Bajaj Allianz Guarantee Assure Plan

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.

No Rider(s) is available under this plan.

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.
 

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