Bajaj Allianz Elite Assure Plan

Bajaj Allianz invest assure plan is Saving plan that provides security to the policy holder by providing live coverage as well as it is an investment plan, that provides a good amount in return after the completion of the policy term. Also in case of death of policy holder it provides death benefit to the nominee of the policy holder.

Bajaj Allianz Elite Assure Plan

Features of Bajaj Allianz invest 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 term that means the policyholder will not have to pay the premium to the whole policy term.
3. Is two options available data gold and silver with the various facilities accordingly.
4. In case of policyholder survives throughout the policy term. Then there is a provision of maturity benefit.
5. In case of policy holder made to death within the policy term. Then there is a provision of death benefit.
6. There is discount on premium available on higher sum assured plans.
7. The claim is provided as a lump sum and instalments.

Eligibility for the Bajaj Allianz invest assure plan.

1. The entry age for silver option is 0 years and gold option is 18 years and the maximum age for entry for both the plans is 50 years.
2. The maturity age for this plan is minimum 18 years and maximum maturity age for gold option is 65 years and for silver option is 70 years.
3. The minimum policy term is 17 years for silver option and 15 years for gold option and maximum policy term for both plan is 40 years
4. The premium can be paid monthly, quarterly, half yearly or annually.
5. The premium paying term for both the plan is minimum 5 years and maximum 30 year
6. Minimum yearly premium is 5000 and there is no upper limit for maximum yearly premium.
7. Minimum sum that can be assured is rupees 1 lakh and there is no upper limit for the sum assured.

Benefits provided under Bajaj Allianz invest 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.

The sum assured on death is 10 times the annualized premium for age less than 45 years or 7 times the annualized premium for the age greater than or equal to 45 years or 105% of all the premiums paid.

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.

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

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 invest assure plan

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

Terms related to Bajaj Allianz invest 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 2 years of the policy term. Only after the 2 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 2 years of the policy term.