Bajaj Allianz Traditional Plans

Bajaj Allianz Life Insurance Company is a joint venture between Bajaj Finserv Limited and Allianz SE. A leader in the insurance market, Bajaj Allianz Company offers different types of insurance products to cater to the various needs of the customers. The wide range of life insurance products offered by the company include Protection plans in the form of term plans as well as Savings and Investment Plans , Child Plans and pension plans that are available in both traditional or non-traditional (unit-linked) forms. The company is famous for providing world class products at competitive rates. Bajaj Allianz is a company that proudly boasts of a strong foundation of sales force that fuels the increase of the company’s market share in the insurance sector. The efficient after-sales support is another great asset of the company.

What are Traditional / Investment Plans

Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below:

• These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.
• In case of stopping the premium payment, the plan becomes paid-up if at least three full years’ premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.
• The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company’s profits and earn bonuses which are not true for non-participating plans.
• The plans may be issued either as Endowment Plans or Money Back Plans

Bajaj Allianz Traditional / Investment Plans

Bajaj Allianz Life Insurance Company offers various types of Traditional / Investment Plans to its customers with attractive features and benefits. Here is the detailed list of plans along with their respective features and benefits.

Bajaj Allianz Save Assure

A traditional non-participating Endowment Assurance plan which has the following features:

• The premium is paid for a limited tenure only
• On death or maturity, 115% of the chosen Sum Assured is paid to the nominee or the policyholder respectively
• The maturity or the death benefit can also be availed in monthly instalments over a period of 5 or 10 years where each monthly instalment will be (1.04*maturity or death benefit)/60 or (1.08*maturity or death benefit)/120 for 5 or 10 years respectively
• Loan can be availed under the plan up to a maximum of 90% of the Surrender Value
• The plan also promises rebates in premiums for choosing a higher Sum Assured level of Rs.1 lakh and above.
• The premium payment frequency chosen at inception can be changed anytime.
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Bajaj Allianz Guarantee Assure

A non-participating Endowment Assurance plan which has the following features:

• The plan has a limited premium paying term which is fixed for a period of 5 years
• Guaranteed Additions are added every year as a percentage of the chosen Sum Assured depending on the plan tenure chosen
• On death, higher of 5 times the annual premium or 105% of all premiums paid till death or the chosen Sum Assured is payable to the nominee which also includes the accrued Guaranteed Additions
• On maturity, the Sum Assured and the accrued Guaranteed Additions are paid to the policyholder
• The maturity or the death benefit can also be availed in monthly instalments over a period of 5 or 10 years where each monthly instalment will be (1.04*maturity or death benefit)/60 or (1.08*maturity or death benefit)/120 for 5 or 10 years respectively
• The instalments can also be taken in lump sum at a discounted value
• Loan can be availed under the plan up to a maximum of 90% of the Surrender Value
• The plan also promises rebates in premiums for choosing a higher Sum Assured level of Rs.1 lakh and above and also for female lives.
• The premium payment frequency chosen at inception can be changed anytime.
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

Bajaj Allianz Cash Assure

A participating money-back plan which provides funds at regular intervals. The features of the plan are as follows:

• Survival Benefits are paid @ 15% - 30% of the Sum Assured depending on the plan tenure chosen.
• On maturity, 40% of the Sum Assured, vested bonus and any Terminal Bonus is paid
• On death of the insured during the plan tenure, higher of 10 times the annual premium paid or the chosen Sum Assured subject to a minimum of 105% of all premiums paid till death is payable along with the vested bonuses and any Terminal Bonus.
• The plan promises five additional riders which can be taken for a more comprehensive coverage. The riders available are:
• 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
• Discount in premium is allowed for female lives and for choosing higher Sum Assured levels of Rs.1 lakh and above
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

Fixed Deposits Vs 100% Guaranteed Return Plans

Bajaj Allianz Elite Assure

A participating Endowment Assurance plan where premiums can be paid regularly or for a limited tenure. The features of the plan are as follows:

• Guaranteed Loyalty Additions are paid under the plan ranging from 3% - 15% of the Guaranteed Maturity Benefit depending on the plan tenure and the premium paying tenure
• On maturity, the Guaranteed Maturity Benefit along with the Guaranteed Loyalty Additions, vested bonuses, interim bonus and any Terminal Bonus is paid
• On death of the insured during the plan tenure, higher of the Guaranteed Maturity Benefit or the Sum Assured along with the Guaranteed Loyalty Additions, vested bonuses, interim bonus and any Terminal Bonus is paid
• The plan promises five additional riders which can be taken for a more comprehensive coverage. The riders available are:
• 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
• Discount in premium is allowed for choosing higher Guaranteed Maturity Benefit levels of Rs.5 lakhs and above
• The premium payment frequency can be changed anytime
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

Bajaj Allianz Invest Assure

A participating Endowment Assurance plan which has the following features:

• The premium under the plan is payable for a limited tenure
• The plan comes in two variants of Gold and Silver with different eligibility criterion as regards to the entry and exist age, plan term and the premium paying term
• On death of the insured during the tenure of the plan, higher of 10 or 7 times the annual premium or 105% of all premiums paid till death or 1.25 or 2 times the chosen Sum Assured is payable to the nominee along with the vested bonus, interim bonus and any Terminal Bonus
• On maturity, the Sum Assured along with the vested bonus, interim bonus and any Terminal Bonus is paid
• The maturity or the death benefit can also be availed in monthly instalments over a period of 5 or 10 years where each monthly instalment will be (1.04*maturity or death benefit)/60 or (1.08*maturity or death benefit)/120 for 5 or 10 years respectively
• Loan can be availed under the plan up to a maximum of 90% of the Surrender Value
• The plan also promises rebates in premiums for choosing a higher Sum Assured level of Rs.1 lakh and above.
• The premium payment frequency chosen at inception can be changed anytime.
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

Other Plans

• Bajaj Allianz Lifelong Assure – a traditional whole of life plan which features in the category of child plans and which provides coverage till the age of 100 years. The premium is payable for a limited tenure of 10, 15 or 20 years while the plan continues till the age of 100 years. There is a cash bonus payable under the plan from the end of the 6^th year of the plan while guaranteed cash backs are payable from the end of the premium paying term. The plan promises a guaranteed death benefit which can go as high as 300% of the Sum Assured depending on the premium paying term chosen. Moreover, premium rates are lower for female lives and discounts in premium are also allowed for choosing a higher Sum Assured levels. There is also a provision of availing additional coverage through a choice of five riders.
• Bajaj Allianz Young Assure –a traditional savings plan for the welfare of the child. The plan participates in the profits of the company by way of earning bonuses and premiums are payable for a limited tenure. In case of death of the insured, the Sum Assured is immediately paid and the policy is converted to a fully paid-up policy under which bonuses accrue. At the end of the plan tenure, maturity benefit is also payable. In case of maturity, the policyholder has the option to choose from a range of 3 money back options as per his requirements. Moreover, premium rates are lower for female lives and there is also a provision of availing additional coverage through a choice of five riders.
• Bajaj Allianz Pension Guarantee – an immediate annuity plan where the annuity payments start immediately from the next chosen frequency (monthly, quarterly, half-yearly or annually) after the payment of the single premium. The annuity can be chosen to be received either on a single life basis or on a joint life basis. The annuity promises multiple annuity options which are:
• A - Life annuity
• B - Lifetime Annuity with Return of Purchase Price
• C - Life Annuity guaranteed for 5/10/15 or 20 years and thereafter payable for life
• D - Lifetime Annuity with Return of Purchase Price on death of last survivor
• E - Joint Life Last Survivor with 50% annuity to the spouse
• F - Joint Life Last Survivor with 100% annuity to the spouse

Applying for a Traditional / Investment Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

FAQs