Bajaj Allianz Micro Insurance Plans

• 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

Microinsurance is a protection tool that was created specifically for the benefit of the low income group in the country. These plans offer life insurance coverage to the economically weaker sections and enable them to save systematically as well.

Bajaj Allianz Life Insurance has an extensive coverage across India with several distribution partners for micro insurance. They target to reach the remote areas in a comprehensive and organised manner.

Benefits of Bajaj Allianz Micro Insurance Plans:

• The micro insurance plans from Bajaj Allianz help in safeguarding the family of the life assured at affordable premiums.
• The plans offer guaranteed payouts at maturity or death of the life assured.
• Some of the plans offer the option of multiple policy terms.
• Policyholders can also avail loans under specific plans.
• Partial withdrawals are allowed under some plans.

List of Micro Insurance Plans Provided by Bajaj Allianz:

The Micro Insurance Plans from Bajaj Allianz are the following:

Bajaj Allianz Life Bima Dhan Suraksha Yojana:

This is a non-participating, non-linked, regular and single premium payment micro term insurance plan that offers return of premiums at maturity. This makes the product a popular choice among the economically weaker sections of the country.

Benefits and Features of Bajaj Allianz Life Bima Dhan Suraksha Yojana:

1. The plan offers guaranteed payout at maturity or death of the policyholder.
2. The plan ensures the return of 100% of the paid premium at maturity of the policy.
3. Customers can choose from 3 policy terms, i.e., 5, 7, or 10 years.
4. The plan also offers the facility to avail a loan under the policy, if it has acquired a surrender value. The loan amount is up to 70% of the surrender value available under the policy at the time of the loan application. At the death of the life assured, surrender of the policy, or at policy maturity, the outstanding policy loan plus interest will be deducted from the payable benefit.
5. Bajaj Allianz Life Bima Dhan Suraksha Yojana offers the following payouts:
   1. Maturity Benefit - The policyholder receives 100% of the total premiums paid in the form of a guaranteed benefit at policy maturity.
   2. Death Benefit - If all premiums have been paid by the life assured, then in the event of his/her death, the Sum Assured at Death will be paid out. Following this, the risk cover associated with the policy terminates.

The Sum Assured at Death is calculated as follows:

• For regular premium policies, it is the higher of:
  • Sum assured
  • 5 or 10 times the annualised premium paid (for policy term equal to or less than 10 years)
  • 105% of the total paid premium
  • Minimum guaranteed sum assured at maturity
  • Any amount assured to be paid at the death of the life insured
• For single premium policies, it is the higher of:
  • Sum assured
  • 125% or 110% of the single premium paid
  • Minimum guaranteed sum assured at maturity
  • Any amount assured to be paid at the death of the life insured

1. Surrender Benefit - A customer can surrender his/her policy when it acquires the paid-up value.
   • It is possible to surrender a regular premium policy if the first year’s premium has been paid.
   • A single premium policy can be surrendered any time after the payment of the premium.
   • The surrender value is the highest among the Guaranteed Surrender Value (GSV) and the Special Surrender Value (SSV).
   • Bajaj Allianz will declare SSV at regular intervals, based on the approval from IRDAI.

Bajaj Allianz Life Bima Sanchay Yojana:

Bajaj Allianz Life Bima Sanchay Yojana is a micro variable insurance plan that offers financial protection to your family from uncertainties, at an affordable price. This is a life insurance plan that also offers savings, with an easy and simple enrollment process.

Benefits and Features of Bajaj Allianz Life Bima Sanchay Yojana:

1. The plan offers Guaranteed Investment Returns to the policyholder.
2. The life assured can opt for partial withdrawals from the policy account, in the event of emergencies. Partial withdrawals are allowed only after the policy completes 5 years.
3. The plan works in the following manner:
   1. A Policy Account (PA) is opened for the policyholder at the commencement of the policy.
   2. The policy administration charge, mortality charge, and service tax will be deducted from the PA every month.
   3. Bajaj Allianz offers a Guaranteed Interest Rate of 1% per annum on the PA balance throughout the policy term.
   4. The insurer also provides an Additional Interest Rate of 4% per annum on the PA balance for the first 5 years of the policy tenure. It will then reduce to 0.5% per annum of the PA balance thereafter.
   5. Fund Management Charge will also be deducted from the PA balance.
   6. In the event of partial withdrawals, the PA value will reduce according to the amount withdrawn. However, the sum assured under the policy remains the same.
   7. The plan also offers the convenience of a free-look period of 15 days.
4. The benefits offered by Bajaj Allianz Life Bima Sanchay Yojana are as follows:
   1. Maturity Benefit - If the life assured survives till the end of the policy tenure, he/she will receive the Policy Account Value (PAV) as on the maturity date.
   2. Death Benefit - If the life assured dies during the policy tenure, provided that the policy is in-force, the highest among the Policy Account Value and the sum assured is provided as Death Benefit. The Death Benefit is subject to the Guaranteed Death Benefit of 105% of the total paid premiums till the death of the life assured.
   3. Surrender Benefit - The policyholder can surrender the policy at any time.
      • When the policy is surrendered during the lock-in period of 5 years, the PAV minus the discontinuance charges will be moved to the Discontinued Policy Fund. Following this, the risk cover is terminated. This policy cannot be revived later. The discontinuance value at the end of the lock-in period is paid as surrender value. After the payout, the policy will terminate.
      • If the policy is surrendered after the lock-in period of 5 years, the surrender value is the PAV as on the surrender date. This will be paid immediately and the policy terminates.

Why do you need Bajaj Allianz Micro Insurance Plans?

Bajaj Allianz micro insurance plans offer you life insurance protection and savings to financially secure your future. These plans also provide tax benefits, as mentioned below:

• Premiums paid towards the policies get tax benefits under Section 80C of the Income Tax Act.
• The benefits paid out, i.e., Maturity Benefits, Death Benefits, and Surrender Value, are eligible for tax rebates under Section 10(10D) of the Income Tax Act, subject to certain provisions.