Bajaj Allianz Invest Assure Plan is a participating, non-linked, individual, limited premium, endowment plan. The policy provides the option to choose a life cover that is equal to 1.25 or 2 times the sum assured. The plan also offers a terminal bonus and a compound reversionary bonus. The policyholder has the option to take the policy benefits in the form of monthly installments, if needed. The policy provides a rebate to customers who choose to opt for a high sum assured. The Bajaj Allianz Invest Assure Plan can be enhanced through riders that can be bought from Bajaj Allianz at an additional nominal cost.
In order to buy the Bajaj Allianz Invest Assure Plan, a customer has to fulfill certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:
|Minimum Entry Age||For Silver variant - 0 years For Gold variant - 18 years|
|Maximum Entry Age||50 years|
|Minimum Maturity Age||18 years|
|Maximum Maturity Age||For Silver variant - 70 years For Gold variant - 65 years|
|Minimum Policy Term||For Silver variant - 17 years For Gold variant - 15 years|
|Maximum Policy Term||40 years|
|Premium Payment Term (PPT)||For Silver variant:
The maximum PPT is 30 years.
The Bajaj Allianz Invest Assure Plan offers various benefits, such as Maturity Benefit, Surrender Benefit, Death Benefit, and Additional Rider Benefit. The minimum sum assured that can be availed from the policy is Rs.1 lakh, while there is no limit on the maximum sum assured.
The policyholder can make payments towards the policy on a yearly, half-yearly, quarterly, or monthly basis. The premium amount varies based on these frequencies, as shown below:
|Minimum Premium (Rs.)||5,000||3,000||2,000||800|
|Maximum Premium (Rs.)||No limit|
*The monthly mode of premium payment is only allowed under ECS and salary deduction scheme.
The plan works in the following manner:
|Maturity Benefit||If all premiums are paid under the policy, on the date of policy maturity, the sum assured plus terminal bonus plus vested bonus will be paid to the life assured. The policy terminates following the payout of the Maturity Benefit.|
|Death Benefit||If all premiums are paid under the policy, then in the event of unfortunate demise of the life assured, the Sum Assured at Death plus terminal bonus plus vested bonus will be paid to the nominee. The Sum Assured at Death is the highest amount among the following:
|Additional Rider Benefit||The policyholder can choose to add riders to the Bajaj Allianz Invest Assure Plan in order to enhance its coverage. The riders available for this policy are:
Irrespective of whether the life assured was sane or not, if he/she commits suicide during the policy term, the liability of Bajaj Allianz will be limited to the following:
The salient features of the Bajaj Allianz Invest Assure Plan are described below:
|Policy loan||A policyholder can avail a loan under the Bajaj Allianz Invest Assure Plan, as long as the policy has acquired surrender value. The loan amount can be up to 90% of the surrender value of the policy.|
|High Sum Assured Rebate||The insurer offers an attractive discount in premium to customers who opt for a high sum assured. On the annual premium, the discount is Rs.10 for each additional Rs.1,000 sum assured bought above the minimum sum assured of Rs.1 lakh.|
|Change in premium payment frequency||The policyholder has the option to alter the premium payment frequency at any time, as long as the requested and current frequencies can be aligned. It is also subject to the availability of the requested frequency and the minimum modal premium criteria.|
|Option to receive policy benefits as monthly installments||The nominee/policyholder has the option to receive the payouts from the plan, i.e., the maturity benefit or the death benefit, in the form of monthly installments spread out over a period of 5 or 10 years. The insurer should be intimated of the decision prior to the policy maturity or at the time of filing the death claim. The monthly installment will be equivalent to:
|Surrender benefit||A policyholder can choose to surrender the policy if the following conditions have been satisfied:
|Early Termination Value||The policy will accrue an Early Termination Value if at least 1 year’s premiums have been paid but,
|Discontinuance of premiums||
|Revival of policy||If the policy is in paid-up or lapsed status, the policyholder may revive it, subject to the following conditions:
|Foreclosure||If the policyholder has taken a loan under the policy and the outstanding loan amount plus interest in a paid-up policy becomes equal to the policy surrender value, then the insurer will send a notice to the policyholder. Following this, the policy will be foreclosed, and no further benefits will be paid.|
|Termination of policy||A policy will automatically terminate when either of the following events occur:
|Grace Period||If the policyholder has not paid the premiums by the due date, he/she will be allowed a grace period of 30 days for the same. This duration is relevant to policies with premium payment frequencies other than monthly. For policies with monthly frequency of premium payment, the grace period is 15 days. If the life assured dies during the grace period, the death benefit is paid out. The death benefit will be equal to the sum assured minus the outstanding premiums under the policy.|
|Free-Look Period||Within 15 days from the receipt of the policy documentation, if the life assured is not in agreement to the terms and conditions under the plan, he/she can choose to return the policy back to the insurer, stating relevant reasons. This interval of 15 days is referred to as the free-look period. For policies that were bought through distance marketing, the free-look period is 30 days. Once the policy is returned to the insurer, the policyholder receives a refund of all paid premiums minus the costs incurred by the insurance company for medical examination and stamp duty.|
Since tax rules are subject to change from time to time, you are advised to consult a tax advisor for the updated guidelines before investing in the policy.
Bajaj Allianz has an online portal where customers can login and access their insurance details easily. Policyholders can also renew their insurance through the Bajaj Allianz website. The payments for the same can be made through the following channels:
|Bill Junction||Customers can register at Bill Junction and authorise their premium payments online|
|Debit Cards||Payments can be done through Visa, Maestro, MasterCard, and RuPay cards|
|Credit Cards||Payments can be done through Visa, Maestro, MasterCard, American Express, and Diners Club cards|
|Netbanking||A customer can login to his/her bank’s website and use the Netbanking facility to pay insurance premiums|
|e-Wallets||It is possible to pay premiums through e-Wallets like PayCash, Airtel Money, ITZCash, Jio Money, Oxigen, iCashCard, and Idea Money|
The customer can chat with a customer service representative through the insurer’s website. He/she can receive clarifications to queries and resolution to issues through these conversations. The SMS Support facility provided by Bajaj Allianz can be used to receive a callback from the customer service team of the insurer. Alternatively, customers can request for a callback through the insurer’s website.
Bajaj Allianz is top insurance solutions provider in India, and is a joint venture between Bajaj Finserv Limited and Allianz SE. The company provides a host of insurance solutions that cater to the needs of customers in various income and age groups. The solutions offered by Bajaj Allianz include Unit Linked insurance plans, pure term insurance policies, child plans, and group insurance plans.
Bajaj Allianz insurance products are configured with technical prowess and in-depth market knowledge. The insurance company is also known for its competitive pricing and quick response to queries/claims. The company has grown to become one of the strongest competitors in the Indian insurance domain today. The insurer is now focussing on insurance penetration into the rural sections of the country.
The claim settlement ratio of Bajaj Allianz was a robust 98.07% in the financial year 2015-16. The individual products observed a claim settlement ratio of 91.3%, while the figure for the group products was 98.87%.
The insurer has also earned various awards and recognitions for its excellence in customer service, technological innovations, and notable marketing initiatives.
If the insurer fails to settle a claim within 30 days, the claimant will be paid an interest of 10.5% for the delay experienced in the process each day. The insurance company also settles majority of the claims that it records through direct electronic transfer. This facilitates in making the payouts available to the beneficiary within the shortest time.