Bajaj Allianz Life Bima Dhan Suraksha Yojana Plan

Bajaj Allianz is one of the most popular insurance providers in India and offers a wide range of Insurance products ranging from health insurance to travel insurance, life insurance, car insurance and more. The general insurance provider is mostly known for its life insurance products, as these products rank high in flexibility and benefits. There are several life insurance products that customers can choose from, each of them embedded with their own unique benefits and features.

 

The Bajaj Allianz Life Bima Dhan Suraksha Yojana is one such popular insurance policy offered by Bajaj Allianz. The plan comes loaded with a host of features that make for perhaps the ideal life insurance policy. Let us take a look at what the plan has to offer and what you can expect to receive from the plan:

Eligibility -Who is the Bajaj Allianz Dhan Suraksha Yojana for?

Following are the eligibility conditions for the Bajaj Allianz Dhan Suraksha Yojana:

• Minimum age at entry: 18 years
• Maximum age at entry: 60 years
• Maximum age at maturity: 70 years
• Minimum Single Premium: Rs. 5,000

Sum Assured and Premium Range - What you get and what it costs?

The sum assured in the event of the policyholder’s death is dependent on the policy term.

• For a policy term of 10 years or less than 10 years, the sum assured is equivalent to 5 or 10 times the annualised premium.
• Sum assured on death can also be equivalent to 105% of the premiums paid.

Table indicating premium payments and sum assured (Details are for Maximum Premium)

For Regular Premium:

Entry Age	Regular Premium (Policy term of 5 years or 7 years)		Regular Premium (Policy Term of 10 years)
	Yearly	Monthly	Yearly	Monthly
18 years to 35 years	Rs. 6,000	Rs. 500	Rs. 5,714	Rs. 476
36 years to 60 years	Rs. 6,000	Rs. 500	Rs. 6,000	Rs. 500

For Single Premium:

Entry Age	Single Premium (Policy term of 5 years)		Single Premium (Policy Term of 7 years)		Regular Premium (Policy Term of 10 years)
	Yearly	Monthly	Yearly	Monthly	Yearly	Monthly
18 years to 35 years	Rs. 18,180	NA	Rs. 17,390	NA	Rs. 16,665	NA
36 years to 60 years	Rs. 25,000	NA	Rs. 25,000	NA	Rs. 25,000	NA

Table for Sum Assured under different premium plans:

For Regular Premium:

Entry Age	5 year term	7 year term	10 year term
18 years to 35 years	15xAP	20xAP	35xAP
36 years to 45 years	10xAP	15xAP	20xAP
46 years to 55 years	6xAP	8XAP	12xAP
56 years to 60 years	5xAP	7XAP	10xAP

For Single Premium:

Entry Age	5 year term	7 year term	10 year term
18 years to 35 years	11xSP	11.5xSP	12xSP
36 years to 45 years	6xSP	6.5xSP	6.5xAP
46 years to 55 years	3xSP	3XSP	3xSP
56 years to 60 years	2xSP	2XSP	2xSP

*Premiums vary based on age, location, plan term and other factors

Plan Coverage - What the Bajaj Allianz Bima Dhan Yojana covers?

Maturity Benefit

As a Micro Term Insurance policy, the Bajaj Allianz Dhan Suraksha Yojana offers a maturity benefit at the end of the policy term. The maturity benefit under the policy is equivalent to 100% of the total premiums paid.

Death Benefit

The Bima Dhan Suraksha Yojana offers a death benefit that is higher of: For Regular Premium Option The sum assured under the plan 5 to 10 times the annualised premium (this is in case the policy period is less than 10 years) 105% of the total premiums paid For the Single Premium Option: Sum assured under the policy 110% to 125% of the premiums paid i.e. for ages lesser than 45 years and equal to or greater than 45 years respectively. An amount equivalent to the minimum sum assured at the time of the policy’s maturity.

Exclusions - What the Bajaj Allianz Bima Dhan Suraksha Yojana doesn’t cover?

The policy excludes death by way of suicide. If the policyholder were to commit suicide,

• 80% of the paid premiums will be paid out to the policyholder’s nominee - this is if the suicide occurs within 12 months from the purchase of the policy.
• 80% of the premiums or surrender value at the time of death will be paid-out if death were to occur within 12 months from the revival date.

Other key features of the Bajaj Allianz Bima Dhan Suraksha Yojana:

Following are some other key features about the Micro Term Insurance Policy:

Policy Surrender	The policyholder can surrender the policy after the policy has attained its paid-up value. In case of a regular premium policy, the policy can be surrendered when the one year has after the premium payment has passed. In case of a single premium policy, the policy can be surrendered at any time, after the first premium is paid.
Loan against policy	If the insurance policy has attained surrender value, you can avail a loan equivalent to 70% of the surrender value. If death of the policyholder were to occur, the outstanding loan amount under the availed loan and applicable interest charges will be deducted before the benefit amount is paid to the policyholder’s nominee.
Policy Revival	You can revive your policy within two years from the last premium payment due date. You will be given a grace period to pay your premium - 30 days from the date of receipt of notification indicating failure of premium payment.
Foreclosure	If you have availed a loan against the policy and your loan interest, along with the loan outstanding amount, exceeds the policy’s surrender value, your policy, if still active, will continue. However, if it is paid-up, it will be foreclosed and benefits under your policy will no longer be payable under these circumstances.

Other Benefits - How can you save with the Bajaj Allianz Bima Dhan Suraksha Yojana?

• The Bima Dhan Suraksha Yojana offers you with a death cover – your nominee will receive a certain amount (sum assured) according to the policy plan in the event of your unexpected demise.
• The Bima Dhan Suraksha Yojana is a micro term insurance plan and you get back an amount equivalent to the value of your premiums paid after the policy matures. This certainly accumulates as a good amount of savings at the end of the policy period.
• The plan is perhaps the ideal plan for your family. You can cover yourself and up to 3 dependents. More the people you wish to cover, more the premium that needs to be paid. You can save on tax under Section 80C by paying your premiums.
• As a potential customer, the Bima Dhan Suraksha Yojana gives you the option of choosing your term. Term options are 7 years, 10 years and 5 years. An amount equivalent to the premium will be paid after the term period. Depending on your choice of term, you can accordingly decide on your savings.
• As such, Customers will receive a guaranteed payout after the policy matures. Also, in the event of the policyholder’s unfortunate demise, the nominee will receive guaranteed payout of the amount as decided during the purchase of the policy.

Tax Benefits under the Policy:

The following are the tax benefits that the policyholder can enjoy under the policy:

• Tax benefits on premium payments under Section 80C of the Indian Income Tax Act, 1961
• Maturity and death benefit proceeds under section 10(10D) of the Indian Income Tax Act, 1961.

Proof of payments and returns need to be indicated while filing one’s tax returns.

Why choose a Policy from Bajaj Allianz Dhan Suraksha Yojana?

• The Bajaj Allianz Bima Dhan Suraksha Yojana is perhaps the ideal micro term insurance plan that offers death benefits as well as maturity benefits. Unlike other term policies that offer only death benefits, the micro term policy offers both benefits under a single plan.
• Maturity benefits accrued through the policy can help address long term financial commitments.
• The policy provides tax benefits under certain Sections of the Income Tax Act, 1961.
• As a policyholder, you can cover both yourself and your family under the plan.