Bajaj Allianz guarantee assure plan is non participating traditional endowment plan, which provides a complete savings and protection to the policyholder. 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.
1. It is a non participating 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 or through the monthly installments.
7. There is guaranteed addition provided to the sum assured.
If the policy holder meet to death within the policy term. Then the nominee of the policy holder will get the death benefit. The death benefit will be provided through the period of 5 years or 10 years as per the choice of the policyholder as monthly installment.
5 years term
(1.04 x death benefit)/ 60
10 years term
(1.08 x death benefit)/ 120
If the policyholder survives throughout the policy term. Then the policyholder will get the maturity sum amount. The maturity benefit is provided as monthly installment for the period of 5 years all 10 years as per the choice of policyholder.
5 years term
(1.04 x maturity benefit)/ 60
10 years term
(1.08 x maturity benefit)/ 120
Guaranteed addition is provided per year. Which is 5% for 7 years plan, 6% for 8 year plans, and 7% for 9 year plan.
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.
1. The entry age for this plan is minimum 9 year to the maximum of 60 years.
2. The maturity age for this plan is minimum 18 years and maximum of 69 years.
3. The policy can be taken for the term of 7,8 or 9 years.
4. The premium paying term is limited for 5 years for any policy term.
5. The premium can be paid monthly, quarterly, half yearly or annually.
6. Minimum sum that can be assured is rupees 1 lakh and there is no upper limit for the sum assured.
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.
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 2 years of the policy term. Only after 2 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 3 years of the policy term.