Bajaj Allianz Save Assure Plan

Bajaj Allianz Save Assure is a traditional endowment insurance plan which is designed to create wealth through savings and also provide life insurance coverage.

Bajaj Allianz Save Assure - Key Features

  • Non-Participating Traditional Endowment Plan
  • Limited Premium Payment Term
  • Discounted Premiums on Higher Sum Assured
  • Guaranteed Death Benefits
  • Guaranteed Maturity Benefits
  • Lump Sum or Monthly Installment

Bajaj Allianz Save Assure - Benefits

  • Death Benefits: In case of death of the insured, 115% of the Sum Assured is paid to the nominee
  • Maturity Benefits: On survival till the date of maturity, 115% of the Sum Assured is paid to the policyholder. The insured can choose to avail his maturity benefits in installments within a period of 5 or 10 years.
  • Tax Benefits: All the claims received and premiums paid for this plan are eligible for tax deductions Under Section 80C and 10(10D) of Income Tax Act.

Bajaj Allianz Save Assure - Product Specification:

Product Name

Entry Age

Maturity Age

Policy Term

Premium Paying Term

Premium Paying Frequency

Sum Assured

Bajaj Allianz Save Assure

1 / 60 years

18 / 75 years

15 , 17 years

5 years

Monthly, Quarterly, Half - Yearly, Annual

Rs 1, 00, 000 / No Limit

 

Bajaj Allianz Save Assure - Policy Details

Grace Period: If the insured fails to pay his monthly premiums by his premium due date then he is allowed a 15 days grace period for paying his premiums and a 30 days grace period for other premium payment modes.

Policy Termination or Surrender Benefit: On completion of 3 years with Save Assure plan, a surrender value gets enabled. The insured can cancel his plan anytime after 3 years of complete premium payment with a surrender value, given that all premiums have been paid.

Surrender Value =

Higher of,

Guaranteed Surrender Value = % of all Premiums paid

Or, Special Surrender Value = Reduced Sum Assured x Special Surrender Value Factor

Free Look Period: If the insured is not satisfied with his insurance plan, then he is free to cancel it within 15 days of policy inception, given that no claims have been made so far.

Inclusions

Loan Benefits: The insured can avail loan benefits under this plan up to 90% of the surrender value, given that 3 full years of premiums have been paid.

Additional Features or Riders

  • Discounted premiums for higher covers.
  • Flexible premium payment frequency.

Exclusions

Suicide: If the insured commits suicide within 12 months since inception, 80% of the premiums will be paid to his beneficiaries. And, if the insured commits suicide, within 12 months of the renewal of the plan, then, the nominees shall be paid the higher of 80% of the premiums and Acquired Surrender Value.

Bajaj Allianz Save Assure - Documents Required

Below are the documents which are required to be insured under Bajaj Allianz Save 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.

You may also like to read: Bajaj Allianz Investment Plans

Written By: PolicyBazaar - Updated: 19 March 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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