Bajaj Allianz Guarantee Assure Plan

What is Bajaj Allianz Guarantee Assure Plan?

Bajaj Allianz Guarantee Assure is a non-participating traditional endowment plan that provides wealth creation and insurance protection to policyholders. You pay a premium for a limited period and get fixed and guaranteed returns.

Here's how it works:

This plan is made to help you save without worries. You put in money for 5 years, and it grows. At maturity, you receive a guaranteed lump sum payout. In the unfortunate event of your absence, your family gets it.

You can customize your policy as per your choice:

• Sum Assured
• Policy Term

Therefore, your premium will be based on your age, sum assured and policy term.

Key Features of Bajaj Allianz Guarantee Assure Plan

The features of Bajaj Allianz Guarantee Assure Plan are:

• Limited premium payment for just 5 years.
• Individual choice of plan length: 7, 8, or 9 years.
• Guaranteed maturity benefits of up to 63% of your starting amount when the plan ends!
• Guaranteed death benefits to family.
• More value for a bigger plan: Pay less per thousand rupees.
• Women benefited by getting slightly better prices for this plan.
• Option to take policy benefit in lump sum or in monthly installments over a period of 5 or 10 years
• Guaranteed yearly additions to the sum assured if all premiums are paid.

Benefits of Bajaj Allianz Guarantee Assure Plan

1. Guaranteed Bonus Every Year:

   This is extra money added to your plan every year, guaranteed!

   • If your plan is for 7 years, you get 5% added.
   • If your plan is for 8 years, you get 6% added.
   • If your plan is for 9 years, you get 7% added.

   This makes it a great choice among Bajaj Allianz Investment Plans for steady growth.

2. Death Benefits

   In case of death, your family gets a guaranteed amount of money. They get the starting amount you chose, PLUS all the yearly bonuses that have built up. The starting amount will be the biggest of these three:

   • 5 times the money you pay each year.
   • 105% of all the money you've paid so far.
   • The main amount you chose when you started the plan.

   The plan stops once this money is paid.

3. Maturity Benefits:

   If you live through the whole plan, you get the main amount you chose, PLUS all the guaranteed yearly bonuses that have added up.

   Choice of Monthly Payments

   When your plan ends, or if something happens to you, you (or your family) get the money. You have a choice.

   Case 1:

   In case of death, the nominees can choose to avail the benefits of death in installments over a period of 5 or 10 years where the monthly installments shall be calculated:
   
   

   For 5 year term, @ 1.04 x Death Benefit / 60

   For 10 year term, @ 1.08 x Death Benefit / 120, Where,

   Death Benefit = Sum Assured + Accrued Guaranteed Additions, And,

   Sum Assured = Higher of, 5 x Annualized Premiums Or,Sum Assured

   **The installments can be discontinued where upon, the discounted value of future installments is paid in a lump sum.

   Case 2:

   In case of policy maturity, the policyholder can choose to avail the maturity benefits in installments over a period of 5 or 10 years, where monthly installments shall be:

   For 5 year term, @ 1.04 x Maturity Benefit / 60

   For 10 year term, @ 1.08 x Maturity Benefit / 120, Where,

   Maturity Benefit = Sum Assured + Accrued Guaranteed Additions

   **The installments can be discontinued where upon the discounted value of future installments is paid in a lump sum.

4. Tax Benefits:

   Tax Benefits: All claims received and premiums paid are eligible for tax advantages. Under Section 80C and 10 (10D) of the Income Tax Act. These benefits are part of the broader offerings available underBajaj Allianz Life Insurance.

Product Specification of Bajaj Allianz Guarantee Assure Plan

Bajaj Allianz Guarantee Assure - Policy Details

• Grace Period: A 15 day grace period is allowed on the failure of monthly premium payment and a 30 day grace period is allowed on the failure of other premium payment modes.
• Policy Termination or Surrender Benefit: On completion of 2 years with the plan a surrender value gets enabled. The insured can surrender his plan anytime after paying premiums for 2 full years since inception. The surrender value shall be the higher of,
  • Guaranteed Surrender Value
  • Or, Special Surrender Value
  • Where, Guaranteed Surrender Value = % of all Premiums Paid + % of Accrued Guaranteed Additions
• Free Look Period: If the insured is not happy with any of the benefits of features provided by the plan, then, he is free to cancel his plan within 15 days of receiving the policy documents, given that no claims have been done yet.
• Discount for Big Plans (HSAR): If you buy a plan with a higher starting amount (Sum Assured) over ₹1,00,000, you get a discount on your yearly payment.
• Alteration of Premium Payment Frequency: You can change if you want to pay yearly, half-yearly, quarterly, or monthly.
• Minor Lives: If the plan is for a child, they must be an adult (18 years old) before they can receive the maturity money.

1. Bajaj Allianz Guarantee Assure Inclusions

   • Loan Benefits: The policyholder can avail of a loan of up to 90% of the Surrender Value. The policy provides a loan facility of up to 90% of the Surrender value.
   • Additional Features or Riders:
     • Discounted Premiums for Higher Cover
     • Discounted Premiums for Women Insurance Holders
     • Flexible Premium Paying Frequency
     • These guaranteed returns simply align with the features of a Bajaj Allianz Capital Guarantee Solution.

2. Bajaj Allianz Guarantee Assure Exclusions

   Suicide: If the insured commits suicide within the first 12 months since inception, then, his beneficiaries shall be settled by paying 80% of the premiums paid till date. If the insured commits suicide, within the first 12 months of plan renewal, then his beneficiaries shall be settled by paying the higher of, 80% of premiums paid till date or the Acquired Surrender Value.

3. Bajaj Allianz Guarantee Assure - Documents Required

   Below are the documents which are required to be insured under Bajaj Allianz Guarantee Assure Plan:

   • Duly filled Application form/Proposal form
   • Age Proof
   • Residential Proof
   • Other KYC documents; PAN Card, Adhaar Card, Tax Details etc
   • Past Medical History

   **The documents required are subject to the plan options and the sum assured chosen

Conclusion

The Bajaj Allianz Guarantee Assure Plan is designed to help you secure your financial future with guaranteed returns and protection for your family. It offers a structured way to save with limited premium payments and provides flexibility in receiving benefits.