Bajaj Allianz Guarantee Assure Plan

Bajaj Allianz Guarantee Assure is a non-linked, non-participating individual limited premium Endowment Plan that helps the customer to live a worry free life for a lifetime.

• Fixed premium payment term of 5 years.
• Guaranteed Addition of up to 63% of Sum Assured on Maturity.
• Ensures more value for money with high sum assured rebate.
• Attractive premium rates for female lives.

• Sum Assured on Death + Accrued Guaranteed Additions
• Guaranteed Additions are added to the Sum Assured depending on the policy term chosen@ 5%, 6% or 7% for terms of 7, 8, 9 years respectively
• Option to take policy benefit in monthly installments over a period of 5 or 10 years

Maturity Benefit: Sum assured plus accumulated Guaranteed Additions as maturity benefit. The Guaranteed Additions that accrue at the end of every policy year in your policy depends on the policy term chosen by you and are as follows:

Death Benefit: 

• If all the due premiums are paid, then, in the event of an unfortunate death of the life assured during the policy term, the death benefit payable will be "Sum Assured on Death" plus Accrued Guaranteed Additions.
• The Sum Assured on Death is the higher of: 5 times the Annualised premium 105% of total premium* paid till date of death or Sum Assured.

Surrender:-

• There is an option to surrender the policy provided:

1. At least 2 years premium have been paid
2. The surrender value shall be higher of the Guaranteed Surrender Value (GSV) and the Special Surrender Value (SSV)

• The GSV will depend on the number of premiums and the guaranteed additions already accrued in the policy. GSV 2 for premiums paid will be arrived at by applying the below factors:

• GSV 1 for Guaranteed Additions will be as per the below factors:

• Guaranteed Surrender value is the sum of GSV 1 and GSV

Early Termination Value:- If at least one full year’s premiums have been paid and twelve months have been completed but two full years’ premiums have not been paid, the early termination value will be available.

Non payment of premium (Lapse and Paid-up):-

• If you have not paid first 2 years’ premiums in full then the Policy will immediately lapse at the expiry of the grace period
• If you have paid at least 2 years’ premiums in full and subsequent premiums are not paid then Policy will be made paid-up and the Sum Assured & Sum Assured on Death under the policy will be reduced, the Paid-Up Sum Assured & Paid-Up Sum Assured on Death respectively.
• No guaranteed additions will be attached to the policy after the policy is lapsed or paid-up.
• On death before maturity, Paid-Up Sum Assured on Death plus any guaranteed additions attached will be paid and the
  policy will be terminated.
• On the maturity date, Paid-Up Sum Assured plus Guaranteed Additions attached will be paid and the policy will be terminated.

Grace Period:- Grace period available under the policy is 15 days for monthly mode and 30 days for all the other modes.

Reinstatement:- A lapsed or paid-up policy can be revived within 2 years of the first unpaid premium.

Option to take Policy Benefits in monthly installments:- You or your nominee will have the option to take the maturity benefit or death benefit in equal monthly installments over a period of 5 or 10 years from the date of maturity or the date of intimation of death.

Alteration Premium Paying Frequency:- You will have the option to change the prevailing premium payment mode under the policy at any time, provided the prevailing and the requested frequencies can be aligned, subject to the availability of the mode and minimum modal premium criteria.

Policy Loan:-You can avail loan under your policy, provided your policy has acquired a surrender value. The loan amount shall be up to 90% of the surrender value of your policy.

Not Available

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.

Know claim Process of Bajaj Allianz Guarantee 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.