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  • Bajaj Allianz Life Income 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 Life Income Assure Plan is a non-linked, participating, limited premium payment, monthly income scheme. The key features of the plan include the provision of a guaranteed monthly income to the life assured. The plan is also available in 2 life cover variants, i.e., Income and Assure.

    The life assured gets to choose from 4 policy terms, based on his/her insurance requirements. The plan offers bonuses to enhance the savings of customers. The insurance coverage can also be amplified through the use of riders that can be purchased from Bajaj Allianz at an additional nominal cost. Similar to most of the insurance policies offered by the company, the Bajaj Allianz Life Income Assure Plan also provides reduced rates of premium for female customers.

    Eligibility - Who is the Bajaj Allianz Life Income Assure Plan for?

    A customer is required to fulfill certain eligibility conditions to be able to buy the Bajaj Allianz Life Income Assure Plan. These criteria are based on the customer’s age and the level of insurance coverage he/she seeks. These eligibility details are shown below:

    Parameter Eligibility
    Minimum Entry Age* 0 years
    Maximum Entry Age 50 years
    Minimum Maturity Age 18 years
    Maximum Maturity Age 74 years
    Premium Payment Term (PPT)/Policy Term
    • When the policy term is 17 years, the PPT is 5 years
    • When the policy term is 19 years, the PPT is 7 years
    • When the policy term is 22 years, the PPT is 10 years
    • When the policy term is 24 years, the PPT is 12 years

    The risk cover will start when the policy is issued. If the life assured is a minor, the policy will vest at the earlier occurrence of either of the following events:

    • The life assured attains 18 years of age.
    • The policy reaches maturity.

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

    Sum Assured:

    The Bajaj Allianz Life Income Assure Plan provides Maturity Benefit, Death Benefit, and Surrender Benefit to the policyholder.

    The plan also offers Guaranteed Monthly Income as indicated below:

    Parameter Premium Payment Term (years)
    5 years 7 years 10 years 12 years
    Minimum Guaranteed Monthly Income (GMI) Rs.1,100 Rs.1,400 Rs.1,800 Rs.2,100

    There is no limit on the Maximum Guaranteed Monthly Income.

    The minimum sum assured under the plan is Rs. 144* (Minimum GMI chosen). There is no limit on the maximum sum assured.

    Premium:

    The customer pays premiums towards the policy at intervals decided at the time of policy commencement. The minimum premium differs according to the variant of the plan, as shown below:

    Variant Premium (Rs.)
    Income 21,965 per annum or 1,977 monthly
    Assure 22,058 per annum or 1,985 monthly

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

    The maximum premium varies according to the maximum sum assured. The premium payment frequencies allowed under the Bajaj Allianz Life Income Assure Plan are monthly and yearly.

    Plan Coverage - What the Bajaj Allianz Life Income Assure Plan covers?

    The Bajaj Allianz Life Income Assure Plan works in the following manner:

    • The customer first selects the Guaranteed Monthly Income. This value will remain fixed throughout the term of the policy.
    • The life cover variant, i.e., Income or Assure, is chosen next.
    • The customer then chooses the premium payment term and premium payment frequency.
    • After the life cover variant is selected at policy inception, it cannot be changed during the tenure.
    • The premium for the policy varies based on the chosen Guaranteed Monthly Income, age of the customer, gender, life cover variant, premium payment frequency, and premium payment term.
    • The coverage of the Bajaj Allianz Life Income Assure Plan is as detailed below:
    Survival Benefit If the life assured survives the premium payment term, the Guaranteed Monthly Income (GMI) will be paid on a monthly basis for 144 months, irrespective of the plan variant chosen. The payment will start from the end of the premium payment term. If the life assured dies during the installment period of the survival benefit, the GMI is not paid anymore.
    Maturity Benefit If the policy is in-force at the time of maturity, the terminal bonus plus the vested bonus will be paid out.
    Death Benefit If all the premiums are paid, and the life assured faces death during the policy tenure, the death benefit is paid. This amount is the higher of the following:
    • Sum Assured at Death plus terminal bonus plus vested bonus
    • 105% of the paid premiums
    The death benefit is paid according to the chosen variant in the following way:
    1. Income:
      1. Terminal bonus plus vested bonus will be paid immediately.
      2. The Sum Assured at Death will be paid to the nominee as a monthly income over 144 installments. This would extend up to 12 years in total. The first installment starts from the date of death.
      3. The nominee does not have the option of availing the death benefit in the form of a lump sum.
      4. The risk coverage under the plan will cease to exist at the death of the life assured.
      5. The policy will terminate when all the monthly installments have been paid.
    2. Assure:
      1. The death benefit is paid as a lump sum amount.
      2. The policy terminates at the death of the life assured.
    Sum Assured at Death is the highest amount among the following:
    • Sum assured
    • 10 times the annualised premium
    Additional Rider Benefit The policyholder can choose to enhance the policy using riders that can be purchased from Bajaj Allianz at an additional nominal cost. The riders available with Bajaj Allianz Life Income Assure Plan are as follows:
    • Bajaj Allianz Accidental Death Benefit Rider
    • Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider
    • Bajaj Allianz Critical Illness Benefit Rider
    • Bajaj Allianz Family Income Benefit Rider
    • Bajaj Allianz Waiver of Premium Benefit Rider

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

    Suicide Exclusion - If the life assured commits suicide within the policy tenure, whether he/she was sane or not, the liability of Bajaj Allianz will be limited to the following:

    • If the death was within 1 year from the date of risk commencement, 80% of the paid premiums is payable.
    • If the death was within 1 year from the date of last revival, the payable amount is the higher of:
      • 80% of the paid premiums
      • Surrender value at the time of death

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

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

    Surrender Benefit The policyholder has the option to surrender the policy at any time, provided that:
    • The premiums for at least 2 years have been paid for PPT less than 10 years, or,
    • The premiums for at least 3 years have been paid for PPT of 10 or more years.
    • The surrender value is the higher among the Special Surrender Value (SSV) and the Guaranteed Surrender Value (GSV).
    • Once the policy is surrendered, it is not eligible for the terminal bonus.
    High Sum Assured Rebate (HSAR) HSAR is provided on the annual premium for every additional Rs.1,000 sum assured bought above the minimum sum assured. The HSAR varies with the minimum sum assured and premium payment term as follows:
    • When the PPT is 5 years, then the HSAR is Rs.6 for minimum sum assured of Rs.1,58,400.
    • When the PPT is 7 years, then the HSAR is Rs.3.5 for minimum sum assured of Rs.2,01,600.
    • When the PPT is 10 years, then the HSAR is Rs.2.5 for minimum sum assured of Rs.2,59,200.
    • When the PPT is 12 years, then the HSAR is Rs.2 for minimum sum assured of Rs.3,02,400.
    Option to alter the premium payment frequency At any policy anniversary, the policyholder can change the premium payment frequency to another mode. This is, however, subject to the availability of the requested frequency and the minimum modal premium criteria.
    Discontinuance of premiums
    • If the policyholder has not paid the premiums for at least 2 years (for PPT less than 10 years) or at least 3 years (for PPT of 10 years or more), then the policy moves into the lapsed status at the end of the grace period. In this scenario, no benefits under the plan are paid to the life assured.
    • If the policyholder has paid the premiums for at least 2 years (for PPT less than 10 years) or at least 3 years (for PPT of 10 years or more), then the policy will be converted to paid-up when the grace period ends.
      • The sum assured and Sum Assured at Death will be reduced to the Paid-up Sum Assured and Paid-up Sum Assured at Death, respectively.
      • The vested bonus that was already accrued will remain attached to the policy. The policy will not accumulate any further bonuses.
      • The maturity benefit under a paid-up plan will be equal to the accumulated vested bonus.
      • The survival benefit under a paid-up plan is the paid-up GMI. This is equivalent to the paid-up sum assured divided by 144, and is paid on a monthly basis starting from the end of the PPT till the end of the policy term. If the paid-up GMI is less than Rs.400 per month, then the benefit is paid annually. This amount is equivalent to the Paid-up Sum Assured divided by 12, and is paid over 12 years.
      • The death benefit under the paid-up plan is the Paid-up Sum Assured at Death plus the terminal bonus plus vested bonus accumulated till it became paid-up. The death benefit is paid according to the life cover variant chosen at the start of the policy.
        • For Assure variant, the Paid-up Sum Assured at Death plus vested bonus is paid to the nominee as a lump-sum amount.
        • For Income variant, the terminal bonus and vested bonus is paid immediately to the nominee. The Paid-up Sum Assured at Death is paid as a monthly income over the next 12 years, i.e., in 144 equal installments. The first installment is paid at the time of death. If the monthly payable amount is lower than Rs.400, then the benefit will be paid annually over 12 years.
      • The policyholder may revive a paid-up or lapsed policy during the revival period, subject to revival conditions under the plan.
    Policy revival If the policy is in lapsed or paid-up status, it can be revived subject to the following conditions:
    • The revival application is made within 2 years from the due date of the unpaid premium.
    • All the outstanding premiums and interest are paid by the policyholder.
    • The life assured provides proof of good health and continued insurance.
    The policy may be revived on terms that differ from the ones that were applicable at the beginning of the policy. Bajaj Allianz may also refuse to revive certain policies, based on underwriting guidelines. Once the policy is revived, the sum assured and Sum Assured at Death under the plan are reinstated.
    Termination The policy will terminate at the occurrence of any of the following events:
    • Payment of the surrender value
    • On the date of maturity
    • At the expiry of the revival period of 2 years, for a lapsed policy
    • At the death of the life assured for the Assure variant of the plan
    • When the 144th installment is paid out for the Income variant of the plan. The risk cover will terminate at the time of death of the life assured.
    Grace period If the policyholder has not paid the due premiums, he/she will be provided a grace period within which the premiums will have to be paid to reinstate policy benefits. The grace period for policies with yearly premium payment frequency is 30 days, while that for monthly premium payment frequency is 15 days. If the life assured dies during the grace period, the death benefit is paid after deduction of the unpaid premiums.
    Free-look period If the policyholder receives the policy and finds that he/she is not in agreement with the terms and conditions specified therein, the policy can be returned to the insurer, stating relevant reasons. The policy should be returned within 15 days. Policies that were bought through distance marketing have a free-look period of 30 days. The policyholder will then be entitled to a refund of all the paid premiums minus the costs incurred by Bajaj Allianz on medical examination and stamp duty.

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

    • All premiums that the customer pays towards the Bajaj Allianz Life Income Assure Plan are eligible for tax benefits under Section 80C of the Income Tax Act.
    • The maturity, death, survival, and surrender benefits offered by the policy are eligible for tax rebates under Section 10(10D) of the Income Tax Act.

    However, these tax rules are subject to change from time to time. So, it is advisable to consult a tax advisor to understand the latest provisions.

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

    Bajaj Allianz has an online customer portal where the policyholder can login and access his/her insurance details easily. The Bajaj Allianz website also enables customers to renew their policies and make payments online. Payments through the following channels are accepted by the insurer:

    Netbanking The policyholder can use the Netbanking facility provided by his/her bank to pay insurance premiums
    Debit Cards Payments through Visa, MasterCard, Maestro, and RuPay cards are accepted
    Credit Cards Payments through Visa, MasterCard, Maestro, American Express, and Diners Club cards are accepted
    Bill Junction Customers can register at Bill Junction and authorise their premium payments online
    e-Wallets Premiums can be paid through e-Wallets like Airtel Money, ITZCash, Jio Money, Oxigen, iCashCard, PayCash, and Idea Money
    • Customers can chat with a customer care representative through the Bajaj Allianz website.
    • They can also use the SMS Support facility offered by the insurer to request for a callback from the customer service team. The customer can alternatively request for a callback through the Bajaj Allianz website.

    Why you should buy the Bajaj Allianz Life Income Assure Plan from Bajaj Allianz?

    Bajaj Allianz is a top insurance provider in India, offering a wide range of products for the varied needs of customers. The company is a collaboration between Bajaj Finserv Limited and Allianz SE, and it boasts of global expertise with local experience. The products offered by the insurer cater to various income and age groups of the customer demographic.

    The insurer is notable for its competitively-priced products and the quick turn-around time with which it operates. Bajaj Allianz has grown to be one of the leaders in the Indian insurance domain within a short span of time. The products it offers range from child plans to health insurance policies, group plans and Unit-Linked Insurance Plans. The company is now focussing on insurance penetration into the rural segments of the country.

    The claim settlement ratio of the insurer is a commendable 98.07% for the financial year 2015-16. The company has also been conferred with many awards, highlighting its customer service excellence, creative marketing initiatives, and technological innovations.

    • Bajaj Allianz received the ABP News award in 2016 for the “Best Life Insurance Company in the Private Sector”.
    • It was also honoured with the “Financial Inclusion and Deepening Award 2015” by SKOCH in 5 categories for the 4th consecutive year.
    • Bajaj Allianz received the award 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.

    Although unlikely, if Bajaj Allianz fails to honour a claim within 30 days, the claimant will be paid an interest of 10.5% for each day’s delay. The insurer also settles majority of the claims received through direct electronic transfer, hence, ensuring minimal delays in the payout process.