• Bajaj Allianz Cash Assure Plan- Money Back Policy

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility - Who is the Bajaj Allianz Cash Assure Plan for?

    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:

    Parameter Eligibility
    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

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

    Sum Assured:

    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.

    Premium:

    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:

    Policy Term Yearly Half-Yearly Quarterly Monthly*
    16 years Rs.9,000 Rs.5,000 Rs.3,000 Rs.900
    20 years Rs.8,000 Rs.4,500 Rs.2,500 Rs.800
    24 years Rs.7,000 Rs.4,000 Rs.2,300 Rs.700
    28 years Rs.6,500 Rs.3,500 Rs.2,000 Rs.650

    *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.

    Plan Coverage - What the Bajaj Allianz Cash Assure Plan covers?

    The Bajaj Allianz Cash Assure Plan works in the following manner:

    • The customer chooses the sum assured.
    • The policy term is selected next based on the customer’s insurance requirements. The policy term will also determine the money backs that the customer is liable to receive, and the intervals for the same.
    • The premium payment frequency is determined next.
    • The premium is based on the age of the customer, gender, sum assured, premium payment frequency, and policy term.
    • The coverage of the Bajaj Allianz Cash Assure Plan is as detailed below:
    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,
    • The Money Back amount is 15% of the sum assured.
    • The Maturity Benefit is 60% of the sum assured plus vested bonus plus terminal bonus.
    • The first money back is paid at the end of 4 policy years.
    • The second money back is paid at the end of 8 policy years.
    • The third money back is paid at the end of 12 policy years.
    For policy term of 20 years,
    • The Money Back amount is 20% of the sum assured.
    • The Maturity Benefit is 60% of the sum assured plus vested bonus plus terminal bonus.
    • The first money back is paid at the end of 5 policy years.
    • The second money back is paid at the end of 10 policy years.
    • The third money back is paid at the end of 15 policy years.
    For policy term of 24 years,
    • The Money Back amount is 25% of the sum assured.
    • The Maturity Benefit is 60% of the sum assured plus vested bonus plus terminal bonus.
    • The first money back is paid at the end of 6 policy years.
    • The second money back is paid at the end of 12 policy years.
    • The third money back is paid at the end of 18 policy years.
    For policy term of 28 years,
    • The Money Back amount is 30% of the sum assured.
    • The Maturity Benefit is 60% of the sum assured plus vested bonus plus terminal bonus.
    • The first money back is paid at the end of 7 policy years.
    • The second money back is paid at the end of 14 policy years.
    • The third money back is paid at the end of 21 policy years.
    Death Benefit 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:
    • 10 times the annualised premium
    • Sum assured
    The policy terminates when the insurer is informed about the death of the life assured.
    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:
    • Bajaj Allianz Accidental Death Benefit Rider
    • Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider
    • Bajaj Allianz Critical Illness Benefit Rider
    • Bajaj Allianz Family Income Benefit Rider
    • Bajaj Allianz Waiver of Premium Benefit Rider

    Exclusions - What the Bajaj Allianz Cash Assure Plan doesn’t cover?

    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:

    • If the date of suicide is 1 year from the risk commencement date, 80% of the paid premium is offered to the nominee.
    • If the date of suicide is 1 year from the date of last policy revival, the higher amount among the following is paid:
      • 80% of the paid premiums minus the survival benefits paid till death
      • Surrender value of the policy as on the date of death

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    The salient features of the Bajaj Allianz Cash Assure Plan are described below:

    Surrender Benefit 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:
    • Guaranteed Surrender Value (GSV)
    • Special Surrender Value (SSV)
    The GSV is a guaranteed amount throughout the term of the policy. SSV is not a guaranteed benefit and may change from time to time. Once the surrender value is paid out the policy terminates.
    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
    1. If the policyholder has not paid the premiums for at least 3 years, then the policy will move into the lapsed status at the end of the grace period. Also, the benefits under the plan will not be paid.
      2. If the life assured dies during the grace period, the death benefit is payable. This benefit will be equivalent to the full sum assured minus the outstanding premiums.
    2. If the policyholder has paid the premiums for 3 years and discontinued the payment thereafter, then the policy will be made paid-up when the grace period ends.
      1. All the original benefits under the plan will cease to exist.
      2. The sum assured and Sum Assured at Death under the policy will be decreased to the Paid-Up Sum Assured and Paid-Up Sum Assured at Death.
      3. The accrued vested bonus will remain attached to the policy, and the policy will not accrue any further bonuses.
      4. The Death Benefit will be the Paid-Up Sum Assured at Death plus the vested bonus. The Maturity Benefit will be the Paid-Up Sum Assured plus the vested bonus.
    3. It is possible to revive a lapsed or paid-up policy during the revival period.
    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
    Policy revival If the policy is in paid-up or lapsed status, the policyholder can revive it, subject to the following conditions:
    • The revival application is made within 2 years from the premium due date and before the policy maturity date.
    • All unpaid premiums and corresponding interest are paid to the insurer.
    • The life assured produces evidence of good health and continued insurance.
    The policy revival may be based on terms that differ from those applicable before the policy became paid-up or lapsed. The insurance company will communicate the details of the revival to the policyholder before it takes effect. Bajaj Allianz may choose to refuse the policy revival, based on underwriting guidelines.
    Foreclosure 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.
    • If the policy is in-force, it will continue without any changes.
    • If the policy is in paid-up status, it will be foreclosed at the end of the 30 days’ notice period. The surrender value will be adjusted against the outstanding loan and interest. No further benefits will be payable following that.
    Termination The policy will terminate automatically in any of the following events:
    • Payment of the surrender value.
    • For a lapsed policy, expiry of the revival period from the due date of the unpaid premium.
    • When the insurance company receives the intimation of death and the claim amount is paid out.
    • On the date of foreclosure, if a loan is taken under the policy that is in paid-up status.
    • On the date of policy maturity.
    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 Benefits – How you can save with the Bajaj Allianz Cash Assure Plan?

    • All premiums that the policyholder pays towards the Bajaj Allianz Cash Assure Plan are eligible for tax rebates under Section 80C of the Income Tax Act.
    • The policy benefits are also eligible for tax rebates under Section 10(10D) of the Income Tax Act.

    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.

    Other Benefits – How you can save with the Bajaj Allianz Cash Assure Plan?

    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.

    Why you should buy the Bajaj Allianz Cash Assure Plan from Bajaj Allianz?

    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.

    • Bajaj Allianz received the ABP News award in 2016 for the “Best Life Insurance Company in the Private Sector”.
    • The Economic Times conferred the “Best Corporate Brand 2016” award to the insurer as well.
    • Bajaj Allianz was honoured for excellence in Direct Benefit Transfer with the ASSOCHAM Awards on ICT for Development 2015.
    • It also received the “Financial Inclusion and Deepening Award 2015” by SKOCH in 5 categories for the 4th consecutive year.

    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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