Terms & Conditions
  • *T&C Applied. Returns guaranteed by the Insurer as per the Insurance Plans.
  • **Returns guaranteed by the insurer
  • *** Tax adjusted Returns - assuming 30% tax bracket

Bajaj Allianz Save Assure Plan

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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.


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.


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

Frequently Asked Questions: 

Q. What are the conditions for renewal of the plan?

The insured may renew his plan after discontinuing to pay his premiums, under the following conditions:

  • The renewal request is made within 2 years from the due date of first premium due date before plan maturity.
  • All the premiums due and the interests applicable, are duly paid by the insured.
  • Agreeable proof of sound health is given by the insured at his own expenses
  • The reason to renew the plan can be different from the reasons when plan got lapsed or became paid up, based on the current underwriting by the company board.
  • The company has the rights to reject the renewal application, under current guidelines approved by the company board. 

Q. What are the conditions for termination of the plan?

The plan automatically gets terminated, immediately after the occurrence of any of the below events:

  • Payment of premature termination value
  • On Policy Surrender
  • At renewal period end, if the premiums have not been paid during the first 3 plan years.
  • On the date of foreclosure of the plan, if any loan is taken under the plan.
  • On Maturity 

Q. What if the insured dies within the grace period?

If the insured dies within the grace period, then, death benefits under the plan shall be payable which is the complete sum assured after making applicable deductions of the premiums due.

If the insured fails to pay his premiums by the due date given, then, he is allowed a grace period of 30 days for any premium payment mode other than monthly, as monthly premium payment modes have 15 days grace period. 

Q. What is the early termination value?

If the insured has paid at least 1 year of premiums completely, but 3 full year’s of premiums have not been paid, then the early termination value shall be applicable. In case of early termination of the plan by the insured or in case of premium non-payment during this period, below shall be the Early Termination to be paid:

  • On payment of 1 full years premium, Early Termination Value shall be 11% of the premiums paid till date.
  • On payment of 2 full years premium, Early Termination Value shall be 15% of the premiums paid till date. 

Note: The premiums which are considered for calculations are excluding the additional premiums or any service tax on the premiums.

The early termination value shall be paid for sending prior termination request by the policyholder, death or end of the renewal period, whichever is earlier. 

Q. What happens on the failure of premium payment?

  • On failure of premium payment for 3 years, then, the policy is subject to lapse immediately after the expiry of the grace period.
  • If the insured has paid his premiums for 3 years continuously, and subsequently stops paying thereafter, then his policy shall immediately convert into a paid-up policy, under which the assured sum amount will reduce into Reduced Sum Assured.
fixed deposit with life cover
Written By: PolicyBazaar - Updated: 27 October 2016