Bajaj Allianz Lifelong Assure Plan

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Introduction/Overview

Bajaj Allianz Lifelong Assure is a Whole Life traditional insurance plan that provides coverage till 100 years of the age of insured.

Bajaj Allianz Lifelong Assure - Key Features

  • Participating Traditional Whole Life plan
  • Limited Premium Payment Term
  • Coverage up to age 100 years
  • Cash Bonus 

Bajaj Allianz Lifelong Assure - Benefits

  • Guaranteed Cash Back: After the end of premium payment term once the policyholder turns 99, 3% of the sum assured is paid back as guaranteed sum assured.
  • Death Benefit: In case the insured dies during the policy term,

Higher of,

Entry Age < 45 years

10 x Annualised Premiums

Or,  

105% Total Premium

Or,

200%, 250% or 300% of Sum Assured based on the premium payment term 

Entry Age is >=45 yrs

7 x Annualised Premiums

Or,

105% Total Premium

Or,

200%, 250% or 300% of Sum Assured based on the premium payment term 

  • Maturity Benefit: When the plan matures at 100 years of the age of the insured, 200% or 250% or 300% of the sum assured is paid based on the premium payment term of 10, 15 or 20 years respectively including Terminal Bonus, if any.
  • Tax Benefit: The claims received and premiums paid are qualified for tax benefits Under Section 80C and 10(10D) of Income Tax Act. 

Bajaj Allianz Lifelong Assure - Product Specification:

Product Name

Entry Age

Maturity Age

Policy Term

Premium Payment Term

Premium Payment Frequency

Sum Assured

Bajaj Allianz LifeLong Assure

10/55 years

Upto 100 years

100 years or Last Birthday

10/15/20

Monthly/ Quarterly/ Half Yearly/ Annually

Rs 1, 00, 000

  

Bajaj Allianz Lifelong Assure - Policy Details

Grace Period: In case the insured fails to pay his monthly premiums then a grace period of 15 days is allowed. And, in case the insured fails to pay his premiums other than monthly premium modes then a grace period of 30 days is allowed, failure to which policy is subject to lapse.

Policy Termination or Surrender Benefit: If the insured feels he is not satisfied with his plan then he can surrender it after completing 3 years with his plan by paying all the premiums. Surrender value shall be higher of the Special Surrender Value or Guaranteed Surrender Value.

Where, Guaranteed Surrender Value shall be a calculated percentage of the premiums paid excluding Guaranteed Cashbacks. Premiums shall be less the additional rider premiums or any other premiums.

Free Look Period: In case the insured is not satisfied with his plan benefits and features or then terms and conditions then he is free to return his plan within 125 days of receiving it, given that no claims are received yet.

Inclusions

  • The insured get to avail loan of upto 80% of the Surrender value

Additional Features or Riders

  • Discounted premiums on higher sum assured coverage.
  • Rider Covers: Below are the rider options available under the plan options:
    • Accidental Permanent / Partial Disability Rider
    • Critical Illness Rider
    • Family Income Rider
    • Waiver of Premium Rider
    • Accidental Death Rider

Exclusions

  • Suicide: In case the insured dies by committing suicide within the first year since inception, then 80% of the premiums are paid to the beneficiaries. In case the insured commits suicide within first year of plan renewal then 80% of the premiums paid or Acquired surrender value is paid.

Documents Required

The documents that are required to get insured under Bajaj Allianz Life Long Assure Plan are mentioned below:

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

**Documents required are a subject to the plan options and the cover options.

You may also compare: Bajaj Allianz Pension Plans

Frequently Asked Questions: 

Q.  What is the Interim Cash Bonus?

The interim cash bonus is paid to the insured or his nominees in case the insured dies or the plan matures during the inter valuation dates. 

Q.  How is the prohibition of rebates applicable?

The probation of rebates are applicable Under Section 41 of Insurance Act 1938, where no insured individual is allowed to forward either directly or indirectly as an offering to renew the plan or enjoy benefits or continue the plan. Any individual found making defaults in this section of the insurance plan is punishable and can be fined under laws which may vary upto Rs 10, 00, 000. 

Q.  Under what conditions is the policy terminated?

The plan is subject to terminate on its own on either of the following conditions:

  • Paying the early termination value.
  • Complete surrender of the plan
  • At the end of the renewal period, if the premiums aren’t paid on time within the first 3 plan years.
  • On intimation of the death of the insured
  • On maturity
  • On foreclosure of the plan 

Q.  What happens in case of premium payment failure? 

If the insured fails to pay his premiums in the first 3 years then, his plan is subject to terminate after the grace period. If the insured has paid atleast 3 years since inception and stops paying hence forth, then,

  • His plan shall be converted to paid up policy with reduced sum assured amount.
  • The death and maturity benefits, in case the insured discontinue to pay his premiums after 3 years, then sum assured is subject to be reduced as per below:
    • For a premium payment term 10 years, 200% of the reduced sum assured
    • For a premium payment term 15 years, 250% of the reduced sum assured
    • For a premium payment term 20 years, 300% of the reduced sum assured 
  • If the insured has paid his premiums for atleast 5 years, then he is eligible to enjoy Guaranteed Cash Back + Cash Bonus, if any applicable. 

Note: The insured can renew his plan during his renewal period which is in force since the first unpaid premium date. 

Q.  What are the requirements to renew my plan?

If the plan lapses due to failure of premium payment, then the insured can renew under following conditions:

  • The insured applies to renew his plan within 2 years from the date of first unpaid premium due date.
  • Payment of all the due premium with the interest as applicable by the company.
  • Agreeable proof of sound medical state is presented.
  • Reason for renewal of the plan shall be different from the ones which were applicable before it lapsed.
  • Plan shall come in force again on sending prior notice to the company
  • Request to renew the plan can be cancelled by the company as per company board policies.
  • The unpaid and due Guaranteed Cash Back and Cash Bonus as on the date of renewal shall be paid immediately.