Bajaj Allianz Invest Assure Plan
Product Info
UIN
116N121V01
Status
Active
Launch Date
28/11/2013
Withdrawn Date
Product Overview
This plan is a participating limited pay endowment plan that assures the customer protection for his family by providing financial benefits.
Product Description
- Option to choose either 1.25 times or 2 times of the Sum Assured as a life cover.
- Compound reversionary bonus and terminal bonus available.
- Limited premium payment term.
- More value for money with high sum assured rebate.
COMPARE & BUY SIMILAR PLANS
Unique Features
- This plan is a traditional endowment plan with a limited/regular premium paying options and bonus facility.
- Reversionary bonuses are compounded annually.
- Option to take policy benefit in the form of monthly installments.
Eligibility Criteria
| Eligibility Criteria | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Minimum Entry Age | Silver Variant - 0 years, Gold Variant - 18 years | |||||||||||
| Maximum Entry Age | 50 years | |||||||||||
| Minimum Age at Maturity | 18 years | |||||||||||
| Maximum Age at Maturity | Silver Variant - 70 years, Gold Variant - 65 years | |||||||||||
| Minimum Policy Term | Silver Variant - 17 years, Gold Variant - 15 years | |||||||||||
| Maximum Policy Term | 40 years | |||||||||||
| Premium Paying Term | Silver Variant | |||||||||||
| PT (Years) | 17 to 19yrs | 20 to 24yrs | 25 to 40yrs | |||||||||
| PPT (Years) | 7 & Policy Term minus 10 | 7, 10 & Policy Term minus 10 | 7, 10, 15 & Policy Term minus 10 | |||||||||
| Gold Variant | ||||||||||||
| PT (Years) | 15 to 19yrs | 20 to 24yrs | 25 to 40yrs | |||||||||
| PPT (Years) | 5,7 & Policy Term minus 10 | 5,7,10 & Policy Term minus 10 | 5,7,10,15 & Policy Term minus 10 | |||||||||
| Maximum Premium Paying Term | 30 years | |||||||||||
| Minimum Premium | Mode | Yearly | Half-Yearly | Quarterly | Monthly | |||||||
| Premium | Rs. 5,000 | Rs. 3,000 | Rs. 2,000 | Rs. 800 | ||||||||
| Maximum Premium | No Limit | |||||||||||
| Minimum Sum Assured | Rs. 1,00,000/- | |||||||||||
| Maximum Sum Assured | No Limit | |||||||||||
| Premium Payment Frequency | Yearly, Half Yearly, Quarterly, & Monthly | |||||||||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
| Benefit | Description | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Maturity Benefit | On the maturity date, if all premiums are paid, the Sum Assured plus vested bonus and terminal bonus, if any, under your policy, will be paid and the policy will terminate. |
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| Death Benefit | If all due premiums are paid, then, in case of unfortunate death of the life assured during the policy term, the Sum Assured on the Death plus the vested bonus, if any plus the terminal bonus, if any, will be payable. |
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| The Sum Assured on Death is the higher of: | ||||||||||||
| 10 times of annualised premium* for age at entry less than 45 years or 7 times annualised premium* for age at entry 45 years and above OR | ||||||||||||
| 105% of total premium * paid till date of death OR | ||||||||||||
| 1.25 times or 2 times of Sum Assured | ||||||||||||
Other Policy Features
| Feature | Description | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bonus | 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. | |||||||||||
| 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. | ||||||||||||
| Terminal Bonus - If the policy has completed 10 years and all the due premiums are paid, the company will declare a terminal bonus which will be a percentage of the GMB. | ||||||||||||
| Surrender | There is an option to surrender the policy provided: | |||||||||||
| at least 2 years’ premium have been paid, for PPTs less than 10 years or | ||||||||||||
| at least 3 years’ premium have been paid, for PPTs of 10 years and above | ||||||||||||
| The surrender value shall be higher of the Guaranteed Surrender Value (GSV) and the Special Surrender Value (SSV). | ||||||||||||
| The GSV will be a sum of the proportion of the premiums paid. The proportion of the premiums paid is given below: | ||||||||||||
| Policy Surrender Year | 2yrs & 3yrs | 4yrs to 10yrs | 11yrs to 15yrs | 16yrs & above | ||||||||
| Proportion of the premiums paid till date | 30% | 50% | 55% | 60% | ||||||||
| Early Termination Value | If at least one full year’s premiums have been paid and twelve months have been completed, but three full years’ premiums have not been paid, the early termination value will be available. | |||||||||||
| Number of Full Years’ Premiums paid | Early Termination Value as a Percentage of the premiums paid till date | |||||||||||
| 1 | 11% | |||||||||||
| 2 | 15% | |||||||||||
| Non-payment of the premium (Lapse and Paid-up) | If you have not paid | |||||||||||
| First 2 years premium, for PPTs less than 10 years, or First 3 years’ premiums, for PPTs of 10 years & above, then, your policy will immediately lapse at the expiry of the grace period. | ||||||||||||
| If you have paid | ||||||||||||
| First 2 years’ premium, for PPTs less than 10 years, and subsequent premiums have not been paid OR First 3 years’ premiums, for PPTs of 10 years and above, and subsequent premiums have not been paid. | ||||||||||||
| The policy will be converted to a paid-up policy with a Reduced Sum Assured | ||||||||||||
| The vested bonuses as on the paid-up date shall remain attached to the policy. A paid-up policy will not accrue any further bonus.The death benefit will be the 1.25 times or 2 times of the Reduced Sum Assured for the Silver Variant or the Gold variant respectively. | ||||||||||||
| Grace Period | Grace period 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. | |||||||||||
Add-ons
- Accidental Death 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.
- Family 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.
Exclusions
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 & Section 10(10D) of the Income Tax Act, 1961.
Claim Process
Know claim process of Bajaj Allianz Invest Assure Plan
Company Overview
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.
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