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Bajaj Allianz Elite Assure Plan

Life Insurance
  • Premiums as low as Rs.18/day for sum assured of Rs.1 crore
  • Paperless process available
  • Choose between lump sum and monthly payout options

Bajaj Allianz Elite Assure Plan is a participating, traditional, regular and limited premium payment endowment plan. The plan provides a good balance of life insurance coverage and return on investment to the policyholder. Based on the premium payment term chosen, the policy accrues Guaranteed Loyalty Additions up to 315% of the Guaranteed Maturity Benefit. The policyholder can choose from 4 policy terms. The plan can also be enhanced using riders that can be bought from Bajaj Allianz at an additional cost.

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

In order to be able to buy the Bajaj Allianz Elite Assure Plan, a customer needs to fulfill certain eligibility conditions. These factors are described in the following table:

Parameter Eligibility
Minimum Entry Age 0 years
Maximum Entry Age 55 years
Minimum Maturity Age 18 years
Maximum Maturity Age 70 years
Policy Term Choice of 15, 20, 25, or 30 years
Premium Payment Term (PPT) 7, 10, or equal to policy term

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

Sum Assured:

The policy offers maturity benefit, death benefit, and additional rider benefit (if applicable). The sum assured under the policy is 10 times the annualised premium. The minimum Guaranteed Maturity Benefit (GMB) is Rs.5 lakh, whereas, there is no limit on the maximum GMB.

Premium:

  • The premium varies based on the chosen Guaranteed Maturity Benefit.
  • The policyholder can choose the premium payment frequency as yearly, half-yearly, quarterly, or monthly. The monthly mode of premium payment is only allowed under ECS and salary deduction scheme.

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

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

  • The customer chooses the policy term, premium payment term (PPT), and premium payment frequency.
  • The Guaranteed Maturity Benefit (GMB) is selected after that.
  • The premium is based on the age of the customer, GMB, policy term, premium payment frequency, and premium payment term.
  • The coverage of the Bajaj Allianz Elite Assure Plan is as detailed below:
Maturity Benefit The maturity benefit is the Guaranteed Maturity Benefit plus Guaranteed Loyalty Additions (GLA) plus Interim Bonus (IB) plus Vested Bonus (VB) plus Terminal Bonus (TB).
  • The Vested Bonus is attached to the policy every year, and this starts from the first policy year.
  • The GLA will be expressed as a percentage of GMB, and this will be attached to the policy at the end of each policy year. The GLA starts accumulating from the end of the tenth policy year.
Death Benefit If all the premiums have been paid, and the life assured faces death during the policy term, the death benefit is payable to the nominee. This amount is equal to the Sum Assured at Death plus Guaranteed Loyalty Additions plus Interim Bonus plus Vested Bonus plus Terminal Bonus. The Sum Assured at Death is the greater amount among the following:
  • Guaranteed Maturity Benefit
  • Sum assured
Additional Rider Benefit The Bajaj Allianz Elite Assure Plan can be enhanced through riders that the policyholder buys from the insurer at an extra cost. The riders that can be bought with Bajaj Allianz Elite Assure Plan are as follows:
  • Bajaj Allianz Accidental Death Benefit Rider
  • Bajaj Allianz Family Income Benefit Rider
  • Bajaj Allianz Critical illness Benefit Rider
  • Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider
  • Bajaj Allianz Waiver of Premium Benefit Rider

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

Whether sane or insane, if the life assured commits suicide during the policy term, the liability of the insurer is limited to the following:

  • If the death occurred one year from the date of risk commencement, 80% of the paid premiums are payable.
  • If the death occurred one year from the date of last revival, the payable amount is the highest among the following:
    • 80% of the paid premiums till the death of the life assured
    • Surrender value on the date of death

If the life assured has availed any loans under the policy, the outstanding loan amount and interest will be deducted from the payable amount.

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

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

Surrender of policy The policyholder can surrender the plan, if needed, in the following scenarios:
  • If the premium for 1 year has been paid for PPT less than 10 years.
  • If the premium for at least 2 years have been paid for PPT of 10 years or more.
The surrender value is the highest among the following amounts:
  • Guaranteed Surrender Value (GSV)
  • Special Surrender Value (SSV)
The GSV is based on the number of paid premiums, the Guaranteed Loyalty Additions, and the Vested Bonus. Once the surrender value is paid out, the policy terminates.
Policy loan A policyholder can avail a loan under the Bajaj Allianz Elite Assure Plan if it has acquired surrender value. The loan amount can be up to 90% of the surrender value. If the life assured dies or at policy maturity/surrender, the outstanding loan amount and interest will be deducted from the payable benefit.
Premium rebate The policy offers a rebate in premium to customers who choose a GMB greater than Rs.5 lakh. The rebate is available for every additional Rs.50,000 GMB above the minimum GMB of Rs.5 lakh.
  • When the PPT is 7 years, the premium rebate is Rs.90.
  • When the PPT is 10 years, the premium rebate is Rs.76.
  • When the PPT is 15 years, the premium rebate is Rs.67.
  • When the PPT is 20 years, the premium rebate is Rs.72.
  • When the PPT is 25 years, the premium rebate is Rs.77.
  • When the PPT is 30 years, the premium rebate is Rs.81.
Option to alter premium payment frequency The policyholder can change the premium payment frequency at any time during the policy term. This is possible as long as the current and requested frequencies can be aligned. This also depends on the minimum premium limits under the policy.
Option to back-date the plan The policyholder has the choice to back-date the policy to any date that he/she chooses. This is done on the policy inception date, and is subject to certain conditions set by the insurer.
Discontinuance of premiums If the policyholder has not paid the premiums for:
  • At least one year for PPT less than 10 years, or,
  • At least two years for PPT of 10 years and above,
then the policy lapses at the end of the grace period. No benefits under the policy will be payable in this scenario. If the policyholder has paid the premiums for:
  • At least one year for PPT less than 10 years, or,
  • At least two years for PPT of 10 years and above,
then the policy is made paid-up when the grace period ends. The GMB and Sum Assured at Death will be reduced to the Paid-up GMB and Paid-up Sum Assured at Death, respectively. The vested bonus accrued on the policy will remain attached to it. The policy will, however, not accrue any more bonuses.
  • The GLA under the policy will remain attached to it, and the Paid-up GLA will accrue on the policy in the future.
  • At the death of the life assured, the death benefit is paid out and the policy terminates. The death benefit is equal to the Paid-up Sum Assured at Death plus vested bonus plus GLA plus Paid-up GLA.
  • When the policy matures, the Paid-up GMB plus GLA plus vested bonus plus Paid-up GLA is paid out to the policyholder and the policy terminates.
It is possible to revive a paid-up or lapsed policy within the 2-year revival period, subject to certain conditions laid down by the insurer.
Policy revival If the policy is paid-up or lapsed, the policyholder can revive it subject to the following criteria:
  • The revival application is made within 2 years from the premium due date and before the date of policy maturity.
  • All the outstanding premiums and interest is paid to the insurer.
  • The life assured furnishes reports that are evidence of good health and insurability.
The revival of the policy will be done only after Bajaj Allianz communicates the same to the policyholder. The company may refuse to revive the policy under certain circumstances. Once the policy is revived, the reduced Guaranteed Loyalty Additions and unattached bonuses will be attached to the policy.
Foreclosure of the policy If the policyholder has taken a loan under the plan and the outstanding loan plus interest is equal to the surrender value, the insurer will inform the customer of the same. The policyholder is then required to pay the outstanding loan and interest.
  • If the policy is in-force, it will continue as is.
  • If the policy is in paid-up status, it will be foreclosed when the notice period of 30 days expires. The outstanding loan and interest will be adjusted against the surrender value and no further benefits under the plan are paid.
Termination of policy The policy terminates when the any of the following occurs:
  • Payment of the surrender value
  • In the case of a lapsed policy, expiry of the revival period of 2 years
  • When the insurer is informed about the death of the life assured
  • When the policy is foreclosed
  • On the date of policy maturity
Grace period If the policyholder has failed to make premium payments, he/she will be allowed a grace period of 30 days for policies with premium payment frequencies other than monthly. For policies with monthly frequency, the grace period is 15 days. The policyholder is expected to pay the premiums within this time to reinstate the policy benefits. If the life assured dies during the grace period, the death benefit is payable for full sum assured minus the outstanding premiums.
Free-look period If the policyholder does not agree to the terms and conditions within the policy document, he/she can return the policy back to the insurer within 15 days. This interval is known as the free-look period. The free-look period for policies that were purchased through distance marketing is 30 days. The customer has to provide relevant reasons for the return of the policy. He/she will then be eligible to receive the paid premiums as refund.

Tax Benefits – How you can save with the Bajaj Allianz Elite Assure Plan?

The Bajaj Allianz Elite Assure Plan offers various tax benefits, as detailed below:

  • Premiums that you pay towards the policy are eligible for tax rebates under Section 80C of the Income Tax Act.
  • The maturity benefit, surrender benefit, and death benefit provided by the plan are eligible for tax rebates under Section 10(10D) as well.

Since tax rules are subject to change, it is advisable to consult a tax advisor to understand the latest provisions.

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

The online customer portal at the Bajaj Allianz website enables the policyholder to access his/her insurance details conveniently. Customers can also login to the website and renew their insurance through online payments. The website allows payments through the following channels:

  • Credit cards - Payments through MasterCard, American Express, Visa, Maestro, and Diners Club cards are accepted.
  • Debit cards - It is possible to pay the premiums through MasterCard, Visa, Maestro, and RuPay cards.
  • Netbanking - Customers can pay premium through their bank’s netbanking facility.
  • e-Wallets - Premium payment through e-Wallets such as PayCash, Jio Money, iCashCard, Airtel Money, ITZCash, Oxigen, and Idea Money are accepted.
  • Bill Junction - The customer can login to Bill Junction and make premium payments.

The Bajaj Allianz website also enables customers to chat with customer service representatives for resolution of issues. Additionally, a policyholder may request for a call-back through the website. The SMS Support facility offered by the insurer also enables the customer to receive a call-back.

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

One of India’s leading insurance providers, Bajaj Allianz Life Insurance Company Ltd. is a collaboration between Bajaj Finserv and Allianz SE. The participants in the joint venture have immense global exposure and local expertise. The insurance solutions provided by Bajaj Allianz are created with in-depth market knowledge and technical efficiency. The plans cater to a wide section of the customer demographic and are competitively priced as well.

The products offered by Bajaj Allianz Life Insurance Company Ltd. range from child plans to Unit Linked Insurance Plans, group policies and pure term plans. The insurer has recorded a competitive claim settlement ratio of 98.07% in the financial year 2015-16. Customer centricity is a prime focus area of the insurer, and it ensures that customer queries and issues are resolved within a short duration. The insurer has grown to be one of the leading players in the Indian insurance market within a short time.

Several awards have been conferred to Bajaj Allianz for its innovative marketing strategies and customer service excellence. The insurer also has several policies that are beneficial to the customer, such as:

  • If a claim is not settled within 30 days, the beneficiary receives an interest of 10.5% for the delay experienced each day.
  • Bajaj Allianz also settles all claims through direct electronic transfer of funds, hence minimising delays in the payout process.