of total premiums paid less any extra premiums paid and rider premiums, if any, plus the surrender value of any vested bonus (if any), subject to any changes in tax legislation.
- Grace Period
You will be given a grace period of 15 days for monthly premium payment frequencies and 30 days for premium payment frequencies other than monthly if you have not made the required premium payment before the deadline.
Exclusions Under the Bajaj Allianz Invest 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 Does the Bajaj Allianz Invest Assure Plan Work?
Ramesh has taken a Bajaj Allianz Invest Assure policy and has opted for the Gold variant for a policy term of 23 years and a premium paying term of 13 years (by selecting a Premium Paying Terms of ‘Policy Term minus 10’, i.e., 23-10=13). The Sum Assured chosen by him is ₹5,00,000 for which he is paying an annual premium of ₹28,790 after a high sum assured rebate of ₹4,000.
|Policy Term||Assumed Investment Return||Maturity Benefit|
|23 Years||@8%||Rs. 8,34,116|
How To Buy the Bajaj Allianz Invest Assure Plan?
Though the plan is not available online, you may also purchase the Bajaj Allianz Invest Assure 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 at 1800 209 7272, available from Monday to Saturday from 9:00 AM to 6:00 PM.
The executive will explain to the client how to order the plan from the company.
Probus Insurance is always on hand to assist if a consumer still runs into problems when acquiring the plan, even with all of these alternatives. The staff of the organization will do all possible to help clients with their issues.
How to Renew Your Bajaj Allianz Invest Assure Plan?
You may reinstate your coverage if it has expired or been paid off as a result of missed premium payments under the following circumstances:
- The request for revival is submitted within five (5) years of the first unpaid premium date;
- 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.
- Acceptable proof of your excellent health is provided at your expense;
- Based on current Board-approved underwriting norms, the policy revival may be subject to terms that are different from those that applied to the policy before its expiration or becoming paid up;
- The revival won’t take effect unless it’s explicitly disclosed to the policyholder by the company;
- Based on the underwriting standards authorized by the Board, the Company may decide not to resuscitate the policy.
Frequently Asked Questions
Yes, if your policy has accrued a surrender value, you may apply for a loan under this plan as a policyholder. A maximum of 90% of the policy’s surrender value may be borrowed, in total.
Five riders are available for additional coverage at a low cost. The Bajaj Allianz Invest Assure riders include the Accidental Death Benefit Rider, Accidental Permanent Total / Partial Disability Benefit Rider, Critical Illness Benefit Rider, Family Income Rider, and Waiver of Premium Benefit Rider. Depending on your needs, you can choose between one or more riders.
The death benefit may be received by your nominee in equal monthly payments over a period of five or ten years following the date of death notification.