The Bima Sanchay Yojana is a micro variable life insurance plan offered by Bajaj Allianz focusing on providing financial protection in an event of unfortunate circumstances at reasonable prices. The premiums under this plan are as low as Rs.1,800 and policyholders will benefit with tax returns according to the income tax laws.
This plan is the combination of life insurance and savings plan with Guaranteed Investment Returns (GIR) as well as Additional Investment Returns (AIR). Policyholders will also have the option to partially withdraw from their policy in an event of financial emergency.
In order to apply for this life insurance policy, applicants have to meet certain eligibility criteria. The following criteria have to be met to apply for the Life Bima Sanchay Yojana policy:
|Minimum Entry Age||18 years old|
|Maximum Entry Age||55 years old|
|Maturity Age||65 years old|
|Policy term||Choice of 10 years and 15 years|
The following Sum Assured will be provided according to age and policy term:
|Premium Term||Single Premium Term||Regular Term and Limited Term|
|Below 45 years||1.25 times the Single Premium||10 times the Annual Premium|
|45 years and above||1.1 times the Single Premium||7 times the Annual Premium|
Note: The Sum Assured per life assured under any given policy is limited to a maximum of Rs.2 lakh.
Premium refers to the amount that needs to be paid in order to avail a certain policy. Under the Life Bima Sanchay Yojana, the following premiums are applicable:
|Premium Option/Amount||Regular Term||Limited Term||Single Term|
Note: Premiums are allowed in multiples of Rs.100 only.
For the Regular Term and Limited Term policies, the premiums shall be paid on a yearly basis.
Disclaimer: Premiums vary based on age, location, plan term and other factors.
This plan offers both Maturity Benefit as well as Death Benefit. If the life assured survives until the policy term ends, they will receive a Policy Account Value (PAV) when the policy matures.
Death Benefit is applicable in case the life assured passes away on account of an unfortunate circumstance before the policy term ends. A benefit higher than the Sum Assured + Policy Account Value will be paid after Bajaj Allianz has been intimated regarding the life assured’s death.
|Maturity Benefit||The maturity benefit that is payable is subject to a minimum value of 100.1% of the life assured’s total premium paid minus any partial withdrawals made during the term of the policy.|
|Death Benefit||This policy offers a Guaranteed Death Benefit which is 105% of the premiums paid until the untimely death of the life assured.|
In an event of suicide of the life assured within a year from the commencement date of the policy or the most recent revival date of the policy, the PAV offered by Bajaj Allianz will be limited. Furthermore, the death benefit offered under the policy will also cover the GIR as well as the AIR that have been credited or any charges that have been recovered after the death of the life assured.
Bajaj Allianz offers certain additional features to policyholders under the Bima Sanchay Yojana policy. Additional key features under this policy include the following:
|Partial Withdrawals||Partial withdrawals can be made under this policy starting from the 5th policy year and are subject to:
|Surrender||Policyholders can surrender their policies at any time.
|Premium Discontinuance||During the lock-in period of 5 years:
|Revival||A policyholder can revive their policy if:
|Policy Termination||A policy will be terminated under the following circumstances:
|Grace Period||30 days|
|Free Look Period||
Bajaj Allianz offers a comprehensive range of services to customers via phone, email and online on their website that includes:
Bajaj Allianz is renowned for its customer centric policies. For the Financial Year 2016-17, Bajaj Allianz had a claim settlement ratio of 99.16% in private life insurance, the highest ratio the company has had. This won the insurer, the “Claims Initiative of the Year” Award at Golden Globes Tigers Award in 2017. It hinges greatly on the direct electronic transfer mode through which claims are settled, thereby reducing any delays.
In an event that a claim has not been settled within a period of 30 day, Bajaj Allianz pays its policyholders 10.5% daily interest for the delay in settlement.
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