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  • Bajaj Allianz Savings Plans

    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

    A Savings Plan from Bajaj Allianz is a product in which an individual contributes money regularly, so that he/she can reach a short-term or long-term financial goal. Irrespective of income group, everyone should ideally have a sufficient backup in the form of a savings plan to achieve significant milestones in life.

    In order to formulate a successful savings strategy, you have to:

    • Identify your savings goals
    • Understand how much you can save on a monthly basis
    • Look for a suitable life insurance policy that provides you savings
    • Contribute money towards your savings policy regularly
    • Monitor your progress

    Benefits of Bajaj Allianz Savings Plans:

    • The Bajaj Allianz Savings Plans provide you guaranteed maturity and death benefits that are usually percentages of the sum assured.
    • The insurer also offers you the flexibility of various policy terms and premium payment terms.
    • Most of the savings plans from Bajaj Allianz provide the option of taking the benefits in the form of monthly installments, if needed.
    • The savings plans from Bajaj Allianz can be enhanced through riders.
    • Some of the plans also provide high sum assured rebate on the premiums payable.

    List of Savings Plans Provided by Bajaj Allianz:

    The Savings Plans provided by Bajaj Allianz are the following:

    Bajaj Allianz Save Assure:

    This is a traditional endowment plan that provides security to the policyholder and his/her family, in addition to guaranteeing a payout. Policyholders also receive high sum assured rebates on premium. The plan can be enhanced through riders offered by Bajaj Allianz.

    Benefits and Features of Bajaj Allianz Save Assure Plan:

    • The plan provides the customer a guaranteed maturity or death benefit that equates to 115% of the sum assured, provided that all due premiums have been paid.
    • The customer has the choice of two policy terms, i.e., 15 and 17 years.
    • Premium payment terms can be chosen as 10 or 12 years.
    • The plan provides the option of taking the policy benefit in the form of monthly installments spread out over 5 or 10 years.
    • The plan provides the following payouts:
      1. Maturity Benefit - The policyholder receives 115% of the sum assured as maturity benefit if all the premiums have been paid.
      2. Surrender Benefit - A customer can surrender his/her policy if the premiums for three years have been paid.

    The surrender value will be the higher of the Special Surrender Value (SSV) and the Guaranteed Surrender Value (GSV). The surrender value will be paid immediately at the time of surrender.

    1. Death Benefit - If the policyholder dies before the policy maturity, the death benefit is calculated as below:
    Entry Age Sum Assured at Death will be the higher of these amounts
    Less than 45 years 10 * annualised premium 105% of total paid premium 115% of sum assured
    45 years or more 7 * annualised premium 105% of total paid premium 115% of sum assured
    1. Additional Rider Benefit - The base policy can be enhanced through optional riders at an extra cost.
    2. Loan - It is possible to avail a loan under the policy, if the premiums have been paid for 3 years. The maximum loan amount is 90% of the surrender value.
    Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
    Bajaj Allianz Save Assure Minimum - 1 Maximum - 60 Minimum - 18 Maximum - 75 For policy term of 15 years: Minimum Premium:
    • For Yearly premium payment frequency - Rs.8,140
    • For Half-Yearly premium payment frequency - Rs.5,000
    • For Quarterly premium payment frequency - Rs.2,500
    • For Monthly premium payment frequency - Rs.1,000
    For policy term of 17 years: Minimum Premium:
    • For Yearly premium payment frequency - Rs.6,620
    • For Half-Yearly premium payment frequency - Rs.4,200
    • For Quarterly premium payment frequency - Rs.2,100
    • For Monthly premium payment frequency - Rs.800
    Maximum Premium: No limit

    Bajaj Allianz Income Assure:

    This is a non-linked, participating, limited premium payment, endowment plan that guarantees you a regular monthly income along with protection. The base plan can be extended through the use of riders. Lower premiums are offered for female customers.

    Benefits and Features of Bajaj Allianz Income Assure Plan:

    • The plan provides a Guaranteed Monthly Income through the choice of 2 life cover variants, i.e., Income and Assure.
    • Customers can choose from 4 policy terms as well.
    • The plan offers bonuses to enhance your savings.
    • The plan provides the following payouts:
      1. Maturity Benefit - This is the sum of the Vested Bonus and the Terminal Bonus as on the maturity date, subject to the policy being in-force and the life assured being alive.
      2. Survival Benefit - If the life assured survives till the end of the premium payment term, the Guaranteed Monthly Income (GMI) will be paid on a monthly basis for 144 months. These payments start from the end of the premium payment term.

    If the life assured faces death during the installment period of the Survival Benefit, the payment of GMI will immediately stop. The GMI is selected at the start of the policy and will be fixed throughout the tenure.

    1. Death Benefit - If the policyholder dies before the policy maturity, the death benefit will be the higher among the following amounts:
    • Sum Assured at Death plus Vested Bonus and Terminal Bonus, or
    • 105% of the total paid premiums

    Payment of the death benefit will vary based on the policy variant chosen.

    1. Additional Rider Benefit- Customers can increase the coverage of their base policy by adding riders to their plan at an extra cost.
    Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
    Bajaj Allianz Income Assure Minimum - 0 Maximum - 50 Minimum - 18 Maximum - 74 Minimum Premium: For the Income variant of the plan, the premium is 21,965 per annum or 1,977 monthly For the Assure variant of the plan, the premium is 22,058 per annum or 1,985 monthly Maximum Premium: Based on the maximum sum assured

    Bajaj Allianz Guarantee Assure:

    This is a non-linked, non-participating, individual limited premium endowment plan that helps cover the uncertainties in life. High sum assured rebate is provided by the plan. The policy also offers attractive rates of premium for female customers.

    Benefits and Features of Bajaj Allianz Guarantee Assure Plan:

    • The plan has a fixed premium payment term of 5 years.
    • Customers can choose from 3 policy terms, i.e., 7, 8 , and 9 years.
    • Guaranteed Additions are provided up to 63% of the Sum Assured at Maturity.
    • There is an option to take the policy benefits in the form of monthly installments over a period of time.
    • The plan provides the following payouts:
      1. Maturity Benefit - If all premiums have been paid, the policyholder receives the chosen sum assured and the accrued Guaranteed Additions as maturity benefit on the date of policy maturity. The Guaranteed Additions depend on the policy term chosen by the customer.
      2. Death Benefit - If the policyholder dies before the policy maturity, the death benefit will be the Sum Assured at Death plus accrued Guaranteed Additions.

    The Sum Assured at Death is the higher among the following amounts:

    • 5 * annualised premium
    • 105% of the total paid premiums as on the date of death
    • Sum assured

    Following the death of the life assured, the policy terminates immediately.

    Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
    Bajaj Allianz Guarantee Assure Minimum - 9 Maximum - 60 Minimum - 18 Maximum - 69 Minimum Premium: For Yearly frequency of premium payment, Rs.23,839 For Half-Yearly frequency of premium payment, Rs.12,158 For Quarterly frequency of premium payment, Rs.6,198 For Monthly frequency of premium payment, Rs.2,145 Maximum Premium: No limit

    Bajaj Allianz Cash Assure:

    This is a non-linked, participating, individual limited premium money back plan that provides protection and savings under the same policy. The plan has a shorter premium payment term, when compared to the other savings plans from Bajaj Allianz. It also offers a high sum assured rebate to customers.

    Benefits and Features of Bajaj Allianz Cash Assure Plan:

    • Lump sum payouts are provided regularly to meet the financial requirements of customers.
    • The plan provides Guaranteed Money Back of up to 150% of the sum assured, based on the chosen policy term.
    • The customer has a choice of 4 policy terms, i.e., 16, 20, 24, and 28 years.
    • Female customers can also benefit from special premium rates.
    • The plan provides the following payouts:
      1. Survival and Maturity Benefit - If all premiums have been paid, the customer receives the survival benefit as money backs on specific due dates. Maturity benefit is also provided on the date of policy maturity. The amount of Survival and Maturity Benefit paid is shown in the table below:
    Policy term 16 years 20 years 24 years 28 years
    Money back (%) 15% of the sum assured 20% of the sum assured 25% of the sum assured 30% of the sum assured
    Maturity Benefit 60% of the sum assured + Vested Bonus + Terminal Bonus
    1. Death Benefit - If the policyholder dies before the policy maturity, the death benefit will be the Sum Assured at Death plus Vested Bonus plus Interim Bonus plus Terminal Bonus. This is subject to a minimum of 105% of the total premiums being paid at the time of death.

    The Sum Assured at Death is the higher among the following amounts:

    • 10 * annualised premium
    • Sum assured

    Following the death of the life assured, the policy terminates immediately.

    1. Surrender Benefit - If the premiums for 3 full years have been paid, the policy can be surrendered anytime. The surrender value will be the highest amount among the Guaranteed Surrender Value (GSV) and the Special Surrender Value (SSV).
    2. High Sum Assured Rebate - The plan has a premium discount system, where the customer gets a discount of Rs.4.50 for each Rs.1,000 sum assured purchased over and above Rs.1 lakh.
    3. Additional Rider Benefit - Customers can avail additional rider benefits at an extra cost.
    Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
    Bajaj Allianz Cash Assure Minimum - 0 Maximum - 54 Minimum - 18 Maximum - 70 Minimum Premium: For policy term 16 years: For Yearly frequency of premium payment, Rs.9,000 For Half-Yearly frequency of premium payment, Rs.5,000 For Quarterly frequency of premium payment, Rs.3,000 For Monthly frequency of premium payment, Rs.900 For policy term 20 years: For Yearly frequency of premium payment, Rs.8,000 For Half-Yearly frequency of premium payment, Rs.4,500 For Quarterly frequency of premium payment, Rs.2,500 For Monthly frequency of premium payment, Rs.800 For policy term 24 years: For Yearly frequency of premium payment, Rs.7,000 For Half-Yearly frequency of premium payment, Rs.4,000 For Quarterly frequency of premium payment, Rs.2,300 For Monthly frequency of premium payment, Rs.700 For policy term 28 years: For Yearly frequency of premium payment, Rs.6,500 For Half-Yearly frequency of premium payment, Rs.3,500 For Quarterly frequency of premium payment, Rs.2,000 For Monthly frequency of premium payment, Rs.650

    Bajaj Allianz Super Life Assure:

    This is a non-linked, participating, regular premium endowment plan that protects the family of the policyholder in the event of his/her demise. Customers can enhance the coverage of the policy through riders. The policy offers attractive rates of premium for female customers.

    Benefits and Features of Bajaj Allianz Super Life Assure Plan:

    • The plan has two variants that customers can choose from, i.e., Life and Super.
    • The plan offers multiple policy terms as well.
    • With the Super variant of the plan, a monthly income benefit is paid if the life assured dies during the policy tenure.
    • The policy offers bonuses on a yearly basis.
    • The plan provides the following payouts:
      1. Maturity Benefit - If all premiums have been paid, the policyholder receives the sum assured plus Vested Bonus plus Terminal Bonus as Maturity Benefit. The minimum guaranteed maturity benefit is 100.1% of the paid premiums. The Maturity Benefit remains the same across plan variants.
      2. Death Benefit - If the policyholder dies before the policy maturity, the death benefit will be the following:
        • The Sum Assured at Death plus Vested Bonus plus Terminal Bonus, or
        • 105% of the paid premiums.

    The Sum Assured at Death is the higher among the following amounts:

    • 10 * annualised premium
    • Sum assured

    Following the death of the life assured, the policy terminates immediately.

    1. Additional Rider Benefit - Customers can choose riders to enhance their base plan at an extra cost.
    Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
    Bajaj Allianz Super Life Assure For Super variant: Minimum - 18 Maximum - 50 For Life variant: Minimum - 0 Maximum - 55 For Super variant: Minimum - 30 Maximum - 70 For Life variant: Minimum - 18 Maximum - 70 Minimum Premium: For Super variant: For Yearly frequency of premium payment, Rs.5,328 For Half-Yearly frequency of premium payment, Rs.2,717 For Quarterly frequency of premium payment, Rs.1,385 For Monthly frequency of premium payment, Rs.480 For Life variant: For Yearly frequency of premium payment, Rs.5,201 For Half-Yearly frequency of premium payment, Rs.2,652 For Quarterly frequency of premium payment, Rs.1,352 For Monthly frequency of premium payment, Rs.468 Maximum Premium: Based on the sum assured

    Why do you need Bajaj Allianz Savings Plans?

    The savings plans from Bajaj Allianz offer you and your family protection from financial liabilities in the face of unforeseen incidents. 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.

    When the savings policy you hold has acquired a surrender value, it is possible to avail loans under it. The loan amount can be up to 90% of the surrender value.

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