Bajaj Allianz Cash Assure Plan is a non-linked, participating, limited premium individual money back scheme that provides regular payouts to the life assured. The plan provides a Guaranteed Money Back of up to 150% of the sum assured, based on the chosen policy term. The plan offers the choice of 4 policy terms, i.e., 16, 20, 24, or 28 years. Customers can benefit from a short premium payment term and can avail a high sum assured rebate if they choose larger coverage. The insurer also offers special rates to female customers who purchase the policy.
In order to be able to buy the Bajaj Allianz Cash Assure Plan, a customer needs to fulfill certain eligibility criteria. These conditions depend on the age of the customer and the number of years he/she would like to be insured for. These details are shown in the table below:
|Minimum Entry Age||0 years|
|Maximum Entry Age||54 years|
|Minimum Maturity Age||18 years|
|Maximum Maturity Age||70 years|
|Policy Term||Choice of 16, 20, 24, or 28 years|
|Premium Payment Term||Policy term minus 5 years|
The Bajaj Allianz Cash Assure Plan offers various benefits, such as Maturity Benefit, Death Benefit, Surrender Benefit, etc. The minimum sum assured under the plan is Rs.1 lakh, while the maximum sum assured is subject to underwriting guidelines.
The policyholder will have to pay premiums at intervals decided at the commencement of the policy. The minimum premium amount and payment frequencies are detailed below:
*The monthly mode of premium payment is only allowed under ECS and salary deduction scheme.
The maximum premium varies based on the chosen sum assured.
The Bajaj Allianz Cash Assure Plan works in the following manner:
|Survival and Maturity Benefit||
If the policyholder has paid all the premiums, he/she will receive the Survival Benefit as money backs on the due dates selected. The Maturity Benefit will be paid out on the policy maturity date, i.e., the end of the policy term.
For policy term of 16 years,
If the life assured faces death during the policy term, subject to all premiums being paid, the Sum Assured at Death plus the vested bonus plus interim bonus plus terminal bonus will be paid as the Death Benefit. This is subject to a minimum of 105% of the total premiums paid. The Sum Assured at Death is the highest amount among the following:
|Additional Rider Benefit||
The life assured can avail extra coverage under the policy by purchasing optional riders from the insurer. The riders that can be used to enhance the Bajaj Allianz Cash Assure Plan are the following:
If the life assured commits suicide during the policy tenure, irrespective of whether he/she was sane or not, the liability of Bajaj Allianz is limited to the following:
The salient features of the Bajaj Allianz Cash Assure Plan are described below:
The policyholder has the option to surrender the policy anytime during the tenure, as long as the premiums for 3 years have been paid. The surrender value is the highest amount among the following:
|High Sum Assured Rebate||The Bajaj Allianz Cash Assure Plan offers a discount in premium for selecting a high sum assured. The discount is an amount of Rs.4.50 for each additional Rs.1000 sum assured over and above the minimum sum assured value of Rs.1 lakh.|
|Option to alter premium payment frequency||The plan enables customers to change the premium payment frequency at any policy anniversary. This is, however, subject to the requested frequency being available and the fulfillment of the minimum modal premium criteria.|
|Discontinuance of premiums||
|Policy loan||A policyholder can avail a loan under the plan if it has acquired a surrender value. The loan amount is up to 60% of the surrender value. In the event of policy maturity, surrender, or death, the outstanding loan amount and interest will be deducted from the maturity, survival, surrender, or death benefit, as applicable. The interest rate on the loan will be decided by the insurer, and it changes from time to time|
If the policy is in paid-up or lapsed status, the policyholder can revive it, subject to the following conditions:
If the policyholder has taken a loan against the plan, and the outstanding loan plus interest exceeds the policy surrender value, the insurance company will inform him/her of the same. The policyholder will have to pay the outstanding loan and interest to the insurer.
The policy will terminate automatically in any of the following events:
|Grace Period||If the policyholder has failed to make premium payments by the due date, he/she will be allowed a grace period of 30 days for premium payment frequencies other than monthly. If the policy has a monthly frequency of premium payment, the grace period is 15 days. The policyholder can pay the premiums within the grace period and reinstate the policy benefits. If the life assured faces death during the grace period, the death benefit is paid out. This amount is equal to the sum assured under the plan minus the outstanding premiums.|
|Free-Look Period||Once the policyholder receives the policy documentation, he/she can review the terms and conditions therein. If he/she disagrees with these terms, the policy can be returned back to the insurer within the free-look period of 15 days, stating relevant reasons. The free-look period for policies that were bought through distance marketing is 30 days. The policyholder will receive a refund of all the paid premiums minus the expenses incurred by Bajaj Allianz on stamp duty and medical examination.|
Tax rules are subject to change from time to time. So, it is advisable to get in touch with a tax consultant to understand the latest provisions, before investing.
Bajaj Allianz Life Insurance Company Ltd. has an online customer portal where policyholders can login and access policy details easily. Customers can also renew policies through the insurer’s website. Payments for the same can be done in the following ways:
|Credit Cards||Maestro, Visa, MasterCard, American Express, and Diners Club cards are accepted|
|Debit Cards||Maestro, Visa, MasterCard, and RuPay cards are accepted|
|Bill Junction||Customers can register at Bill Junction and authorise their premium payments online|
|Netbanking||Customers can use the Netbanking facility at their banks’ website to pay insurance premiums|
|e-Wallets||Premiums can be paid through e-Wallets like Airtel Money, PayCash, Jio Money, iCashCard, ITZCash, Oxigen, and Idea Money|
A customer can use the online chat facility to contact a customer care representative from the company. This channel can be used for clarification of queries and resolution of issues. Bajaj Allianz also offers the SMS Support facility through which a callback can be requested by the customer. An associate from the customer service team would then contact the customer at his/her registered number. A callback can also be requested for through the insurer’s website.
Bajaj Allianz Life Insurance Company Ltd.is a leading insurance solutions provider in India. The company boasts of global expertise and local experience in the insurance domain. The insurance solutions offered by the company are configured using in-depth market knowledge and technical expertise. The insurance company is notable for its competitively priced products and quick turnaround time for resolution of issues. Bajaj Allianz has grown to the level of a prominent insurance provider in the country within a short interval.
The suite of insurance solutions from Bajaj Allianz cater to various segments and insurance needs of customers. The plans range from Unit Linked Insurance Products to child plans, group insurance to health policies. The company has also been actively focussing on the penetration of insurance into the rural markets.
The claim settlement ratio of Bajaj Allianz was a competitive 98.07% for the financial year 2015-16. The ratio for individual products is 91.3%, while that for group products is 98.87%. The company has been honoured with multiple awards for their marketing initiatives, technological innovations, and customer service excellence.
If a claim is not settled by the insurer within 30 days, the beneficiary is paid an interest of 10.5% for the delay experienced each day. The company also settles 96.82% of all claims through direct electronic transfer, hence, ensuring that the payouts are made in a timely manner.
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