Bajaj Allianz Elite Assure Plan

Bajaj Allianz cash assure plan is participating traditional endowment plan. Which provides a complete savings and protection to the policyholder. It provides higher money back that is 150% of sum assured. There is various options for policy term available in this plan. It provides a good long term investment on payment of small amount of money and also protection. If any unfortunate incidence happens to the life of policy holder. In that case it secure the future of the family by providing various benefits. It provides some special features for the female policyholders.

Features of Bajaj Allianz cash assure plan.

  1. It is a participating non linked traditional endowment plan that means, it is free from market risk.
  2. It is a Limited premium paying endowment plan that means the policyholder will not have to pay the premium to the whole policy term.
  3. In case of policyholder survives throughout the policy term. Then there is a provision of maturity benefit.
  4. In case of policy holder made to death within the policy term. Then there is a provision of death benefit.
  5. There is discount on premium available on higher sum assured plans.
  6. The claim is provided as a lump sum and instalments.

Eligibility for the Bajaj Allianz cash assure plan.

  • The entry age for this plan is minimum 0 year to the maximum of 54 years.
  • The maturity age for this plan is minimum 18 years and maximum of 70 years.
  • The policy can be taken for the term of 16 , 20 or 24 years.
  • The premium paying term is limited for 5 years minus policy term for any option.
  • The premium can be paid monthly, quarterly, half yearly or annually.
  • Minimum annual premium is rupees 6500 and there is no upper limit for maximum premium.

Bajaj Allianz cash assure plan

Benefits provided under Bajaj Allianz cash assured plans.

Death benefit

If the policy holder meet to death within the policy term. Then the nominee of the policy holder will get the death benefit as sum assured on death plus the bonus provided by the company.

Maturity benefit or survival benefit
If the policyholder survives throughout the policy term. Then the policyholder will get the maturity sum amount. The maturity sum amount provided for various terms are following:-

For 16 years term

  • There is money back amount that is 15% of the sum assured is paid to the policyholder
  • The maturity benefit is provided + the bonus. The maturity benefit is 60% of the sum assured.
  • In this money back amount is provided 3 times at the end of 4 years, at the end of 8 years and at the end of 12 years of the policy.

For 20 years term

  • There is money back amount that is 20% of the sum assured is paid to the policyholder
  • The maturity benefit is provided + the bonus. The maturity benefit is 60% of the sum assured.
  • In this money back amount is provided 3 times at the end of 5 years, at the end of 10 years and at the end of 15 years of the policy.

For 24 years term.

  • There is money back amount that is 25% of the sum assured is paid to the policyholder
  • The maturity benefit is provided + the bonus. The maturity benefit is 60% of the sum assured.
  • In this money back amount is provided 3 times at the end of 6 years, at the end of 12 years and at the end of 18 years of the policy.

Additional benefits

There are various options available for additional benefits in this plan which makes the plan unique the additional benefits can be taken on payment of extra premium at the time of policy purchasing

the additional benefits are listed as below

  • Waiver of premium benefit
  • Accidental permanent partial disability
  • Critical illness
  • Family income
  • Accidental death

Tax benefit

According to Income Tax Act section 80c. The premium paid under this plan is tax free also according to Section 10 D. The claim received is tax free that means it is going to save your tax on the amount paid as premium.

Documents required for Bajaj Allianz cash assure plan

  • Offline/Online filled application form.
  • Age proof of policy buyer.
  • Address proof.
  • PAN card and Aadhar card for KYC document
  • Accurate medical history
  • Medical examination report if required.

Terms related to Bajaj Allianz cash assure plan.

  • Free look period

If the policy buyer is not satisfied with the policy and it’s terms and condition or anything else . Then within 15 days after receiving the policy documents the policy can be cancelled.

  • Grace period

There is a provision of grace period for 15 days for the monthly premium payers as late premium and 30 days for other premium payment options as late premium.

  • Revival of policy

If the premium is not paid within the grace period then the policy get lapsed in this case the policy can be revived within the period of 2 years from the last premium paid.

  • Surrender of policy

Policy can be surrendered or terminated after the completion of 3 years of the policy term. Only after 3 years the policy will be able to get a surrender value.

  • Loan benefit

There is facility of loan in this policy that is 90% of the surrender value after the completion of 3 years of the policy term.