Bajaj Allianz Life Super Life Assure Plan is a non-linked, participating, regular premium payment endowment policy that assists in meeting the customer’s key financial milestones. The plan offers the option of multiple policy terms and two plan variants, i.e., Super and Life. The policy also provides a monthly income in the case of unfortunate death of the life assured. The bonuses offered under the plan are useful in amplifying the customer’s savings. The plan coverage can be enhanced through the addition of optional riders. Bajaj Allianz also offers attractive premiums to female customers who purchase the Bajaj Allianz Life Super Life Assure Plan.
A customer has to fulfill certain eligibility criteria set by the insurer to be able to purchase the Bajaj Allianz Life Super Life Assure Plan. These conditions are based on the policyholder’s age and the amount of insurance he/she wishes to avail. The eligibility criteria for the plan are as follows:
|Minimum Entry Age||For Super variant - 18 years For Life variant - 0 years|
|Maximum Entry Age||For Super variant - 50 years For Life variant - 55 years|
|Minimum Maturity Age||For Super variant - 30 years For Life variant - 18 years|
|Maximum Maturity Age||70 years|
|Policy Term||12 to 20 years|
|Premium Payment Term||Equal to the chosen policy term|
The policy offers various benefits such as Maturity Benefit, Death Benefit, Surrender Benefit, etc. The minimum sum assured under the plan is Rs.1 lakh and there is no limit on the maximum sum assured.
The policyholder will pay the premium towards the policy at specific intervals that he/she selects at the beginning of the policy tenure. The amount of minimum premium and payment frequencies are as shown below:
*The monthly mode of premium payment is only allowed under ECS and salary deduction scheme.
The maximum premium varies according to the sum assured chosen.
The Bajaj Allianz Life Super Life Assure Plan works in the following manner:
|Maturity Benefit||Provided that the policyholder has paid all premiums, the maturity benefit that he/she will receive is the sum assured plus terminal bonus plus vested bonus. The minimum guaranteed maturity benefit is equivalent to 100.1% of the total paid premiums. The maturity benefit is the same value for both variants of the policy.|
|Death Benefit||If all premiums are paid under the policy, in the event of unfortunate demise of the life assured during the policy tenure, the death benefit payable is:
|Additional Rider Benefit||The life assured can get extra insurance protection by opting for an add-on cover from Bajaj Allianz. Customers can enhance the Bajaj Allianz Life Super Life Assure Plan by opting for the Bajaj Allianz Waiver of Premium Benefit Rider.|
Suicide Exclusion - If the life assured commits suicide during the policy tenure, irrespective of whether he/she was sane or not, the liability of Bajaj Allianz will be limited to the following:
If applicable, the outstanding loan amount and interest will be deducted from the payable benefit.
The salient features of the Bajaj Allianz Life Super Life Assure Plan are described below:
|Surrender Benefit||The policyholder has the option to surrender the policy at any time, as long as the premium for 3 years has been paid. The surrender value is the higher among the Special Surrender Value (SSV) and the Guaranteed Surrender Value (GSV). Once a policy is surrendered, it will not be eligible for a terminal bonus.|
|High Sum Assured Rebate||The Bajaj Allianz Life Super Life Assure Plan offers a discount of Rs.25 for every Rs.10,000 sum assured bought over and above the minimum sum assured of Rs.2 lakh.|
|Policy loan||The policyholder can choose to avail a loan under the policy, if it has acquired surrender value. The loan amount can be up to 90% of the surrender value under the policy. At the death of the life assured, on policy maturity, or at policy surrender, the outstanding loan amount plus interest will be deducted from the payable benefit. The interest rate for the loan will be decided by the company, and may change from time to time.|
|Option to alter premium payment frequency||The policyholder can change the premium payment frequency at any policy anniversary. This is, however, subject to the availability of the requested frequency and the minimum modal premium criteria.|
|Discontinuance of premium payment||
|Revival of policy||If the policy is in paid-up or lapsed status, it can be revived if the following conditions have been fulfilled:
|Policy foreclosure||If the policyholder has taken a loan under the plan, and the loan amount plus interest exceeds the surrender value under the policy, the company informs the customer of the same. The policyholder will then have to pay the outstanding loan and interest.
|Termination of policy||The policy terminates at the occurrence of any of the following events:
|Grace Period||If the policyholder has not made premium payments by the specified due date, then he/she will be allowed a grace period of 30 days for policies with premium payment frequencies other than monthly. In the case of monthly frequency, the grace period is 15 days to pay the due premium. At the demise of the life assured during the grace period, the death benefit is payable. This amount is the full sum assured minus the outstanding premiums.|
|Free-Look Period||Within 15 days of receipt of the policy documentation, if the policyholder is not in agreement with the terms and conditions therein, he/she can choose to return the policy back to the insurer. This interval is referred to as the free-look period. The free-look period for policies that were bought through distance marketing is 30 days. The policyholder has to state relevant reasons for the return of the policy. He/she is then liable to receive a refund of all the paid premiums minus the charges incurred by Bajaj Allianz for stamp duty and medical examinations.|
These are the prevailing tax rules and are subject to change. So, it is advisable to consult a tax advisor to understand the latest provisions before investing.
The online customer portal of Bajaj Allianz enables the policyholder to login and easily access his/her insurance details. The insurer’s website also allows customers to renew policies online. The payments for policy renewal can be done through the following channels:
|Bill Junction||Customers can register at Bill Junction and authorise their premium payments online|
|Credit Cards||Payments can be made through Visa, MasterCard, Maestro, American Express, and Diners Club cards|
|Debit Cards||Payments through Visa, MasterCard, Maestro, and RuPay cards|
|e-Wallets||It is possible to pay premiums through e-Wallets like PayCash, Airtel Money, ITZCash, Jio Money, Oxigen, iCashCard, and Idea Money|
|Netbanking||A customer can use the Netbanking facility at his/her bank’s online portal to pay insurance premiums|
If needed, an online chat can be initiated with a customer service representative through the Bajaj Allianz website. Customers will be able to receive clarifications to queries and get resolution of issues through this conversation. The insurer also offers the SMS Support facility through which a callback can be requested for. The customer service team of the insurer would contact the customer at the receipt of a callback request. The Bajaj Allianz website also enables customers to request for a callback.
Bajaj Allianz Life Insurance Company Ltd., one of India’s leading insurance providers, is a joint venture between Bajaj Finserv Limited and Allianz SE. The company provides a host of insurance solutions to meet the varied needs of customers. The products offered by them range from child plans to Unit Linked Insurance Plans. The insurer also offers health insurance products and group plans to customers.
The company is notable for the in-depth market knowledge and technical expertise with which its products are configured. The insurance solutions offered by Bajaj Allianz are competitively priced and cater to all segments and age groups of the customer demographic. The insurer has recently been focussing on the penetration of insurance into the rural markets of the country.
The claim settlement ratio of Bajaj Allianz was a robust 98.07% during the financial year 2015-16. The company has also received several awards and recognitions for its excellence in customer service, technological innovations, and marketing strategies.
If the insurer fails to settle a claim within 30 days, although uncommon, the claimant will be compensated with an interest that equates to 10.5% for each day’s delay. The company is also known to settle majority of its claims through direct electronic transfer, hence reducing delays in payouts.