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Bajaj Allianz Life Insurance 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.
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 3 – if the insured survives the plan tenure, the maturity benefit is paid which is 115% of the Sum Assured.
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.
If taken in 5 years – 1.04*maturity or death benefit/60
If taken in 10 years – 1.08* maturity or death benefit/120
If taken in 5 years – 1.04*maturity or death benefit/60
If taken in 10 years – 1.08* maturity or death benefit/120
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 |
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.