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Bajaj Allianz Life Super Life Assure Plan

What is the Plan all About?

Bajaj Allianz Life Super Life Assure is a non-linked, participating, regular premium paying traditional endowment plan that provides the dual benefit of life cover and compulsory savings that further helps you achieve the targeted financial goals. This plan is also available with the income benefit option that helps your family meet their regular expenses, even in your absence.

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What are the Key Features?

  • Multiple policy term options
  • Super/Life plan options to choose from
  • Avail income benefit
  • Get bonuses to boost the policy benefits
  • Preferential premium rates for female policyholders
  • Option to alter the premium payment frequency
  • Avail high sum assured rebate
  • Enhance coverage with riders
  • Tax Benefit under section 80 C & 10(10 D)

What are the Plan Benefits?

Death Benefit

    Life variant: In case of demise of the life assured within the term of the policy, the death benefit is higher of, 105% of total premiums paid or sum assured on death plus vested bonus plus terminal bonus.
     

    Super variant: In the event of death of the life assured during the term of the policy, the death benefit is higher of, 105% of total premiums paid or sum assured on death plus vested bonus plus terminal bonus.
     

    (Sum assured on death is higher of 10 times of annualized premium or sum assured)

Income Benefit:

    The nominee will receive an additional 100% of sum assured in 120 monthly installments over a period of 10 years, which commences from the date of payment of the death benefit.

Maturity Benefit

    At maturity of the policy, sum assured plus vested bonus plus terminal bonus is payable. The minimum guaranteed maturity benefit is 100.1% of total premiums paid.

Loan Benefit

    Loan amount can be availed up to 90% of surrender value, as available on the date of loan.

Surrender Value

    Surrender Value is payable on payment of at least 3 full policy years’ premiums. Surrender Value is higher of guaranteed surrender value and special surrender value.

Tax Benefit

    Premiums paid and maturity benefit/death benefit/surrender value are eligible to avail tax benefits under section 80C & 10 (10D) of the Income Tax Act, respectively.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) Super Variant: 18 Years Life Variant: 0 Year Super Variant: 50 Years Life Variant: 55 Years
Age at Maturity Super Variant: 30 Years Life Variant: 18 Years 70 Years
Policy Tenure 12 Years 20 Years
Premium Paying Term Same As Policy Years -
Premium Paying Mode Annually, Semi Annually, Quarterly, & Monthly -
Premium Amount SuperVariant-Rs 5328 (annually) Life Variant- Rs 5201 (annually) As Per Sum Assured
Sum Assured Rs 1 Lac 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 Online -

Is any Rider Available with this Plan?

Bajaj Allianz Waiver of Premium Benefit Rider is available with 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: 20 years
 

Nitin (life insured) opted for sum assured of Rs 3,00,000 with an annual premium of Rs 16,136.
 

At maturity, Rajesh will receive following benefit:

Rate of investment return

Sum Assured (I)

Vested Bonus (II)

Maturity Benefit (I+II)

8%

Rs 3,00,000

Rs 2,31,409

Rs 5,31,409

4%

Rs 3,00,000

Rs 77,085

Rs 3,77,085

 


In the event of death of Nitin at the end of 10th policy year, the nominee will receive the following death benefit.
 

Benefit payable immediately on death,
 

Rate of investment return

Sum Assured (I)

Vested Bonus (II)

Maturity Benefit (I+II)

8%

Rs 3,00,000

Rs 99,278

Rs 3,99,278

4%

Rs 3,00,000

Rs 36,341

Rs 3,36,341

 


Income Benefit payable on death: Rs 2500 is payable on every month for a period of 120 months.
 


Please note: Premium mentioned above is for ‘Super’ variant. Vested bonus is calculated @ 8% & 4% and it is not guaranteed. It is for illustrative purpose only.