Bajaj Allianz Elite Assure Plan

Bajaj Allianz Elite Assure, a traditional savings plan that offers the most attractive return while protecting your family. It is a traditional participating regular and limited premium payment endowment plan.

• Perfect balance of life cover and great return on investment.
• Accrued Guaranteed Loyalty Additions of up to 315% of Guaranteed Maturity Benefit, depending on the premium payment term chosen.
• Choice of 4 policy terms - 15, 20, 25 and 30 years.
• Option of regular and limited premium payment term.
• Option to enhance your coverage with rider benefits

• Inbuilt guarantee in the plan depending on the policy term and premium paying term, in the form of Guaranteed Loyalty Additions (GLA) is calculated as a percentage of the Guaranteed Maturity Benefit (GMB).
• At maturity, GMB, GLA and vested bonus is paid. This plan offers higher potential returns compared with other traditional life insurance policies.

Maturity Benefit:

• The Maturity Benefit is Guaranteed Maturity Benefit (GMB) plus Guaranteed Loyalty Additions (GLA) plus Vested Bonus (VB) plus Interim Bonus (IB) if any, plus Terminal Bonus (TB), if any. VB as declared, will be attached every policy year starting from your first policy year.
• Guaranteed Loyalty Additions (GLA), as % of Guaranteed Maturity Benefit (GMB), will be attached to the policy at the end of each policy year starting from the end of the 10th policy year. GLA, as % of GMB and the total GLA payable at maturity, depends on the premium payment term and policy term chosen as shown in the table below:

Death Benefit:

• Death benefit payable is Sum Assured on Death plus Guaranteed Loyalty Additions plus Vested Bonus, if any plus Interim Bonus, if any plus Terminal Bonus, if any, subject to Guaranteed Death Benefit of 105% of the total premiums paid till the date of death.
• Sum Assured on Death is the higher of Guaranteed Maturity Benefit or Sum Assured

• Bonus:

1. Compound Reversionary Bonus - Regular Bonus rate expressed as a percentage of the maturity GMB. This percentage will be applied to the GMB and the vested bonus.
2. Interim Bonus - In the event of death or maturity part way through a financial year or before the valuation result is declared, the company shall pay the interim bonus as decided in the previous valuation date.
3. Terminal Bonus - If the policy has completed 10 years and all the due premiums are paid, company will declare a terminal bonus which will be a percentage of the GMB.

• Surrender:

1. Policy can be surrendered, provided at least 1 full year's premium has been paid, if the Premium Payment Term is less than 10 years or at least 2 full years' premiums have been paid, if premium payment term is 10 years or more.
2. The surrender value shall be higher of: Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV)

• Paid-up Benefit:

1. If first year premium is paid in full for the premium paying term less than 10 years or 2 years full premium is paid for the premium paying terms more than 10 years, then the policy will be converted into paid-up policy at the expiry of the grace period.
2. The Sum Assured, GMB and GLA will be reduced in proportion to the number of premiums paid/number of premiums payable.

• Option to Change Premium Payment Frequency:
  At any time, you can opt to alter your regular premium payment frequency to any other frequency (i.e. yearly, half-yearly, quarterly or monthly), as long as the existing and requested frequencies can be aligned and subject to minimum premium limits under the plan.
• Grace Period: Grace period is 15 days for monthly mode and 30 days for all the other modes.
• Reinstatement: A lapse/paid-up policy can be revived during the revival period of 2 years from the due date of first unpaid premium.
• Policy Loan: Policy loan can be availed provided the policy has acquired a surrender value. Policy loan shall be upto 90% of the surrender value.

• Accidental Death Benefit Rider
  In case of death due to an accident, the Rider Sum Assured chosen will be paid to the nominee. An accident shall mean a sudden, unforeseen and involuntary event caused by external and visible means, and death has to be due to a direct result of the accident and within 180 days of the date of an accident.

• Permanent Total & Partial Disability
  In the event of permanent disability to the Rider Life Assured due to an accident and if the disability is within 180 days from the date of an accident, the benefit amount payable as per the benefits chart.

• Critical Illness Benefit Rider
  The rider Sum Assured is paid to the Life Assured on the first diagnosis of any of the specified Critical Illness. There is no death or maturity benefit payable.

• Income Benefit Rider
  On the first occurrence of death, accidental permanent total disability or first diagnosis of any of the specified critical illness of the Rider Life Assured, 1% of the Rider Sum Assured will be payable monthly for a period of the rider term subject to a minimum of 10 years.

• Waiver of Premium Benefit Rider
  In the event of death of the Life Assured, the future premiums will get waived off and all benefits remain intact in the policy and is paid to the nominee as per the policy features and terms & conditions.

If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.

Tax Benefits

Tax Benefits will be as per section 80C and 10(D) of Income Tax Act, 1961.

Know Claim Process of Bajaj Allianz Elite Assure Plan

Claim Process

Bajaj Allianz is a joint venture between Bajaj Finserv Limited and Allianz SE. Both enjoy a reputation of expertise, stability, and strength. Bajaj Allianz was incorporated in the year March 2001 and started operations in the year August 2001.