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  • Bajaj Allianz Guarantee Assure 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 Guarantee Assure Plan is a non-participating, non-linked, individual limited premium endowment policy that has a fixed premium payment term of 5 years. The customer can choose from three options for the policy term, i.e., 7, 8, or 9 years. The plan provides Guaranteed Additions that can be up to 63% of the Sum Assured at Maturity. Customers can avail a high sum assured rebate when choosing larger coverage. The plan also provides premium rebates to female customers. The policyholder can choose to take the payouts in the form of monthly installments throughout a period of 5 or 10 years.

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

    In order to be able to purchase the Bajaj Allianz Guarantee Assure Plan, a customer needs to fulfill certain eligibility criteria defined by the insurance company. These factors are largely dependent on the age of the customer and the amount of coverage he/she expects to avail from the policy. These eligibility conditions are detailed in the table below:

    Parameter Eligibility
    Minimum Entry Age 9 years
    Maximum Entry Age 60 years
    Minimum Maturity Age 18 years
    Maximum Maturity Age 69 years
    Policy Term Choice of 7, 8, and 9 years
    Premium Payment Term 5 years

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

    Sum Assured:

    The Bajaj Allianz Guarantee Assure Plan offers various benefits, such as Maturity Benefit, Death Benefit, Surrender Benefit, etc. The minimum sum assured under the policy is Rs.1 lakh, and there is no limit on the maximum sum assured.

    Premium:

    For the insurance coverage, the policyholder has to pay premiums at specific intervals throughout the premium payment term. The details of the same are listed below:

    Parameter Yearly Half-Yearly Quarterly Monthly
    Minimum Premium (Rs.) 23,839 12,158 6,198 2,145
    Maximum Premium (Rs.) No limit

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

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

    • The customer chooses the sum assured and policy term.
    • The premium that the customer pays towards the policy depends on his/her age, the sum assured chosen, and the policy term.
    • If the policy was issued to a minor life, it can mature only after the minor has achieved majority.
    • The coverage of the Bajaj Allianz Guarantee Assure Plan is as detailed below:
    Maturity Benefit On the date of policy maturity, if all due premiums have been paid, the life assured receives the sum assured and the accumulated Guaranteed Additions as maturity benefit.
    Death Benefit If all the premiums have been paid, in the event of death of the life assured during the policy tenure, the death benefit is payable. The death benefit is equal to the Sum Assured at Death plus the accrued Guaranteed Additions.

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

    Irrespective of whether the life assured is sane or not, if he/she commits suicide within the policy tenure, the company’s liability is limited to the following:

    • If the death occurred 1 year from the date of risk commencement, 80% of the paid premiums is payable.
    • If the death occurred 1 year from the date of last policy revival, the higher amount among the following is paid:
      • 80% of the paid premiums till the death of the life assured.
      • The surrender value as on the date of death.

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

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

    Policy Loan A customer can take a loan under the policy if it has acquired surrender value. The loan amount can be up to 90% of the surrender value.
    Policy benefits as monthly installments The policyholder/nominee has the choice of taking the policy benefits in the form of equal monthly installments. These installments will be provided for 5 or 10 years from the policy maturity date or the date of death. The insurer should be informed about the choice in writing before the policy matures or at the time of raising the death claim. The installment paid each month is equal to the following:
    • For 5 years: 1.04 * (Maturity or Death Benefit) / 60
    • For 10 years: 1.08 * (Maturity or Death Benefit) / 120
    The policyholder/nominee can choose to discontinue receiving the installments on a monthly basis. In that case, the insurer will provide the remaining policy benefit as a lump sum.
    High Sum Assured Rebate (HSAR) The Bajaj Allianz Guarantee Assure Plan offers premium discounts to customers who opt for high sum assured. The discount offered is Rs.7.5 on the annual premium for each additional Rs.1,000 sum assured bought above the minimum sum assured of Rs.1 lakh.
    Change in premium payment frequency The customer has the choice to change the premium payment frequency at any policy anniversary. This is, however, subject to minimum premium limits under the policy.
    Surrender value The policyholder can surrender the policy, provided the premiums for 2 years have been paid. The surrender value is the highest amount among the Guaranteed Surrender Value (GSV) and the Special Surrender Value (SSV). The GSV is determined by the premiums that have already been paid by the policyholder and the Guaranteed Additions accrued under the plan.
    Early Termination Value If the policyholder has paid the premiums for at least one year but the premiums for two full years have not been paid, then an Early Termination Value will be available. If the policyholder chooses to terminate the policy early, the following amount will be paid as Early Termination Value: Early Termination Value = 10% * (Premiums paid till date) + 10% * (Guaranteed Additions accrued)
    Discontinuance of premiums
    • If the policyholder has not paid the premiums for the first 2 years, then the policy will lapse when the grace period expires. A lapsed policy may be revived during the revival period. This interval is 2 years from the unpaid premium due date.
    • If the policyholder has paid the premium for at least 2 years, and the subsequent premiums are unpaid, then the policy will be made paid-up. In this scenario, the sum assured and Sum Assured at Death under the plan will be reduced to the Paid-up Sum Assured and Paid-up Sum Assured at Death, respectively. The paid-up policy may be revived during the revival period, subject to the revival conditions under the scheme.
    • There will be no Guaranteed Additions attached to the policy when it is in paid-up or lapsed status.
    • If the policyholder faces death before policy maturity, the Paid-up Sum Assured at Death plus Guaranteed Additions accrued on the plan will be paid out. The policy terminates following this.
    • On the date of policy maturity, the Paid-up Sum Assured plus Guaranteed Additions accrued will be paid. The policy terminates following the payout.
    Policy revival If the policyholder fails to pay the premiums and the policy moves into lapsed status, it can be revived in the following situations:
    • The revival request is raised within 2 years from the due date of the unpaid premium and before the policy maturity date.
    • All unpaid premiums along with interest are paid to the insurer.
    • The policyholder submits evidence of good health and insurability.
    The policy revival may be done on terms different from those that were applicable before the policy moved into lapsed status. Bajaj Allianz may also refuse to revive the policy, based on underwriting guidelines.
    Foreclosure of policy If the policyholder has taken a loan under the policy and the loan amount plus interest is equal to the surrender value, the insurance company will inform the customer of the same. If the policy is in-force, it will continue in that status. If the policy is in paid-up status, it will be foreclosed and no further benefits will be paid.
    Termination The policy terminates in any of the following situations:
    • When the Early Termination Value is paid out.
    • When the policy is surrendered.
    • If the premiums for the first two policy years have not been paid and the revival period ends.
    • When the life assured faces death.
    • On the date of foreclosure, if a loan is taken under the policy.
    • On the date of policy maturity.
    Grace Period If the policyholder has not paid the premium within the due date, a grace period of 30 days will be allowed for policies with premium payment frequencies other than monthly. For monthly frequency policies, the grace period is 15 days. In the event of demise of the life assured during the grace period, the death benefit under the policy will be payable. This benefit is the sum assured minus the outstanding premiums.
    Free-Look Period If the policyholder does not agree to the terms and conditions set by the insurer, he/she can return the policy back to the insurance company within 15 days of receipt of the policy documentation. This is known as the free-look period. The free-look period for policies that were purchased through distance marketing is 30 days. The customer should return the policy stating reasons for the objection. He/she is then liable to receive a refund of the paid premiums minus the costs incurred by Bajaj Allianz for medical examination and stamp duty.

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

    • The premiums that are paid towards the Bajaj Allianz Guarantee Assure Plan are eligible for tax benefits under Section 80C of the Income Tax Act.
    • Payouts from the policy such as the maturity benefit, death benefit, and surrender benefit are eligible for tax rebates under Section 10(10D) as well.

    Since tax rules may change from time to time, it is advisable that you consult a tax advisor to understand the latest provisions.

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

    Bajaj Allianz Life Insurance Company Ltd. has a dedicated online customer portal that can be used by customers who would like to have online access to their policy details. The website of the insurer also enables customers to renew their policies online. The payments for the same can be done through the following channels:

    Debit Cards Payments through Visa, MasterCard, Maestro, and RuPay cards
    Credit Cards Payments through Visa, MasterCard, Maestro, Diners Club cards, and American Express
    Bill Junction Customers can register at Bill Junction and authorise their premium payments online
    Netbanking Customers can utilise the Netbanking facility offered by their banks to pay premiums
    e-Wallets It is possible to pay premiums through e-Wallets like iCashCard, Jio Money, Airtel Money, ITZCash, PayCash, Oxigen, and Idea Money

    The Bajaj Allianz website enables customers to start a conversation through online chat with a customer service representative. They can get clarifications to queries and resolve issues through this conversation. The SMS Support facility offered by the insurer can be used to receive a callback from the customer service team. A callback can also be requested for through the insurer’s website.

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

    Bajaj Allianz is a prominent insurance provider in India, and is a collaboration between Bajaj Finserv Limited and Allianz SE. The company boasts of global exposure and experience in the local market. The insurance solutions offered by Bajaj Allianz cover a vast range of needs, such as Unit Linked Insurance Plans, child plans, health insurance, group policies, etc. The products are competitively priced and the insurer observes a quick turnaround time to resolve customer issues. The insurer has recently been focussing on insurance penetration into the rural regions of the country.

    The company observed a competitive claim settlement ratio of 98.07% for the financial year 2015-16. The ratio for the individual product range is 91.3%, while that for group solutions is 98.87%. Bajaj Allianz has risen to the position of one of the top insurance companies in India within a short duration.

    The insurer has been conferred with several awards and recognitions in the recent past. This highlights the efforts of the insurer in leveraging innovative marketing initiatives, great customer service, and the adoption of technological innovations.

    • Bajaj Allianz was honoured for excellence in Direct Benefit Transfer with the ASSOCHAM Awards on ICT for Development 2015.
    • The company 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.
    • It also received the “Financial Inclusion and Deepening Award 2015” by SKOCH in 5 categories for the 4th consecutive year.

    Although unlikely, if Bajaj Allianz delays the settlement of a claim beyond 30 days, the claimant will be paid an interest of 10.5% for the delay experienced each day. The insurer is known to settle majority of the registered claims through direct electronic transfer, thereby ensuring that the payouts are made in a timely manner.