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  • Bajaj Allianz Life Super Life Assure Plan

    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

    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.

    Eligibility - Who is the Bajaj Allianz Life Super Life Assure Plan for?

    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:

    Parameter Eligibility
    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

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

    Sum Assured:

    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.

    Premium:

    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:

    Policy variant Yearly Half-yearly Quarterly Monthly*
    Super Rs.5,328 Rs.2,717 Rs.1,385 Rs.480
    Life Rs.5,201 Rs.2,652 Rs.1,352 Rs.468

    *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.

    Plan Coverage - What the Bajaj Allianz Life Super Life Assure Plan covers?

    The Bajaj Allianz Life Super Life Assure Plan works in the following manner:

    • The customer first chooses the policy variant i.e., Super or Life.
    • The sum assured is selected next.
    • The customer then chooses the policy tenure and premium payment frequency.
    • Once the plan variant is selected, it cannot be changed during the policy tenure.
    • The premium that the customer pays towards the policy depends on his/her age, gender, sum assured, plan variant, premium payment frequency, and policy term.
    • The coverage of the Bajaj Allianz Life Super Life Assure Plan is as detailed below:
    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:
    • For Life variant:
      • Sum Assured at Death plus Vested Bonus plus Terminal Bonus, or,
      • 105% of the premiums paid
    • For Super variant:
      • Sum Assured at Death plus Vested Bonus plus Terminal Bonus, or,
      • 105% of the premiums paid
    In addition to the above, the nominee of the life assured will receive an additional amount equal to 100% of the sum assured as an Income Benefit. This amount is paid in 120 monthly installments following the settlement of the death benefit. The monthly installment amount is hence, equal to (sum assured)/120. At the death of the life assured, the risk cover under the plan will cease. The Sum Assured at Death is the highest amount between the sum assured and 10 times the annualised premium.
    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.

    Exclusions - What the Bajaj Allianz Life Super Life Assure Plan doesn’t cover?

    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 the death was within 1 year from the risk commencement date, 80% of the paid premiums.
    • If the death was within 1 year from the last revival date, the higher of the following will be paid:
      • 80% of the paid premiums till the death of the life assured.
      • Surrender value as on the date of death.

    If applicable, the outstanding loan amount and interest will be deducted from the payable benefit.

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

    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
    • If the policyholder has not paid the premiums for at least 3 years, then the policy lapses when the grace period ends. There will be no benefits payable under the plan.
    • If the policyholder has paid the premiums for at least 3 years, and the subsequent premiums are not paid, then the policy is changed to paid-up status when the grace period ends.
      • In this scenario, the sum assured and Sum Assured at Death under the plan will be decreased to the Paid-Up Sum Assured and Paid-Up Sum Assured at Death, respectively.
      • The Vested Bonus accrued on the policy will continue to be attached to it. The policy will not further accrue any bonuses.
      • The maturity benefit under the plan will be the Paid-Up Sum Assured plus the Vested Bonus, the minimum value of which is 100.1% of the total paid premiums.
      • The death benefit is the Paid-Up Sum Assured at Death plus Vested Bonus, the minimum value of which is 105% of the total paid premiums.
        • For the Super variant of the plan, in addition to the death benefit mentioned above, the nominee receives an additional amount of 100% of the Paid-Up Sum Assured as Income Benefit.
        • This Income Benefit is paid out in 120 monthly installments. The first installment is paid at the time of the death benefit settlement.
        • If the value of the monthly installment is lower than Rs.400, then the Income Benefit is paid annually over a period of 10 years, i.e., in 10 installments.
        • The nominee cannot take the Income Benefit as a lump sum amount.
    • A policyholder can choose to revive a paid-up or lapsed policy during the revival period of 2 years, subject to revival conditions set by the insurer.
    Revival of policy If the policy is in paid-up or lapsed status, it can be revived if the following conditions have been fulfilled:
    • The revival application is made within 2 years from the due date of the unpaid premium and before the maturity date.
    • All premiums and applicable interest are paid to the insurance company.
    • The life assured furnishes proof of insurability and good health.
    The policy may be revived on terms that are different from those applicable at the beginning of the policy. The revival process will take effect only after the same has been communicated to the policyholder by the insurer. In some cases, the revival application may be refused by Bajaj Allianz. Once the policy is revived, the sum assured and Sum Assured at Death that was applicable before the policy moved into paid-up or lapsed status will be reinstated.
    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.
    • If the policy is in-force, it will continue without any changes.
    • If the policy is in paid-up status, it will be foreclosed when the notice period of 30 days ends. The surrender value will be adjusted against the outstanding loan and interest. No further benefits will be payable under the plan.
    Termination of policy The policy terminates at the occurrence of any of the following events:
    • On the date of payment of surrender value.
    • When the revival period expires for a lapsed policy.
    • In the case of Life variant of the plan, when the insurer receives all documentation regarding the death claim of the life assured.
    • In the case of Super variant of the plan, when the last installment of the Income Benefit is paid.
    • In the case of a paid-up policy, at the time of foreclosure of the policy.
    • On the policy maturity date.
    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.

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

    • The premium that the policyholder pays towards the policy is eligible for tax benefits under Section 80C of the Income Tax Act.
    • The payouts received from the policy, i.e., maturity benefit, death benefit, and surrender benefit are liable for tax rebates under Section 10(10D) of the Income Tax Act.

    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.

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

    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.

    Why you should buy the Bajaj Allianz Life Super Life Assure Plan from Bajaj Allianz?

    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.

    • Bajaj Allianz was honoured for excellence in Direct Benefit Transfer with the ASSOCHAM Awards on ICT for Development 2015.
    • It also received the “Financial Inclusion and Deepening Award 2015” by SKOCH in 5 categories for the 4th consecutive year.
    • 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 as well.

    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.