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  • Bajaj Allianz Lifelong 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 Lifelong Assure is a non-linked whole life plan that ensures that you don't go out of cash at any point in your life. This plan provides you financial protection and security till you turn 100. Bajaj Allianz Lifelong Assure Plan includes a cash bonus that starts on the completion of the 6th year, a high sum assured, and more value for money. The death benefit provided under this plan is 300% of the sum assured. However, that will depend on the PPT chosen by you. You can also opt to take the policy benefit as monthly installments. You get a choice to pay the premium in 10, 15, and 20 years. You can customize this policy according to your financial needs.

    Eligibility - Who is Bajaj Allianz Lifelong Assure Plan for?

    In order to be able to buy the Bajaj Allianz Lifelong Assure Plan, a customer should fulfill the following eligibility criteria:

    Parameter Eligibility
    Minimum Entry Age 10 years
    Maximum Entry Age 55 years
    Minimum Maturity Age 100 years
    Policy Term 100 minus the age during entry
    Premium Payment Term* Monthly, quarterly, and annually

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

    Sum Assured: The policy offers benefits such as survival benefits, maturity benefits, and death benefits. The total sum assured that an individual policyholder can avail under all policies taken under this plan will be chosen by the policyholder.

    Premium: The premium that you have pay will depend on your present age, PPT, the sum assured, and the premium payment frequency.

    Plan coverage-What does the Bajaj Allianz Lifelong Assure Plan cover?

    The plan works in the following way:

    • You have to choose your sum assured.
    • You have to finalise a Premium Payment Term.
    • The premium will be decided on the basis of your present age, PPT, premium payment frequency, and sum assured.

    The coverage of the Bajaj Allianz Lifelong Assure Plan is as detailed below:

    Maturity Benefit The policy will mature once you turn 100 years. On the date of maturity, if you would have paid all the premiums, then the maturity value for this policy will as below:
    • If your PPT is 10 years, the maturity benefit will be 200% of the sum assured.
    • If your PPT is 15 years, your maturity will be 250% of the sum assured.
    • If you PPT is 20 years, your maturity will be 300% of the sum assured.
    Survival Benefit
    • You will get guaranteed cash back of 3% of the sum assured each year till you turn 99 years.
    • You will be eligible for cash bonus that will be declared on the completion of the 6th year of the policy.
    Death Benefit For policyholder who got the policy at less than 45 years of age, higher of:
    • 105% of the total premium that's been paid till the day of death.
    • 10 times of the annual premium
    • 200%, 250%, or 300% of the total sum assured that would depend upon the chosen PPT.
    For policyholder who took the policy after 45 years of age, higher of:
    • 105% of the premiums that have been paid till the day of death.
    • 200%, 250%, or 300% of the total sum assured that would depend on the chosen PPT.
    Tax Benefits You get tax benefits on the premium under Section 80C and on the returns under Section 10(10D) of the Income Tax Act of 1961.

     

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

    Suicide Exclusion - In the event of suicide of the life assured within one year from the start of the policy, the insurance contract will become void. The liability of Bajaj Allianz will then be limited to the single premium fund value and the top-up premium fund value as on the date of death.

    • If the death was within 1 year from the risk commencement date, 80% of the paid premiums.
    • If the death was within 1 year from the last revival date, the higher of the following will be paid:
      • 80% of the paid premiums till the death of the life assured.
      • Surrender value as on the date of death.

    If applicable, the outstanding loan amount and interest will be deducted from the payable benefit.

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

    • Customers can make use of the online customer portal at the Bajaj Allianz website to access their insurance details.
    • The website also enables policyholders to renew their insurance online.
    • Payments for policy renewal can be made through the following channels:
      • Credit cards - American Express, Visa, Maestro, MasterCard, and Diners Club cards are accepted.
      • Debit cards - Visa, Maestro, MasterCard, and RuPay cards can be used to make online payments.
      • Bill Junction - Customers can login to Bill Junction and make premium payments.
      • Netbanking - Customers can pay premiums through the Netbanking facility offered by their banks.
      • e-Wallets - Premium payment can be done through e-Wallets such as iCashCard, Airtel Money, ITZCash, Jio Money, Oxigen, PayCash, and Idea Money
    • Policyholders can chat with a customer service representative through the Bajaj Allianz website. They will be able to get clarifications to queries and resolution to issues through this facility.
    • The insurer also offers the SMS Support facility using which policyholders can request for a callback from the customer service team.
    • The insurer’s website also enables customers to request for a callback.

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

    Bajaj Allianz Life Insurance Company Ltd. is a joint venture between Bajaj Finserv and Allianz SE. The participants in the joint venture have immense experience in the finance domain and in-depth market knowledge.

    Bajaj Allianz offers an extensive collection of insurance products, ranging from Unit Linked Insurance Policies to child plans, group insurance and pure term insurance plans. The products offered by the company are configured to cater to the varied needs of customers from multiple age and income groups. The insurance company has observed an aggressive claim settlement ratio of 98.07% in the financial year 2015-16. The individual products had a ratio of 91.3%, while the figure for group products was a commendable 98.87%.

    The insurer has been recently concentrating on the penetration of insurance into the rural markets in the country. Quick response time for claims and affordable pricing of products are some of the advantages of opting for Bajaj Allianz insurance solutions.

    The insurance company has been conferred with several awards in the past for its customer centricity, technical expertise, and marketing solutions. If the insurer fails to settle a claim within 30 days, it offers an interest of 10.5% to the claimant for each day’s delay. Bajaj Allianz also settles most of its claims through direct electronic transfer process. This minimizes the delays in claim processing to a large extent.