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Launch Date UIN Status
10/12/2013 116N122V01 Active

About Bajaj Allianz Lifelong Assure

  • Bajaj Allianz Lifelong Assure is pure endowment plan which provides good bonus
  • It provides a death cover till the a person turns 100 years old
  • Has a limited fixed premium paying term (10 or 15 or 20)
  • Cash bonus is paid every year starting from the 6th year end onwards
  • Guaranteed 3% of Sum assured as cash back paid every year starting from the end of the premium payment term as survival benefit.
  • This plan offers 5 additional benefits in the form of riders

How does the plan work?

Under this Bajaj Allianz Lifelong Assure plan an individual can choose Sum Assured and premium payment term (10 or 15 or 20), depending on it and age of the individual premium is derived. From the 6th year onwards cash bonus if paid is accrued. At the end of premium payment term, guaranteed cash back of 3% of sum assured is paid every year as survival benefit. When the individual turns 100 years old, the policy term ends and he receives maturity benefit. Depending upon the premium payment term chosen and provided if all the premiums are paid the individual gets the maturity benefits;

  • If ppt is 10 years, then 200% of Sum assured is paid
  • If ppt is 15 years, then 250% of sum assured is paid
  • If ppt is 20 years, then 300% of sum assured is paid

 

Suppose if in case on unfortunate death of the individual during the policy term, provided all the due premiums have been paid under the policy, then the nominee receives a higher value from:

  • 10 times annualised premium if insured is below 45 years or 7 times annualised premium if insured is above 45 years
  • 105% of total premium paid till date of death
  • 200%, 250% or 300% of sum assured depending on the PPT chosen.

 

Let’s understand this better, by an example;

Consider,

Person’s age: 30 years
Premium payment term: 20 years
Sum assured: Rs. 5 lakhs.

30 year old individual chooses 20 years as premium paying term to pay annual premium of Rs.51,805 after a high sum assured rebate of Rs.4000. From 6th year onwards, every year gets cash bonus till maturity and guaranteed cash back of 3% of sum assured from the end of premium paying term.

After the person turns 100 years old, he gets approximately Rs.15,00,000 as maturity benefit.  In case of unfortunate death at age 65 years, the nominee will receive approximately Rs.15,00,000.

Why should you buy Bajaj Allianz Lifelong Assure plan?

  • It acts as an extra income
  • Offers rebate on premiums for higher sum assured
  • Premiums paid are tax exempt under section 80C and maturity amount is tax free under section 10(10D)
  • This plan provides monetary protection to family in-case of death
  • This plan acts as a cover for any financial liabilities like housing loans, personal loans, etc.

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Who should buy Bajaj Allianz Lifelong Assure plan?

  • An individual looking out for regular additional income to meet his liquidity needs
  • Young parents who are looking to secure children’s educational expense
  • Individuals who are looking out for monetary growth of their savings along-with life cover
  • Individuals who are planning for their specific life goals
  • Individuals who work in private sector and does not have employer pension can depend on this plan to get regular income

Riders & Add On

The following rider options available are:

Bajaj Allianz ULIP Accidental Death Benefit Rider: Additional sum assured is paid in case of Accidental Death of the insured person.

Bajaj Allianz ULIP Accidental Permanent Total/ Partial Disability Benefit Rider: Additional sum assured is paid in the event of Accidental Permanent Total/ Partial Disability of the insured person.

Bajaj Allianz ULIP Critical Illness Benefit Rider: Protects financially in case of occurrence of 11 critical illnesses including Cancer of specified severity so that money is available when it is needed the most.

Bajaj Allianz ULIP Family Income Benefit Rider: Offers benefit to waiver of all future premiums payable and guarantees security of income to the family on earlier occurrence of untimely death, accidental permanent total disability or critical illness. Making sure the family is financially secure always for a worry free life.

Bajaj Allianz ULIP Waiver of Premium Benefit Rider: Offers benefit to waiver of all future premiums payable under the base Life Insurance Policy on the earlier occurrence of Untimely Death, Accidental Permanent Total Disability or Critical Illness.

Claim Process 

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Claim Process

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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Tab 2

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price
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