Bajaj Allianz Life Insurance
Bajaj Allianz Super Life Assure Policy

Bajaj Allianz Super Life Assure Plan

Bajaj Allianz Life Super Life Assure is a non-linked, life, individual, participating, regular premium payment endowment savings plan that combines the advantages of savings and life insurance into a single policy. It supports disciplined saving for your long-term objectives.

With the Bajaj Allianz Life Super Life Assure, you have a variety of policy term options to choose from, allowing you to make plans for your important financial milestones. Additionally, it includes an Income Benefit option under the super variant that provides your family with an additional monthly income in the event of your untimely passing. The primary selling point of the plan is that it continuously offers bonuses to increase savings while also enhancing coverage with rider benefits.

Eligibility Criteria

Here is the eligibility criteria for Bajaj Allianz Life Super Life Assure.

ParametersDetails
Minimum Entry Age

Super – 18 years

Life – 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 at least attainment of majority, i.e., 18 years age last birthday and on the maturity date

Maximum Entry Age

Super – 50 years

Life – 55 years

Minimum Maturity Age

Super – 30 years

Life – 18 years

Maximum Maturity Age70 years
Policy Term12 to 20 years
Premium Payment TermEqual to Policy Term chosen
Minimum Sum Assured

Super- Rs. 1,00,000

Life- Rs. 50,000

Maximum Sum AssuredNo Limit, subject to underwriting
Premium Payment FrequencyYearly, Half yearly, Quarterly, and Monthly

Key Features & Benefits of Bajaj Allianz Life Super Life Assure

Here are the salient features and benefits of the Bajaj Allianz Super Life Assure Plan.

  1. Grace Period

You will have a grace period of 30 days for premium payment frequencies other than monthly and 15 days for monthly frequency if you have not made the required premium payment by the deadline. After deducting any outstanding premiums (including extra premiums, rider premiums, Goods and Service Tax, and other applicable taxes levied, subject to changes in tax laws, if any) due as of that date, the death benefit will be paid under the policy if the life assured dies during the grace period for the full Sum Assured.

  1. Maturity Benefit

If you have paid all required premiums under your policy, the sum assured will include the vested bonus and any terminal bonus. The guaranteed maturity benefit at a minimum is equal to 100.1% of premiums paid. Both variants will have the same maturity benefit.

  1. Death Benefit

In the unfortunate event that the Life Assured passes away during the policy term and all required premiums have been paid, the following death benefit will be paid:

If the Life variant is chosen, the greater of the:

i) Sum Assured on Death plus Vested Bonus plus Terminal Bonus, if any, or

ii) 105% of the total premiums paid.

If the Super variant opts, a higher of:

i) Sum Assured on Death plus Vested Bonus plus Terminal Bonus, if any, or

ii) 105% of the total premiums paid.

  1. Additional Rider Benefit

By selecting the optional additional rider benefit, Bajaj Allianz Waiver of Premium Benefit Rider (UIN: 116B031V02), at a small additional cost, you have the choice to obtain comprehensive protection.

  1. High Sum Assured Rebate

With the premium discount structure offered by the plan, you can receive a discount of Rs. 25 for each complete additional Rs. 10,000 in Sum Assured that you buy above the required minimum Sum Assured of Rs. 2,000,000.

  1. Policy Loan

As long as your insurance policy has a surrender value, you may apply for a loan. Up to 90% of the Surrender Value available under the policy as of the loan date may be borrowed. The outstanding policy loan plus interest as of that date will be subtracted from the applicable benefit payable upon death, surrender, or maturity. The Company will periodically choose the loan interest rate that will apply to the loan.

  1. Option to Change Premium Payment Frequency

If the frequency and minimum modal premium requirements are met, you can choose to change your premium payment frequency at any policy anniversary (for example, to yearly, half-yearly, quarterly, or monthly).

  1. Tax Benefits

Subject to the conditions stated therein, premium payments are eligible for tax benefits under Section 80C of the Income Tax Act, and maturity, death, and surrender benefits are eligible for tax benefits under Section 10(10) D of the Income Tax Act.

What’s Excluded Under the Bajaj Allianz Life Super Life Assure Plan?

The nominee or beneficiary of the policyholder will be 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 latest revival of the policy, whichever is later.

Steps to Revive Lapsed Bajaj Allianz Life Super Life 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 is submitted no later than five years following the first unpaid premium due date but before the maturity date.
  1. All outstanding premiums, applicable taxes, and interest accruing at the rate that the Company may determine from time to time are paid.
  1. You must provide sufficient documentation of your overall health and ongoing insurability on your dime.
  1. Depending on the Company’s 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 unless the Company specifically notifies you of it.
  1. Based on the current Board-approved underwriting guidelines, the Company may make revisions or refuse to revive the policy. The amount deposited for the revival of the policy will be refunded by the company if the revival request is rejected.
  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 unattached bonuses will be affixed to the policy upon revival.

Premium Illustration- How Does the Bajaj Allianz Life Super-life Assure Plan Work?

Subhash is just 30 years old, working as a technical head at Accenture, Gurgaon. After suggestions from his family and friends, he has finally decided to buy Bajaj Allianz Life Super Life Assure (Super variant) and opted for a Policy Term of 20 years. Let’s take an example to understand his maturity benefit.

Policy TermSum AssuredPremium AmountAt Assumed investment return

Vested Bonus (B)

Non-Guaranteed

Maturity Benefit (A+B)
20Rs. 3,00,000Rs. 16,136 p.a.@ 8%Rs. 2,31,409Rs. 5,31,409
   @ 4%Rs. 77,085Rs. 3,77,085

How to Buy Bajaj Allianz Life Super Life Assure Plan?

If you are looking to buy the plan, look no further than Probus Insurance, which is a certified and IRDAI-approved insurance broker that has been delivering quick, reliable, and efficient 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 also contact the customer care team of the company through any of the following means:

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

Frequently Asked Questions

Yes, the Super Life Assure plan allows you to take advantage of any vested bonuses that the company has announced. These bonuses will be added to your policy at the end of each fiscal year.

No, the nominee does not have the choice to receive 50% of the death benefit in a lump sum and the remaining 50% in equal monthly payments under this plan. From the date the death benefit is settled, the income benefit is only payable in 120 equal monthly installments over the following ten years.

The company will notify you of this if the total of the outstanding loan balance plus the interest on the loan exceeds the surrender value allowed by the policy. You can then choose to pay the outstanding loan balance in full or in part.

Yes, this plan gives you the flexibility to change the frequency of your premium payments based on your convenience and financial objectives.

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