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.
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:
|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|
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:
|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
The plan works in the following manner:
|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.|
In the event of death of the life assured during the policy tenure, the benefit payable is the highest amount among the following:
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.
The salient features of the Bajaj Allianz CSC Bachat Plus Plan are described below:
The policyholder can surrender the policy at any time.
|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.|
After the fifth policy anniversary, the policyholder can make partial withdrawals from the policy. This is, however, subject to the following conditions:
|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.
|Revival of policy||
A discontinued policy can be revived if the following conditions are met:
|Charges under the plan||
The policy terminates at the earlier occurrence of either of the events mentioned below:
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.
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.
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.
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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