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.
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:
|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|
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.
The Bajaj Allianz Elite Assure Plan works in the following manner:
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).
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:
|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:
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 life assured has availed any loans under the policy, the outstanding loan amount and interest will be deducted from the payable amount.
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:
|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.|
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.
|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:
If the policy is paid-up or lapsed, the policyholder can revive it subject to the following criteria:
|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.
|Termination of policy||
The policy terminates when the any of the following occurs:
|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.|
The Bajaj Allianz Elite Assure Plan offers various tax benefits, as detailed below:
Since tax rules are subject to change, it is advisable to consult a tax advisor to understand the latest provisions.
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:
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.
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: