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.