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.
In order to be able to buy the Bajaj Allianz Lifelong Assure Plan, a customer should fulfill the following eligibility criteria:
|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: 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:
The coverage of the Bajaj Allianz Lifelong Assure Plan is as detailed below:
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:
For policyholder who got the policy at less than 45 years of age, higher of:
|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.|
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 applicable, the outstanding loan amount and interest will be deducted from the payable benefit.
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.