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Bajaj Allianz Life Income Assure Plan

What is the Plan all About?

Bajaj Allianz Life Income Assure is a non-linked, participating, limited premium payment, monthly income endowment plan. This plan provides protection for your family in case of a mishap and also guarantees a regular monthly income for you & your family. This plan helps you achieve financial freedom.


What are the Key Features?

  • Guaranteed monthly income
  • Income & Assure plan variants available
  • Bonuses to enhance savings
  • 4 flexible policy terms to choose from
  • Option to customize the policy
  • Opt for riders to boost protection
  • Flexibility to alter premium payment frequency
  • Preferential premium rates for female lives

What are the Plan Benefits?

Death Benefit

    If all premiums are paid in full, in the event of the demise of the life insured during the term of the policy, the death benefit payable is higher of sum assured on death plus vested bonus plus terminal bonus or 105% of total premiums paid.

    Under Income variant, vested bonus plus terminal bonus is payable immediately on death. Sum assured on death is payable to the nominee as monthly income for 144 equal monthly installments and it begins from the date of death of the life insured. The policy will cease on payment of 144th monthly installment.

    Under Assure variant, death benefit is payable as a lumpsum and the policy will terminate on death of the life insured.

Maturity Benefit

    If the life insured survives at the maturity date of the policy provided policy is in-force, vested bonus plus terminal bonus is payable.

Survival Benefit

    In case the life insured survives at the end of the premium payment term, Guaranteed Monthly Income (GMI) is payable every month for the next 144 months, which starts from the end of the premium payment term. If the life insured dies during the survival benefit payout period, GMI is stopped immediately.

    Any amount paid towards GMI during the date of death to the date of intimation is deducted from the death benefit.

Loan Benefit

    No loan benefit can be availed under this policy.

Surrender Value

    Surrender value is payable on payment of at least 2/3 full policy years’ premiums when premium paying term is less than 10 years/premium paying term is 10 years or more, respectively. Surrender Value is higher of guaranteed surrender value and special surrender value.

Tax Benefit

    Premiums paid is eligible for tax benefit under section 80C & Maturity/survival/surrender/death benefit can also avail tax benefit under section 10 (10D) of the Income Tax Act.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 0 Year (Risk Cover Commences Immediately On Issuance Of The Policy And, In The Case Of A Minor, Policy Will Vest On The Life Assured On The Earlier Of Attainment Of Majority, I.e., 18 Years And On Maturity Date.) 50 Years
Age at Maturity 18 Years 74 Years
Policy Tenure 17/19/22 Years 24 Years
Premium Paying Term 5/7/10/12 Years -
Premium Paying Mode Annually & Monthly -
Premium Amount Income Variant- Rs 21965 (annually), Rs 1977 (monthly) Assure Variant- Rs 22058 (annually), Rs 1985 (monthly) As Per The Maximum Sum Assured
Sum Assured 144*Guaranteed Monthly Income Opted No Limit (subject To Underwriting)
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Bajaj Allianz Accidental Death Benefit Rider, Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider, Bajaj Allianz Critical Illness Benefit Rider, Bajaj Allianz Family Income Benefit Rider, Bajaj Allianz Waiver of Premium Benefit Rider are available under this plan.

How the Plan Works?

Age of Life Insured: 30 years

Policy Term Chosen: 20 years with premium paying term of 12 years

Amit (life insured) chooses Guaranteed Monthly Income (GMI) of Rs 3,000 per month and the Sum Assured becomes Rs 4,32,000. The premium amount will be Rs 31,788 per annum (Income variant) and Rs 32,211 per annum (Assure variant).

  • Survival Benefit

Bajaj Allianz Life Income Assure Plan Survival Benefit

  • Maturity Benefit

Bajaj Allianz Life Income Assure Plan Maturity Benefit

  • Death Benefit

In the event of death of Amit at the end of 8th policy year, the nominee is entitled to receive the death benefit as depicted below.

Bajaj Allianz Life Income Assure Plan Death Benefit 1

Bajaj Allianz Life Income Assure Plan Death Benefit 2

Please Note: Premium shown above excludes any extra premium, service tax, cess, & rider premium. The returns are indicated @ 4% and 8% and these rates of return are not guaranteed and are not the lower or upper limits of returns.