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Bajaj Allianz Lifelong Assure Plan

What is the Plan all About?

Bajaj Allianz Lifelong Assure is a participating, limited pay whole life insurance plan which assures you lifelong income with a lifelong cover. The plan offers you protection and income till you turn 100 years so that you can live worry free for the rest of your life independently on your own terms.

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What are the Key Features?

  • Cash Bonus starting from the end of 6th year
  • Guaranteed Cash Back starting from the end of Premium Payment Term
  •  Life cover up to the age of 100 years
  •  Guaranteed Death Benefit of up to 300% of Sum Assured
  •  Option to take policy benefit in monthly installments
  •  Choice of 3 Premium Payment Terms
  •  High sum assured rebate
  •  Premium rebate for female lives
  •  Option to enhance your coverage with riders

What are the Plan Benefits?

Death Benefit

    Incase of death of the life insured, the nominee will receive death benefits as per the age of the insured.

    • For age at entry less than 45 years, the death benefit is higher of 10 times annualised premium or 105% of total premium or paid till date of death or 200%, 250% or 300% of sum assured depending on the PPT chosen.
    • For age at entry greater than 45 years, the death benefit is higher of 7 times annualised premiums or 105% of total premium or paid till date of death or 200%, 250% or 300% of sum assured depending on the PPT chosen.

Survival Benefit

    Life assured will start receiving Guaranteed Cash Back of 3% of your Sum Assured every year, from the end of your premium payment term till the age of 99 years. You will be entitled for Cash Bonus declared, if any, starting from the end of 6 policy year till the age of 99 years.

Maturity Benefit

    In case of survival of the life insured on attaining age 100 years, the maturity benefit is payable as per the opted premium payment term (PPT).

    • For PPT of 10 years, 200% of sum assured is payable on maturity
    • For PPT of 15 years, 150% of sum assured is payable on maturity
    • For PPT of 20 years, 300% of sum assured is payable on maturity

Bonus

    Cash Bonus starting from the end of 6 year is payable along with interim bonus.

Loan Benefit

    You can avail the maximum loan amount up to 80% of the Surrender Value.

Surrender Value

    This policy acquires Surrender Value after payment all due premiums for at least three full policy years. Upon surrendering the policy, the higher of Guaranteed Surrender Value or Special Surrender Value is payable.

Tax Benefit

    This policy provides tax benefits for the premium paid under section 80C and the benefits received can avail tax benefits under section 10 (10D) of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 10 Years 55 Years
Age at Maturity - 100 Years
Policy Tenure 100 Minus Entry Age -
Premium Paying Term (PPT) 10/15 Years 20 Years
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount For PPT 10 Years- Rs 18,303 P.a For PPT 15 Years- Rs 13,401 P.a For PPT 20 Years – Rs 10,811 P.a Depends On The Chosen Basic Sum Assured, Age At Entry And Premium Payment Term
Basic Sum Assured Rs 1 Lakh 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 (monthly Mode) -
Plan Type Online -

Is any Rider Available with this Plan?

Following riders can be opted along with this plan:

  • Bajaj Allianz Accidental Death Benefit Rider
  • Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider
  • Bajaj Allianz Critical Illness Benefit
  • Bajaj Allianz Family Income Benefit Rider
  • Bajaj Allianz Waiver of Premium Benefit Rider

How the Plan Works?

Let us understand the plan with an illustration:

Ravi aged 30 years has taken a Bajaj Allianz Lifelong Assure policy for a premium paying term of 20 years. The Sum Assured chosen by him is `5,00,000 for which he is paying an annual premium of `51,805 after a high sum assured rebate of `4000. The benefits received by Ravi will be as follows.
 

Bajaj Allianz Lifelong Assure
 

Bajaj Allianz Lifelong Assure plan 1