Bajaj Allianz elite assure plan is participating traditional endowment plan. Which provides a complete savings and protection to the policyholder. There is regular or limited premium option. 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.
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 + reversionary bonus plus additional bonus if any.
Maturity benefits also includes loyalty addition + terminal bonus which declared every year.
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
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.
Terms related to Bajaj Allianz elite assure plan.
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.
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.
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.
Policy can be surrendered or terminated after the completion of certain years of the policy term. Only after the fixed years the policy will be able to get a surrender value.
There is facility of loan in this policy that is 90% of the surrender value after the completion of certain years of the policy term.