• Bajaj Allianz CSC Bachat Plus Plan

    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 CSC Bachat Plus Plan is a variable insurance product that protects the customer and his/her family from financial emergencies in life. The plan is available at an affordable price at Common Service Centres (CSCs). One of the key features of the plan is the Guaranteed Interest Rate that it offers. There is also an option for partial withdrawals from the policy that can be of immense help to the policyholder in the face of emergencies. The plan can be purchased at an annual premium starting from Rs.1,800. The policy also offers attractive tax benefits to the customer.

    Eligibility - Who is the Bajaj Allianz CSC Bachat Plus Plan for?

    A customer has to fulfill certain eligibility criteria set by the insurer to be able to purchase the Bajaj Allianz CSC Bachat Plus Plan. These conditions are based on the age of the customer and the number of years of insurance that he/she would like to avail. These details are as shown in the table below:

    Parameter Eligibility
    Minimum Entry Age 14 years
    Maximum Entry Age 55 years
    Maximum Maturity Age 65 years
    Policy Term 10 years, 15 years
    Premium Payment Term Equal to policy term

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

    Sum Assured:

    The policy offers various benefits such as Maturity Benefit, Death Benefit, Surrender Benefit, etc. The total sum assured that an individual policyholder can avail under all policies taken under the plan is a maximum of Rs.2 lakh.


    The policyholder is required to pay regular premiums at specific intervals, chosen at the inception of the policy. The premium amount and payment frequencies are as shown below:

    Parameter Regular Premium
    Yearly Half-yearly Quarterly Monthly*
    Minimum Premium (Rs.) 1,800 900 450 150
    Maximum Premium (Rs.) 20,000 10,000 5,000 1,665

    *The monthly mode of premium payment is only allowed under ECS and salary deduction scheme.

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

    Plan Coverage - What the Bajaj Allianz CSC Bachat Plus Plan Covers?

    The plan works in the following manner:

    • A Policy Account (PA) is opened for the customer at the inception of the policy.
    • The regular premium paid by the policyholder minus the premium allocation charge and service taxes will be the balance in the Policy Account.
    • Each month, the mortality charge will also be deducted from the PA balance.
    • The insurer offers a Guaranteed Interest Rate (GIR) of 1% per annum on the PA balance.
    • An Additional Interest Rate (AIR) will also be credited at the beginning of each quarter in a calendar year. For the first 5 policy years, the AIR is 4% per annum. The AIR will reduce to 0.5% per annum, following that.
    • Non-zero positive residual additions may also be credited to the PA.
    • The coverage of the Bajaj Allianz CSC Bachat Plus Plan is as detailed below:
    Maturity Benefit On the date of policy maturity, the benefit payable is the Policy Account Value. The Maturity Benefit is subject to the total paid premiums minus the sum of all withdrawals, compounded at 1% per annum till the date of maturity.
    Death Benefit In the event of death of the life assured during the policy tenure, the benefit payable is the highest amount among the following:
    • Policy Account Value
    • Sum Assured at Death
    The Sum Assured at Death is the higher of:
    • The sum assured
    • 105% of the total paid premiums till death
    • Total paid premiums compounded at 1% per annum

    Exclusions - What the Bajaj Allianz CSC Bachat Plus Plan doesn’t Cover?

    Suicide Exclusion - Within one year from the commencement of the policy, if the life assured commits suicide, the insurer’s liability will be limited to the extent of the Policy Account Value, as on the date of death. Any charges that are recovered after the date of death will be paid to the nominee with the death benefit.

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

    The salient features of the Bajaj Allianz CSC Bachat Plus Plan are described below:

    Surrender Benefit The policyholder can surrender the policy at any time.
    • If the policy is surrendered during the lock-in period of 5 years, the Policy Account Value at the end of this period will be paid out as surrender value.
    • If the policy is surrendered after the lock-in period of 5 years, the surrender value is the Policy Account Value as on the surrender date.
    Once the surrender value is paid out, the policy terminates.
    Change in premium payment frequency At the policy anniversary, the life assured can choose to alter the premium payment frequency, if required. This is subject to the requested and existing frequencies being aligned and available for the shift. It also depends on the minimal modal premium value.
    Partial Withdrawal After the fifth policy anniversary, the policyholder can make partial withdrawals from the policy. This is, however, subject to the following conditions:
    • Partial withdrawal is allowed only if the policy is in-force.
    • Following the partial withdrawal, the Policy Account Value should not be less than 3 times the annualised regular premium.
    • The minimum amount for partial withdrawal is Rs.1,000. The maximum amount is 25% of the PAV in any policy year.
    • A partial withdrawal is not possible if the policy contract terminates as a result of the withdrawal.
    • Bajaj Allianz may vary the partial withdrawal amount limits from time to time, based on approval from the IRDAI. A written notice will be provided for the same, 3 months in advance.
    Free-look period If the customer is not satisfied with the terms and conditions mentioned in the policy documentation, he/she can choose to return the policy back to Bajaj Allianz within 15 days. The customer is required to cite the reasons for the objection. The insurer will then return the Policy Account Value and the premium allocation charge as on the cancellation date. Stamp duty charges will be deducted as applicable.
    Grace Period The grace period offered by the plan is 30 days for all premium payment modes.
    Discontinuance of premium If the premium is discontinued during the first 5 years of the policy, and is not paid within 2 years (i.e., revival period), then the amount payable at the end of 5 years is the balance in the Policy Account (as at the end of 5 years or the revival period, whichever is later). Following the payout, the policy terminates.
    • The policy will not be considered as discontinued if the policyholder faces death.
    • Once the grace period has expired, the policy will move into lapsed status.
    • In the event of death during the lock-in period, the Policy Account Value is paid to the nominee.
    • GIR and AIR will continue to be credited. Non-zero positive residual additions cease to be applicable.
    • When the discontinued policy is revived, the life cover is restored if all due premiums are paid. Premium allocation charges and mortality charges will be levied accordingly.
    If the premium is discontinued after 5 years of the policy,
    • The policy continues with life cover till the end of the revival period of 2 years. All benefits under the policy continue as usual.
    • If the policy is not revived during the revival period, then it is converted into paid-up status, immediately at the end of the revival period.
      • Paid-up Sum Assured at Death is calculated as follows:
    Paid-up Sum Assured at Death = (Sum Assured at Death) * (Total paid premiums) / (Total premiums payable)
    • If the policyholder dies after the revival period, the payout is the higher of the Paid-up Sum Assured at Death and the PAV.
    • If the policy is surrendered or reaches maturity, the PAV is paid out.
    • GIR, AIR, and residual additions will be credited as usual.
    • If the policy is revived within the revival period, the life cover will continue when all due premiums are paid. There will be no charges levied for the revival.
    Revival of policy A discontinued policy can be revived if the following conditions are met:
    • If the revival application is made within 2 years from the discontinuance date and if the policy is not terminated already.
    • The policyholder pays all due and unpaid regular premiums without any fee or interest.
    • The policyholder submits a declaration of good health.
    • For a policy that was discontinued before the completion of 5 years, the risk cover will be restored on revival. For a policy that was discontinued after the completion of 5 years, the policy will continue as before.
    Charges under the plan
    • Premium Allocation Charge - This is expressed as a percentage of the regular premium. For the first policy year, the charge is 20%. From the second year onwards, there is no Premium Allocation Charge levied.
    • Mortality Charge - The Mortality Charge is applied on the sum at risk.
    • Service tax and cess will be deducted, as applicable on the charges.
    Termination The policy terminates at the earlier occurrence of either of the events mentioned below:
    • Payment of the surrender benefit
    • Death of the life assured
    • Policy maturity
    • If the premium is discontinued within the lock-in period of 5 years and if the lapsed policy remains in that status without being revived

    Tax Benefits – How you can save with the Bajaj Allianz CSC Bachat Plus Plan?

    • Premiums paid towards the policy are eligible for tax benefits under Section 80C of the Income Tax Act.
    • The payouts from the policy, such as maturity benefit, death benefit, and surrender benefit are eligible for tax benefits under Section 10(10D) of the Income Tax Act.

    However, the tax rules may change from time to time and you are advised to seek the assistance of a Tax Consultant for the latest provisions.

    Other Benefits – How you can save with the Bajaj Allianz CSC Bachat Plus Plan?

    Bajaj Allianz has a dedicated online customer portal where you can login and access your policy-related information easily. It is also possible to renew insurance policies online. Payments can be made through the following channels:

    Credit Cards Payments through Visa, Maestro, MasterCard, American Express, and Diners Club cards
    Debit Cards Payments through Visa, Maestro, MasterCard, and RuPay cards
    Bill Junction Customers can register at Bill Junction and authorise their premium payments online
    Netbanking A customer can use the Netbanking facility at his/her bank’s online portal to pay insurance premiums
    e-Wallets It is possible to pay premiums through e-Wallets like Airtel Money, Jio Money, ITZCash, iCashCard, Oxigen, PayCash, and Idea Money

    A policyholder can also initiate an online chat with a customer care representative to get clarifications for queries. Additionally, Bajaj Allianz provides SMS Support facility using which customers can receive a callback from the customer service team of the insurer. It is also possible to receive a callback using the Bajaj Allianz online portal.

    Why you should buy the Bajaj Allianz CSC Bachat Plus Plan from Bajaj Allianz?

    Bajaj Allianz is a collaboration between Bajaj Finserv Limited and Allianz SE, an amalgamation of global exposure with local experience. The company offers comprehensive insurance solutions with technical expertise and in-depth market knowledge. Bajaj Allianz is notable for its quick response and competitive pricing; this has elevated it to the status of one of the strongest competitors in the Indian insurance market, within a short span of time.

    Bajaj Allianz has created a suite of insurance products that cater to all segments and age profiles. The insurance products from Bajaj Allianz range from group insurance to child plans, from ULIPs to health insurance. Penetration of insurance into the rural markets is another challenge that the company is pursuing aggressively.

    The company has recorded a robust claim settlement ratio of 98.07% in the financial year 2015-16. The ratio for the individual product range is 91.3% and that for group products is 98.87%.

    Bajaj Allianz has been honoured with several awards and recognitions, highlighting its excellence in customer service, marketing initiatives, and technological innovations.

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

    In the unlikely event of a claim not being settled beyond 30 days, the insurer pays the beneficiary 10.5% interest for each day’s delay. Bajaj Allianz is also known to settle 96.82% of all registered claims directly, through electronic transfer. This ensures that the beneficiary receives the payout at the earliest possible time.

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