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Bajaj Allianz Guarantee Assure Plan

What is the Plan all About?

Bajaj Allianz Guarantee Assure is a non-linked, non-participating, individual limited pay endowment plan that ensures safe future for you & your family. This plan provides cover against the uncertainity of future and helps you to lead a worry free life.

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What are the Key Features?

  • Fixed premium payment term of 5 years
  • 7/8/9 years as policy term options to choose from
  • Policy benefits can be taken in monthly installments for 5/10 years, as opted
  • Guaranteed additions up to 63% of sum assured on maturity
  • Option to alter the premium payment frequency
  • Premium discount on choosing high sum assured
  • Discounted premium rates for female lives

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured during the policy tenure, sum assured on death plus accrued guaranteed additions are payable to the nominee. Sum Assured on Death is higher of 105% of total premiums paid (till the date of death), 5 times of annualized premium, or sum assured. The policy terminates on the death of the life insured.
     

    The policyholder or the 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 (as per your choice) from the date of maturity or the date of intimation of death. The same needs to be informed in writing 3 months prior to the date of maturity or at the time of filing of the death claim form.

Maturity Benefit

    At maturity of the policy, the sum assured chosen plus accumulated guaranteed additions are payable. Guaranteed additions are 5%/6%/7% of the sum assured every year when the policy term is 7/8/9 years respectively.
     

    Death or maturity benefit can be taken in equal monthly installments over a period of 5 year or 10 years (as per the choice).

Loan Benefit

    Under this plan, loan can be availed up to 90% of the surrender value.

Surrender Value

    Surrender Value can be acquired on payment of all due premiums for at least 2 full policy years. Surrender Value is higher of guaranteed surrender value and special surrender value.

Tax Benefit

    This policy provides the tax benefits under section 80C & 10 (10D) of the Income Tax Act, subject to change in tax laws.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) Adult: 18 Years, Child: 9 Years 60 Years
Age at Maturity 18 Years 69 Years
Policy Tenure 7/8 Years 9 Years
Premium Paying Term 5 Years -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Premium Amount Rs 23,839 (annually), Rs 12,158 (semi-annually), Rs 6,198 (quarterly), Rs 2,145 (monthly) No Limit (subject To Underwriting)
Sum Assured Rs 1 Lac No Limit (subject To Underwriting)
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Online -

Is any Rider Available with this Plan?

No Rider(s) is available under this plan.

How the Plan Works?

Let us understand the plan with the help of an example:

Age of Life Insured: 30 years

Policy Term Chosen: 9 years
 

Rakesh (Life insured) has opted for a Bajaj Allianz Guarantee Assure Policy with a policy term of 9 years. The sum assured he opted for is Rs 5 Lacs with an annual premium of Rs 1,28,020. At maturity of the policy, he will receive Rs 5 Lacs plus the accrued guaranteed addition of Rs 3.15 Lacs. The total maturity benefit is Rs 8.15 Lacs.
 

Bajaj Allianz Guarantee Assure Plan 1

In the event of death of Rakesh during the 3rd policy year, the nominee will receive Rs 7,10,100 as a death benefit.
 

Bajaj Allianz Guarantee Assure Plan 2