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Bajaj Allianz Save Assure Plan - Endowment Policy

Bajaj Allianz Save Assure Plan is a limited premium payment, non-linked, non-participating, individual endowment plan that offers a guaranteed death/maturity benefit of 115% of the sum assured. The plan enables you to choose between 2 policy terms, i.e., 15 and 17 years. You need not pay any premium during the last five years of the policy. The plan also enables you to take the policy benefits in the form of monthly installments over a 5-year or 10-year period. A rebate is offered to a customer who opts for higher sum assured. A policyholder can also enhance the coverage under the plan using riders.

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

In order to purchase the Bajaj Allianz Save Assure Plan, a customer has to fulfill certain eligibility criteria that correspond to his/her age and the amount of insurance he/she requires. These eligibility conditions are listed in the table below:

Parameter Eligibility
Minimum Entry Age 1 year
Maximum Entry Age 60 years
Minimum Maturity Age 18 years
Maximum Maturity Age 75 years
Policy Term 15 years, 17 years
Premium Payment Term Equal to policy term minus 5 years

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

Sum Assured:

The policy offers various benefits such as Maturity Benefit, Surrender Benefit, Death Benefit, etc. The minimum sum assured under the policy is Rs.1 lakh. There is no limit on the maximum sum assured.

Premium:

The policyholder will be required to pay premiums at intervals decided at the time of policy inception. There is no limit on the maximum premium, while the minimum premium varies with the premium payment frequency and policy tenure as shown below:

Policy Term Premium Payment Term
Annually Semi-Annually Quarterly Monthly*
15 years Rs.8,140 Rs.5,000 Rs.2,500 Rs.1,000
17 years Rs.6,620 Rs.4,200 Rs.2,100 Rs.800

*The monthly mode of premium payment is only allowed under ECS and salary deduction scheme.

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

The Bajaj Allianz Save Assure Plan works in the following manner:

  • The customer first chooses the sum assured under the policy.
  • The next step is the choice of the policy tenure.
  • The premium paid towards the policy is largely based on the age of the customer, policy term, and the sum assured chosen.
  • The Sum Assured at Death is calculated as follows:
    • If the entry age is less than 45 years, it is the highest amount among the following:
      • 10 times the annualised premium
      • 115% of the sum assured
      • 105% of the total premiums paid till death
    • If the entry age is 45 years and above, it is the highest amount among the following:
      • 7 times the annualised premium
      • 115% of the sum assured
      • 105% of the total premiums paid till death
  • Reduced Sum Assured is calculated by multiplying the sum assured with the ratio of total paid premiums to the premiums payable under the plan.
  • Reduced Sum Assured at Death is calculated by multiplying the Sum Assured at Death with the ratio of the total paid premiums to the premiums payable under the policy.
  • The coverage of the Bajaj Allianz Save Assure Plan is as detailed below:
Maturity Benefit The life assured receives 115% of the sum assured under the policy as maturity benefit on the maturity date, provided all premiums have been paid completely.
Death Benefit If the policyholder has paid all due premiums under the plan, in the event of death of the life assured, the Sum Assured at Death is payable as death benefit.
Add-on Rider Benefit The life assured can choose to avail additional coverage under the plan by purchasing riders at nominal extra costs. The riders offered by Bajaj Allianz are the following:
  • 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 Save Assure Plan doesn’t cover?

Suicide Exclusion - If the life assured commits suicide within the policy tenure, irrespective of whether he/she was sane or not, the company will provide either of the following benefits:

  • If the date of death is 1 year from the date of risk commencement, 80% of the paid premium is payable.
  • If the date of death is 1 year from the last date of policy revival, the highest amount among 80% of the paid premiums and the surrender value is payable.

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

The salient features of the Bajaj Allianz Save Assure Plan are described below:

Alteration of premium payment frequency It is possible to change the premium payment frequency under the plan, provided that the existing and requested frequencies are in alignment. This is also dependent on the minimum premium criteria and frequency factors under the policy.
Policy loan The policyholder can avail a loan under the plan if the premiums for 3 years have been paid. The loan amount is 90% of the surrender value.
Policy benefits as monthly installments The policyholder/nominee can choose to receive the policy benefits in the form of monthly installments spread out over a period of 5 or 10 years. This is applicable for maturity and death benefits under the plan. The insurance company will have to be notified of the same prior to the maturity date or at the time of submitting the death claim. The monthly installment is calculated as follows:
  • For policy tenure of 5 years - 1.04 * (Maturity or Death Benefit) / 60
  • For policy tenure of 10 years - 1.08 * (Maturity or Death Benefit) / 120
The policyholder or nominee can discontinue receiving the monthly installments, if needed. He/she will have to raise a request to the insurance company for the same. The insurer pays the beneficiary an amount equal to the death or maturity benefit minus the total amount that was already paid in installments.
High Sum Assured Rebate (HSAR) The Bajaj Allianz Save Assure Plan provides attractive rebates on premium for customers who choose a high sum assured. The discount is Rs.7 for each additional Rs.1,000 sum assured purchased over and above Rs.1 lakh, subject to a maximum HSAR of Rs.70,000.
Surrender Benefit The policyholder can choose to surrender the policy if the premium for at least 3 full years have been paid. The surrender value is the highest among the Guaranteed Surrender Value (GSV) and the Special Surrender Value (SSV). The surrender value will be paid at any time of policy surrender during the tenure.
  • If the policy is surrendered in the third policy year, 30% of the paid premiums will constitute the GSV.
  • If the policy is surrendered between the fourth and the ninth policy year, the GSV will be equal to 50% of the paid premiums.
  • If the policy is surrendered between the tenth and the fourteenth policy year, the GSV will be equivalent to 55% of the premiums paid till date.
  • If the policy is surrendered after the 15th year, the GSV is equal to 60% of the paid premiums.
  • The SSV is not a guaranteed value.
Early termination On payment of the premium for 1 full year (but not for 3 years), an early termination value is available. If the policyholder chooses to terminate the policy early during this period, the following amount will be paid:
  • If the premium for 1 year has been paid, the early termination value is 11% of the premiums paid till date.
  • If the premium for 2 years have been paid, the early termination value is 15% of the premiums paid till date.
The early termination value is paid when the policyholder requests for a termination of the policy, at the death of the life assured, or at the end of the revival period, whichever occurs earlier.
Discontinuance of premiums
  • If the policyholder has not paid the premiums for 3 years, then the policy moves into the lapsed status when the grace period ends.
  • If the policyholder has paid the premiums for 3 years, and stopped the payment subsequently, then the policy is converted into a paid-up policy. The sum assured under the plan will be converted to the Reduced Sum Assured.
    • When the policy matures, 115% of the Reduced Sum Assured will be paid and the policy terminates.
    • At the death of the life assured, the Reduced Sum Assured at Death is paid out and the policy terminates.
It is possible to revive a lapsed or paid-up policy during the revival period, i.e., 2 years. This is subject to revival conditions set by the insurer.
Policy revival The policyholder can choose to revive a policy that has been discontinued.
  • The revival application should be submitted within 2 years from the due date of the unpaid premium and before the date of policy maturity.
  • All due premiums and interest under the plan should be paid.
  • The policyholder should submit evidence of good health and insurability.
The policy revival may be done on terms that are different to those agreed upon at the beginning of the policy. Bajaj Allianz may also refuse to revive a policy, based on underwriting guidelines.
Foreclosure If the policyholder has:
  1. taken a loan under the policy, and
  2. the policy becomes paid-up, and
  3. the outstanding loan amount plus the loan interest is equivalent to the surrender value under the policy,
then the insurer will send a notice to the policyholder and will subsequently initiate a foreclosure of the policy. Under such circumstances, no policy benefits will be paid to the life assured.
Policy termination A policy will terminate at the occurrence of either of the following situations:
  • Payment of early termination value.
  • Surrender of the policy.
  • At the end of the revival period, provided the premiums have not been paid for the first three years of the policy.
  • At the time of intimation of death of the insured life.
  • At the time of foreclosure of the policy, in the event of a loan being taken under it.
  • On the date of policy maturity.
Grace period If the policyholder fails to pay the premium by the specified due date, he/she will be allowed a grace period of 30 days for policies with premium payment frequencies other than monthly. For policies with monthly premium payment frequencies, the grace period is 15 days. The policyholder can pay the premiums within the grace period and reinstate the policy benefits. In case the life assured faces death during the grace period, the death benefit under the policy is paid to the nominee. The death benefit is the full sum assured minus the outstanding premiums.
Free-look period If the policyholder disagrees with the terms and conditions in the policy, then he/she can return the same to the insurance company within 15 days of receipt of the policy documentation. This interval is known as the grace period. The grace period for policies that were bought through distance marketing is 30 days. The policyholder will have to cite the reasons for the return of the policy. He/she is then eligible for a refund of the paid premiums minus the expenses incurred by the insurer on medical examination and stamp duty.

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

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

Since tax rules are subject to change, it is advisable to contact a qualified tax consultant to understand the latest provisions.

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

The Bajaj Allianz website has an online customer portal where you can login and retrieve policy-related information in a convenient manner. The website also enables customers to renew insurance policies with ease. Payments for the same can be done through the following channels:

Credit Cards Visa, American Express, Maestro, MasterCard, and Diners Club cards can be used for making payments
Debit Cards Visa, MasterCard, Maestro, and RuPay cards can be used for making payments
Bill Junction Customers can register at Bill Junction and authorise premium payments online
Netbanking It is possible to use the Netbanking facility at the online portal of the customer’s bank to pay the insurance premiums
e-Wallets Premiums can also be paid through e-Wallets like ITZCash, Airtel Money, iCashCard, Jio Money, Oxigen, PayCash, and Idea Money

In addition to the above, you can initiate an online chat with a customer care associate who will assist you in resolving issues and clarifying queries. The SMS Support facility of Bajaj Allianz can be utilised to receive a callback from the customer service team. A callback can also be initiated through the website of the insurer.

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

Bajaj Allianz is a joint venture between Bajaj Finserv Limited and Allianz SE, and is one of the leading insurance solutions provider in India. The global exposure and local experience of the partner companies have facilitated in the creation of the comprehensive insurance solutions suite that Bajaj Allianz offers today. The company has grown to be a prominent player in the Indian insurance domain within a short duration.

The insurance products offered by Bajaj Allianz are characterised by technical expertise and competitive pricing. These solutions are formulated to cater to the varied needs of customers. The products range from child insurance to Unit Linked Insurance Plans. The insurer also offers group insurance policies and health insurance schemes. Bajaj Allianz has also been focussing on insurance penetration into the rural segments of the country in the recent past.

The claim settlement ratio of Bajaj Allianz was a robust value of 98.07% for the financial year 2015-16. The individual products observed an aggregate ratio of 91.3%, while the group products have a claim settlement ratio of 98.87%.

Bajaj Allianz has received several awards and recognitions that highlight its excellent customer service initiatives, marketing strategies, and technological advancements.

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

If the insurance company delays the settlement of a claim beyond 30 days, the customer will be paid an interest of 10.5% for the delay experienced each day. The insurance company also settles majority of its claims through the direct electronic transfer facility. This ensures that the payout is made at the earliest possible time.