Bajaj Allianz Lifelong Assure Plan
All individuals aspire for a steady source of income at almost every stage of their lives. But the majority of them are not able to fulfill their goals with age and time due to some reasons.
To help combat such situations, Bajaj Allianz Life Insurance Company has introduced the Lifelong Assure plan that offers a perfect combination of income and protection to the policyholder. It is a participating, non-linked, and whole life insurance plan, which is also designed to assist the policyholders in moving their children ahead in their life goals journey.
Since the plan’s coverage is for a lifetime, one can leverage its benefits till the age of 100 years and live a worry-free life. Continue reading to know more about the plan in detail!
|Minimum Entry Age||10 Years|
|Maximum Entry Age||55 Years|
|Premium Paying Term||10, 15, & 20 Years|
|Policy Term||100 Minus Age At Entry|
|Minimum Sum Assured||Rs. 1,00,000|
|Maximum Sum Assured||No Limit|
Features & Benefits Of Bajaj Allianz Lifelong Assure Plan
Though the plan is packed with many incredible features and benefits, some of them are highlighted below:
From the conclusion of the premium payment period until the age of 99 years, the policyholder will begin receiving a Guaranteed Cash Back of 3% of the Sum Assured each year. Moreover, from the conclusion of the sixth policy year until the age of 99, he/she will be eligible for Cash Bonus (if any) declared.
The Sum Assured on Maturity, which is a percentage of the Sum Assured depending on the Premium Paying Term (PPT) selected and any Terminal Bonus, is paid if the insured reaches age 100 and the plan matures.
The following is the amount of the payable Sum Assured:
|PPT||Sum Assured On Maturity|
|10 Years||200% Of The Sum Assured|
|15 Years||250% Of The Sum Assured|
|20 Years||300% Of The Sum Assured|
If the insured passes away before turning 100 and the policy is still in effect, the higher of the following would be paid as the death benefit:
- 10 times the yearly premium if the age is under 45 years old or
- 7 times the yearly premium if the age is 45 years or beyond,
- 105% of all premium payments till death
- Sum Assured on Maturity, which is 200%, 250%, or 300% of the sum insured depending on the premium-paying term selected
- Any interim cash bonus and terminal bonus will be paid in addition to the death benefit
The plan offers five extra riders that can be added to the base policy to provide a comprehensive coverage choice. The riders consist of:
- Bajaj Allianz Accidental Death Benefit Rider
- Bajaj Allianz Family Income Benefit Rider
- Bajaj Allianz Waiver of Premium Benefit Rider
- Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider
- Bajaj Allianz Critical Illness Benefit Rider
Option To Take Death Benefits In Installment:
The maturity benefit or the death benefit may be received over a period of five or ten years in monthly payments as opposed to a lump sum.
High Sum Assured Rebates
The company offers premium rebates if a higher Sum Assured is selected. For Sum Assured levels exceeding Rs. 1 lakh, this rebate is permitted per thousand of Sum Assured. The given refund varies from Rs. 8 to Rs. 19 per thousand and is based on the policyholder’s age and premium-paying term. For more details, consult the policy brochure!
Up to a maximum of Rs. 1.5 lakhs, premiums paid under the plan would be exempt from taxation under Section 80C. According to Section 10(10D) of the Income Tax Act, the death benefit or maturity benefit received would likewise be free from taxes.
Sample Illustration Of Bajaj Allianz Lifelong Assure Plan
Mr. Ayush, a 30-year-old man, has decided to purchase the Bajaj Allianz Lifelong Assure insurance with a 20-year term for paying premiums. He selected the sum assured of Rs. 5,00,000 and is paying Rs. 51,805 as an annual premium after receiving a high sum assured rebate of Rs. 4000.
Mr. Ayush will receive the following benefits:
- He will start receiving a cash bonus at the conclusion of the sixth year once he has paid the premiums for the whole policy period. He will also be given a guaranteed cashback of 3% after the 20-year term of paying premiums has ended. Moreover, he will receive Rs. 15,00,000 (300% of the Sum Assured) upon maturity of the policy.
- In case Mr. Ayush passes away at the age of 65 years, death benefits will be paid to the nominee he has selected. The total premiums paid will be Rs. 10,36,100 and the total non-guaranteed cash bonus paid will be Rs. 8,70,000. Therefore, the total guaranteed cash-back payment will be Rs. 2,25,000. The nominee will also receive a death benefit of Rs. 15 lakhs.
Let’s check out the overall death benefits received by the nominee!
|Death Benefits Payable On The Death Of Mr. Ayush At 65 Years||@4%||@8%|
|Total Non-Guaranteed Cash Bonus (If Any) Paid||Rs. 1,08,750||Rs. 8,70,000|
|Total Premium Paid||Rs. 10,36,100||Rs. 10,36,100|
|Total Guaranteed Cash Back||Rs. 2,25,000||Rs. 2,25,000|
|Death Benefit||Rs. 15,00,000||Rs. 15,00,000|
|Total Benefit Received||Rs. 18,33,750||Rs. 25,95,000|
Here’s a sample table for the premiums that one needs to pay for the plan in different circumstances!
|Gender||Age||Pin Code||Policy Term||Premium Paying Term||Sum Assured||Premium Paying Method||Premium Amount|
|Female||29 Years||110045||71 Years||10 Years||Rs. 5 Lakhs||Annually||Rs. 83,797|
|Male||35 Years||110067||66 Years||15 Years||Rs. 10 Lakhs||Half-Yearly||Rs. 62,946|
|Female||23 Years||110089||78 Years||20 Years||Rs. 7 Lakhs||Quarterly||Rs. 17,042|
|Male||55 Years||110011||46 Years||10 Years||Rs. 15 Lakhs||Monthly||Rs. 2,62,448|
Exclusions Under Bajaj Allianz Lifelong Assure Plan
80% of the premiums are reimbursed to the beneficiaries in the event that the insured dies by suicide within the first year of coverage. If the insured dies by suicide within the first year of the plan’s renewal, 80% of the paid premiums or the acquired surrender value will be paid.
Buying Process Of Bajaj Allianz Lifelong Assure Plan
To purchase the policy, one can adhere to the following steps:
- Visit the homepage of the official website of Bajaj Allianz Life Insurance.
- Click on “Plans”, select “Child Insurance Plans”, and then press “Lifelong Assure”.
- A page will appear providing some information about the plan. Hover the mouse to “Buy Online”.
In case you are a new customer:
- Press “New Customer?”.
- Select the proposal type.
- Enter all the required personal details, such as name, mobile number, email, etc., and then press the arrow button below.
- Select your sum assured, policy term, premium paying term, premium frequency, etc. Then the total premium amount will be displayed at the bottom of the screen.
- Now click on the arrow button for the next page.
- Pay the premium amount using any of the listed online payment methods and a benefit illustration of the policy along with your policy documents will be sent to your registered mail address.
In case you are an existing customer:
- Enter your policy number or mobile number, and then proceed with the buying steps.
- Once the online payment is done, the policy details will be sent to the registered contact details of the insured.
Note: The customer can also opt for the offline route and buy the plan by visiting any official branch of the insurance company.
Frequently Asked Questions
The minimum premium amount that can be paid under the plan ranges from Rs. 1,417 to Rs. 18,303. The amount depends upon the premium paying term and the frequency selected. There is no limit to the maximum premium amount in the policy. For detailed information, kindly refer to the policy brochure.
The policyholders can pay the premium for the policy in yearly, half-yearly, quarterly, and monthly modes.
Yes. As long as your policy provides a surrender benefit, you may use loans under it. Up to 80% of the surrender value may be borrowed.
In order to purchase the policy, one must present or submit the following documents:
- ID proof
- Age proof
- Address proof
- Recent photo
- Medical history
- Duly filled and signed application or proposal form
Due to a variety of reasons, the policyholder may occasionally be unable to make premium payments. When the grace period expires, your coverage will lapse if the premiums for the first three years have not been paid.
However, your policy is converted to a paid-up policy with a lower Sum Assured if you have paid all of the premiums for the first three years. If the insurance is cancelled after three years, the maturity or death benefit will be determined using the lower Sum Assured. The Guaranteed Cash Back and Cash Bonus (if any) are provided based on a lower Sum Assured if you have paid at least five years’ worth of premiums. Also, keep in mind that, if you meet the revival requirements, you may choose to reinstate a paid-up or lapsed policy within the revival window of two years following the start of the first unpaid premium.