Compare Bajaj Allianz Save Assure Plan

Bajaj Allianz-Life-Insurance-Company

Compare Bajaj Allianz Save Assure Plan

Bajaj Allianz Save Assure is a traditional endowment plan which facilitates savings and also provides life insurance protection. The maturity and death benefits under the plan are guaranteed and are more than the Sum Assured. Limited premiums ensure that the policyholder need not commit paying the premiums for a longer tenure. Moreover, the plan benefits can be received in lump or in instalments as per the choice of the policyholder.

Key features of the plan

  • 115% of the Sum Assured is guaranteed to be paid on maturity or earlier death.
  • Premiums are not required to be paid in the last 5 years of the plan.
  • Premium discounts are allowed for choosing a higher level of Sum Assured.
  • 5 additional riders are available under the plan for a more comprehensive coverage.
  • The benefits under the plan can be taken in monthly instalments or in lump sum.

How does the plan work?

Step 1 – the policyholder chooses the Sum Assured and the plan term. Based on the insured’s age and the above factors, the premiums are calculated.

Step 2- in case of death, the death benefit would be paid which is the Sum Assured on Death.

Step 4 – if the insured survives the plan tenure, the maturity benefit is paid which is 115% of the Sum Assured.

Example

Ragini, aged 35 years, buys the plan for a term of 15 years and a Sum Assured of Rs.2 lakhs. She chooses the annual mode of premium payment and pays premiums for 10 years.

Option 1 – if Ragini dies during the term of the plan, 115% of the Sum Assured, i.e. Rs.2.3 lakhs is paid to the nominee as death benefit. The nominee can receive this benefit either as lump sum or in monthly instalments over 5 or 10 years.

Option 2 – when the plan matures, Rs.2.3 lakhs (115% of the Sum Assured is paid to the policyholder. Ragini can choose to get the maturity benefit either as lump sum or in monthly instalments over 5 or 10 years.

Plan benefits

  • Death benefit – if the life insured dies during the term of the plan, and all premiums have been paid, the Sum Assured on death is paid. The Sum Assured on death depends on the age of the insured. If age is less than 45 years, Sum Assured on Death is higher of 10 times the annual premium, 105% of premiums paid till death or 115% of the chosen Sum Assured. If age is 45 years and above, Sum Assured on Death is higher of 7 times the annual premium, 105% of premiums paid till death or 115% of the chosen Sum Assured. The nominee can take the death benefit in monthly instalments over a period of 5 or 10 years. One monthly instalment would be calculated as below:
  • If taken in 5 years – 1.04*maturity or death benefit/60
    If taken in 10 years – 1.08* maturity or death benefit/120

  • Maturity Benefit – when the chosen tenure of the plan comes to an end, and all premiums have been paid, 115% of the Sum Assured is paid to the policyholder. The policyholder can take the maturity benefit in monthly instalments over a period of 5 or 10 years. One monthly instalment would be calculated as below:
  • If taken in 5 years – 1.04*maturity or death benefit/60
    If taken in 10 years – 1.08* maturity or death benefit/120

  • Early Termination Value – if the policyholder has paid the first annual premium and the plan has completed one year from inception, 11% of premium paid would be paid if the plan is terminated before 3 years. If 2 years’ premiums have been paid and the policy is terminated, 15% of the premiums paid would be refunded.
  • Premium discounts – discounts are allowed in premium if the policyholder chooses a high Sum Assured under the plan. The discount allowed is Rs.7 for each Rs.1000 Sum Assured over R.1 lakh. The maximum discount which can be claimed is Rs.70, 000
  • Loan – up to 90% of the acquired Surrender Value can be availed as loan under the policy.

Eligibility:

  Minimum Maximum
Age at entry (in completed years) 1 year 60 years
Age at maturity (in completed years) 18 years 75 years
Term of the plan 15,17 years
Premium paying options Limited pay
Premium Paying term Policy term – 5 years
Premium amount Policy term 15 years:
Yearly – Rs.8140
Half-yearly – Rs.5000
Quarterly – Rs.2500
Monthly – Rs.1000
Policy term 17 years:
Yearly – Rs.6620
Half-yearly – Rs.4200
Quarterly – Rs.2100
Monthly – Rs.800
No limit
Sum Assured on Maturity Rs.1 lakh No limit

What is not covered in the policy?

  • In case of suicide committed within 12 months of inception, 80% of the premiums paid are refunded.
  • If suicide is committed within 12 months of revival, higher of 80% of the premiums paid or the surrender value under the plan is paid.

Premium Illustration

Below are the sample rates of premium payable by a non-tobacco user male for a combination of different ages, term and Sum Assured. The premiums are assumed to be paid annually and the premium paying term is the policy term less 5 years.

Bajaj-Allianz-Save-Assure

FAQs

What are the premium paying frequencies?

The premium paying frequencies are annual, half-yearly, quarterly and monthly.

What are the available riders under the plan?

5 riders are available with the plan which includes 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 and Bajaj Allianz Waiver of Premium Benefit Rider.

When does the plan acquire Surrender Value?

Surrender Value is applicable if at least the first 3 years’ premiums have been paid by the policyholder.

Are there any tax benefits?

Premiums paid up to Rs.1.5 lakhs are exempt from tax under Section 80C and any maturity or death benefit received is also tax-free under Section 10(10D).

When is the policy terminated?

The plan would be terminated on payment of early termination value, on surrender, after the end of the revival period of 2 years if a minimum of first 3 annual premiums have not been paid, on payment of the death or maturity benefit or on foreclosure of the policy. 

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