Bajaj Allianz Save Assure Plan
Bajaj Allianz Save Assure is an individual, non-participating, and endowment savings plan that offers dual benefits of the insured’s family protection and 115% of his/her sum assured at maturity.
The plan offers two policy tenure options and has limited premium payment periods for those who want to maximize their limited premium payment. This traditional endowment plan makes sure that any unforeseen circumstances are handled effectively and emphasizes using funds to create a successful investment plan that promotes financial security and meets future demands.
|Minimum Entry Age||1 Year|
|Maximum Entry Age||60 Years|
|Policy Term||15 & 17 Years|
|Minimum Age At Maturity||18 Years|
|Maximum Age At Maturity||75 Years|
|Premium Paying Term||Policy Term Selected Less 5 Years|
|Minimum Sum Assured||Rs. 1 Lakh|
|Maximum Sum Assured||No Limit|
Key Features & Benefits Of Bajaj Allianz Save Assure Plan
Since the plan’s primary aim is to offer a secure financial future, it has the following features and benefits:
- Maturity Benefit: If all required premium payments have been made, the insured will receive 115% of his/her sum insured as a maturity benefit on the maturity day.
- Death Benefit: The Sum Assured on Death will be given to the nominee as a death benefit in the terrible event that the life assured passes away during the policy term if all required premium payments have been made.
- Additional Rider Benefits: By selecting the optional rider benefits at a small additional cost, the insured can benefit from additional coverage. The following riders are offered by Bajaj Allianz Save Assure:
- Bajaj Allianz Accidental Death Benefit Rider
- Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider
- Bajaj Allianz Critical Illness Benefit Rider
- Bajaj Allianz Family Income Benefit Rider
- Bajaj Allianz Waiver of Premium Benefit Rider
- Alteration Of Premium Payment Frequency: If the current and requested frequencies can be aligned, the insured may change the frequency of premium payments under his/her policy at any time. This depends on the product’s minimum premium requirements and frequency considerations.
- Loan Facility: If at least two full years’ worth of premiums have been paid, the insured is eligible to apply for loans under his/her policy. The current interest rate on loans is 9% per year, compounded semi-annually.
- Option To Take Death Benefit In Instalment: From the date of maturity or the date of death notification, the insured or his/her nominee will have the option to collect the death benefit in equal monthly installments over a period of 5 or 10 years (as per his/her choice). When submitting the death claim form, the same must be informed.
- High Sum Assured Rebate: The plan provides an appealing premium discount structure where the policyholder can receive a discount of Rs. 7 for each additional Rs. 1,000 in sum assured acquired over and above the Rs. 1,00,000 in sum assured, up to a maximum of Rs. 70,000.
- Income Tax Benefits: Under section 80C, annual life insurance premium payments up to Rs. 1,00,000 are eligible for a deduction from taxable income. The maturity proceeds are likewise exempt from taxation under section 10(10) D.
Sample Illustration Of Bajaj Allianz Save Assure Plan
Let’s understand the plan with a suitable example!
Mr. Karan, a 30-year-old healthy male, purchased the Bajaj Allianz Save Assure plan. His plan details are as follows:
- Policy Term: 17 Years
- Sum Assured: Rs. 5 Lakhs
- Premium Paying Term: 12 Years
- Yearly Premium: Rs. 30,605
The plan will work for Mr. Karan in the following manner:
If Mr. Karan survives the policy term of 17 years, he will receive 115% of his sum assured (Rs. 5 lakhs), which is equal to Rs. 5,75,000.
|Policy Term (In Years)||Premium Paying Term (In Years)||Premium Paid (In Rupees)|
|Maturity Benefit||115% Of Rs. 5,00,000 = Rs. 5,75,000|
If Mr. Karan, unfortunately, passes away in the 7th policy year, his nominee will get 115% of his sum assured, which is again Rs. 5,75,000.
|Policy Term (In Years)||Premium Paying Term (In Years)||Premiums Paid (In Rupees)|
|7||7 (Unfortunate Death Of Life Insured)||115% Of The Sum Assured On Death|
|Death Benefit||Rs. 5,75,000|
Exclusions Of Bajaj Allianz Save 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, in the event that 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.
Purchasing Process Of Bajaj Allianz Save Assure Plan
As of now, the plan is not available for online purchase, one can buy it from Probus Insurance. The company is a certified and IRDAI-approved insurance broker that has been functioning for many years to constantly deliver improved insurance solutions to its customers.
To simply buy the Bajaj Allianz Save Assure plan from Probus Insurance, visit the official website of the company. Now click on the “We Are Here” chatbot at the right-hand side of the page. Enter your name, email, phone number, department, etc. and then you can ‘live chat’ with any of the customer care agents of the company. He/she will help you out throughout the purchasing process of the plan.
Alternatively, you can also contact the customer care team of the company through any of the following means:
- Call: 7304332968
- WhatsApp: 7304332968
- Mail: email@example.com
Frequently Asked Questions
The premium payments can be done yearly, half-yearly, quarterly, and monthly.
The minimum premium amounts that can be paid for the plan are as follows:
|PT: 15 Years||Rs. 8,140||Rs. 5,000||Rs. 2,500||Rs. 1,000|
|PT: 17 Years||Rs. 6,620||Rs. 4,200||Rs. 2,100||Rs. 800|
There is no limit to the maximum premium amount under the policy.
The policy gets a paid-up value for a reduced sum assured if you cease paying the premiums after three policy years, although the policy would still be eligible for any future regular additions. Within two years following the initial unpaid premium’s due date, the policy may also be revived by paying all past-due premiums along with any applicable interest.
Some of the major documents that you must have are as follows:
- ID proof
- Age proof
- Address proof
- Recent photograph
The amount of each monthly installment will be determined by the equation below:
- For 5 Years: 1.04 X Death Benefit Divided By 60
- For 10 Years: 1.08 X Death Benefit Divided By 120