Bajaj Allianz Cash Assure Plan
Bajaj Allianz Cash Assure Plan
Bajaj Allianz Cash Assure Plan is a traditional money back plan which is a mix of protection and savings. To meet the financial obligations, the plan offers liquidity in the form of money back at regular intervals, the policyholder gets lump sum amount at higher rate of return. Moreover, the policyholder can enjoy extra coverage by choosing the optional rider benefits at a nominal extra cost – there are total 5 riders available under this plan.
Key Features
- Money backs at regular intervals
- Guaranteed Money Back of up to 150% of the Sum Assured
- Choice of 4 policy terms, 16, 20, 24 and 28 years
- Special rates for female policyholder.
Benefits
In case of unfortunate death of the Life Assured during the policy term, then the nominee will get the below:-
Sum Assured on Death + Vested Bonus + Interim Bonus + Terminal Bonus if any, subject to a minimum of 105% of the total premiums paid will be paid as the Death Benefit.
Where,
Sum Assured on Death will be higher of:-
- 10 times of annualised premium - Annualized Premium and total premium is exclusive of extra premium, rider premium, service tax & cess, if any
- Sum assured
The policyholder will receive the Survival Benefit as Money Backs on each due date and the Maturity Benefit on the maturity date.
Money Backs are paid at the end of the policy years as mentioned in the below table:
| Money Back | Policy Term (in years) | |||
| 16 | 20 | 24 | 28 | |
| 1st | 4th | 5th | 6th | 7th |
| 2nd | 8th | 10th | 12th | 14th |
| 3rd | 12th | 15th | 18th | 21st |
Survival Benefit and Maturity Benefit are payable as mentioned in the table below:-
| Policy Term (in years) | 16 | 20 | 24 | 28 |
| Money Back (% of Sum Assured) | 15 | 20 | 25 | 30 |
| Maturity Benefit | 60% of Sum Assured + Vested Bonus, if any + Terminal Bonus, if any | |||
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Proceeds are also tax free under section 10(10) D under the mentioned clauses.
The policyholder can enjoy extra coverage by choosing the optional rider benefits at a nominal extra cost – there are total 5 riders available under this plan.
- Bajaj Allianz Accidental Death Benefit Rider
- Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider
- Bajaj Allianz Critical Illness Benefit Rider
- Bajaj Allianz Family Income Benefit Rider
- Bajaj Allianz Waiver of Premium Benefit Rider
Premium discount on higher sum assured
The policyholder can cancel the policy if not convinced with the Terms and Conditions of the policy, within 15 days from the date of receipt of the policy document.
How it works
You can customize your policy to suit your requirement in the following manner:
Step 1: Choose your Sum Assured
Step 2: Choose your Policy Term
Step 3: Choose your Premium Payment Frequency
Your premium will be based on Sum Assured, gender, age, policy term and premium payment frequency
The Policy Term chosen will determine your money backs and the intervals for receiving those money backs.
Let's Understand The Plan With An Example:
Ashish aged 30 years has taken Bajaj Allianz Cash Assure policy and opted for a Policy Term of 28 years. The Sum Assured
chosen by him is Rs.4,00,000 for which he is paying a premium of Rs.25,186 p.a.
*Ashish will receive 3 Money Back instalments of Rs.1,20,000 during the policy term
*These Money Back instalments will be payable to him starting from the end of every 7 policy year
*On maturity, 60% of the Sum Assured + Vested Bonus (VB), if any is payable. He will receive Rs.5,85,818 at investment
return of 8% or Rs.2,99,949 at investment return of 4% as Maturity Benefit.
In case of unfortunate death of Ashish during the 15 policy year, the nominee will receive ` 5,58,483 at investment return of 8% or `4,31,073 at
investment return of 4% as Death Benefit and the policy will terminate.
Eligibility
| Parameter | Minimum | Maximum |
| Entry Age (in years) | 0 days | 54 |
| Maturity Age (in years) | 18 | 70 |
| Sum Assured (in Rs.) | 1,00,000 | Subject to underwriting |
| Policy Term (in years) | 16, 20, 24 and 28 years | |
| Premium Paying Term (in years) | For 16 years policy term – 11 years | |
| For 20 years policy term – 15 years | ||
| For 24 years policy term – 19 years | ||
| For 28 years policy term – 23 years | ||
| Premium Payment Frequency | Yearly, Half yearly, Quarterly and Monthly | |
FAQs
You stop paying the premiumIf you stop paying the premiums after 3 policy years, the policy acquires a Paid up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions. The policy can also be revived within 2 years from the due date of first unpaid premium by paying all due but unpaid premiums with applicable interest.
You want to surrender the policyThere is a Guaranteed Surrender Value after 3 policy years. The Guaranteed Surrender Value of GSV is according to the table:
| Year of Surrender | 3 | 4 to 10 | 11 to 15 | 16 to 20 | 21 to 25 | 26 onwards |
| % of Premiums Paid till Date | 30 | 50 | 55 | 60 | 65 | 75 |
You want a loan against your policyLoan facility is available under this policy up to 60% of the Surrender Value under the Plan.
