Bajaj Allianz Invest Assure Plan

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Introduction/Overview

Bajaj Allianz Invest Assure is a traditional Endowment Assurance plan designed to provide financial security in future through wealth accumulation and life insurance cover

Key Features

This plan is a participating plan with 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 instalments
Compound Reversionary Bonus, Interim Bonus and Terminal Bonus increase the corpus

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

Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	Silver – 0 years Gold - 18 years	50 years
Maturity Age (Last Birthday)	18 years	Silver – 70 years Gold – 65 years
Policy Term (PT) in years	Silver – 17 Gold - 15	40
Premium Paying Term (PPT) in years	5	30
Premium Paying Frequency	Annual, Half-yearly, quarterly, monthly
Yearly Premium	5000	No limit
Sum Assured	100,000	No limit

Details About Premium

Annual premium in Rupees for Gold variant

Age	27 years
Term	23 years
PPT	13 years
Premium	28,790
Sum Assured	500,000
Total Maturity benefit	788,450

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

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.

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