• Bajaj Allianz Invest 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 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.

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

    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:

    Parameter Eligibility
    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:
    • When the policy term is between 17 and 19 years, PPT can be 7 or (Policy Term minus 10) years
    • When the policy term is between 20 and 24 years, PPT can be 7, 10, or (Policy Term minus 10) years
    • When the policy term is between 25 and 40 years, PPT can be 7, 10, 15, or (Policy Term minus 10) years
    For Gold variant:
    • When the policy term is between 15 and 19 years, PPT can be 5, 7, or (Policy Term minus 10) years
    • When the policy term is between 20 and 24 years, PPT can be 5, 7, 10, or (Policy Term minus 10) years
    • When the policy term is between 25 and 40 years, PPT can be 5, 7, 10, 15, or (Policy Term minus 10) years

    The maximum PPT is 30 years.

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

    Sum Assured:

    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.

    Premium:

    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:

    Parameter Yearly Half-Yearly Quarterly Monthly*
    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.

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

    The plan works in the following manner:

    • The customer chooses the plan variant, i.e., Silver or Gold.
    • The next step is the choice of sum assured and policy term.
    • The customer then selects the premium payment term from the options available.
    • The coverage of the Bajaj Allianz Invest Assure Plan is as detailed below:
    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:
    • For entry age less than 45 years, 10 times the annualised premium; for entry age of 45 years and above, 7 times the annualised premium
    • 105% of the total paid premiums till the date of death
    • 1.25 times or 2 times the sum assured
    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:
    • 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 Invest Assure Plan doesn’t cover?

    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:

    • If the death is 1 year from the date of risk commencement, 80% of the premium paid towards the policy is payable to the nominee.
    • If the death is 1 year from the date of last revival, the highest among the following is payable to the nominee:
      • 80% of the premium paid towards the policy, or
      • The surrender value as on the day the insurer is informed about the death

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

    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:
    • For 5 years - 1.04 * (Maturity or Death Benefit) / 60
    • For 10 years - 1.08 * (Maturity or Death Benefit) / 120
    The nominee/policyholder has the option to discontinue receiving the payouts in the form of installments every month. Once the insurer receives this request, the remaining amount will be paid to the beneficiary in the form of a lump sum amount.
    Surrender benefit A policyholder can choose to surrender the policy if the following conditions have been satisfied:
    • The premium for at least 2 years have been paid for policies with PPT less than 10 years.
    • The premium for at least 3 years have been paid for policies with PPT of 10 years and above.
    The surrender value is the highest amount among the Special Surrender Value (SSV) and the Guaranteed Surrender Value (GSV). When the policy is surrendered, it terminates without any risk cover.
    Early Termination Value The policy will accrue an Early Termination Value if at least 1 year’s premiums have been paid but,
    • 3 years’ premiums have not been paid for PPT of 10 years and above, or
    • 2 years’ premiums have not been paid for PPT less than 10 years.
    If the policyholder does not pay the due premiums or opts for an early termination of the policy during this period, the Early Termination Value will be paid out. The Early Termination Value is also paid at the time of death of the life assured.
    • If the premium for 1 year has been paid, the Early Termination Value as a percentage of the paid premiums is 11%.
    • If the premiums for 2 years have been paid, the Early Termination Value as a percentage of the paid premiums is 15%.
    Discontinuance of premiums
    1. If the policyholder has not paid:
      1. the premiums for the first 2 years for a policy with PPT less than 10 years, or
      2. the premiums for the first 3 years for a policy with PPT of 10 years and above,
    then the policy moves into the lapsed status when the grace period ends.
    1. If the policyholder has paid:
      1. the premiums for the first 2 years for a policy with PPT less than 10 years, and the subsequent premiums are not paid, or
      2. the premiums for the first 3 years for a policy with PPT of 10 years and above, and the subsequent premiums are not paid,
    then the following will be effective:
    • The policy will be converted to paid-up status with a reduced sum assured.
    • The vested bonus as on the date of paid-up will still be attached to the policy. But the policy will not accrue any further bonuses.
    • The death benefit will be 1.25 times the reduced sum assured for the Silver variant of the plan. It will be 2 times the reduced sum assured for the Gold variant.
    The policyholder can choose to revive the paid-up policy during the revival period, subject to revival conditions.
    Revival of policy If the policy is in paid-up or lapsed status, the policyholder may revive it, subject to the following conditions:
    • The revival application is raised within 2 years from the due date of the unpaid premium.
    • All due premiums and associated interest are paid to the insurance company.
    • The life assured provides proof of good health and continued insurance.
    The revival of the policy may take effect on the basis of terms that differ from those that were applicable before the policy became lapsed or paid-up. The revival will be effective only after Bajaj Allianz specifically communicates the same to the policyholder. The insurer may also refuse to revive a policy based on underwriting guidelines.
    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:
    • Payment of the Early Termination Value.
    • When the policy is surrendered after all relevant documents are submitted.
    • At the end of the revival period.
    • On the date of intimation of the life assured’s death.
    • On the date of foreclosure of the policy.
    • On the policy maturity date.
    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.

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

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

    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.

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

    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.

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

    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.

    • The Economic Times honoured the insurer with the “Best Corporate Brand 2016” award.
    • The company also received the ABP News award in 2016 for the “Best Life Insurance Company in the Private Sector”.
    • Bajaj Allianz was appreciated for excellence in Direct Benefit Transfer with the ASSOCHAM Awards on ICT for Development 2015.
    • It was also conferred the “Financial Inclusion and Deepening Award 2015” by SKOCH in 5 categories for the 4th consecutive year.

    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.

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