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.
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:
|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|
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.
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|
*The monthly mode of premium payment is only allowed under ECS and salary deduction scheme.
The Bajaj Allianz Save Assure Plan works in the following manner:
|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:
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:
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:
|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.
|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:
|Discontinuance of premiums||
|Policy revival||The policyholder can choose to revive a policy that has been discontinued.
|Foreclosure||If the policyholder has:
|Policy termination||A policy will terminate at the occurrence of either of the following situations:
|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.|
Since tax rules are subject to change, it is advisable to contact a qualified tax consultant to understand the latest provisions.
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.
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.
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.