Bajaj Allianz Invest Assure Plan

What is Bajaj Allianz Invest Assure Plan?

Bajaj Allianz Invest Assure is a non-linked, life, participating, individual, limited premium, endowment saving plan. It is a non-linked plan, hence, the returns are not fluctuating depending on the market. The key advantages of this investment plan are: 

Key Features

• This plan is a participating plan with a limited premium payment term.
• There are two variants of the plan, Gold and Silver and the term with different criterion for entry and exit age, policy term and PPT.
• The Maturity and Death Benefits are guaranteed and can be taken in lump sum or monthly installments.
• Compound Reversionary Bonus, Interim Bonus and Terminal Bonus increase the corpus.
• This policy is a type of endowment plan, meaning it offers both savings and insurance under a single plan. This makes it suitable for long-term financial goals with guaranteed benefits.

Benefits

• On death, the Sum Assured on death + vested bonuses, including Terminal Bonus, if any, is paid to the nominee.
• Sum Assured on death is higher of 10 times if age <45 yrs. or 7 times for ages>=45 yrs. The annual premium or 105% of all premiums paid, or 1.25 or 2 times the Sum Assured.
• On maturity, the Sum Assured + vested bonus, including Terminal Bonus, if any, is paid to the policyholder.
• The maturity or death benefit can be taken in instalments over a period of 5 or 10 years where the monthly instalments will be calculated as 1.04 * maturity or death benefit /60 for 5 year term and 1.08*maturity or death benefit/120 for 10 year term.
• Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received, respectively.
• The plan is part of the wider offering of Bajaj Allianz Investment Plans that cater to diverse needs such as retirement, child education, and wealth creation.

Product Specification:

Details About Premium

Annual premium in Rupees for the Gold variant

Policy Details

• Grace Period: 15 days’ grace period is allowed for premium payment in monthly modes and 30 days in other modes
• Policy Termination or Surrender Benefit: The policy can be surrendered anytime if three or two full years’ premium has been paid. The Surrender value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV)
  GSV = (% of all Premiums paid) + (% of Vested Bonuses)
• Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
  
  

Inclusions

• The policy provides loan facility of up to 90% of the Surrender value

Additional Features or Riders

• High SA rebates for coverages equal to and exceeding 100,000
• The premium payment frequency can be changed

Exclusions

• In case of suicide within 12 months from inception 80% of premiums paid are returned and within 12 months of revival, higher of 80% of premiums paid or the acquired Surrender Value is payable

Conclusion

The Bajaj Allianz Invest Assure Plan caters to both your long-term savings goals and the essential need for life insurance coverage. The plan is your go-to if you wish to build a substantial corpus for future aspirations while ensuring comprehensive protection for your loved ones.