Bajaj Allianz Cash Gain Plan
Bajaj Allianz Cash Gain Plan is a Money Back Plan. This is a non unit-linked insurance traditional plan where the money is paid as pre-decided intervals.
In this policy, if the Life Insured survives then he would receive return every 1/5th of the policy term. The first instalment is 10% of the Sum Assured, Second instalment is 10% of the Sum Assured, Third instalment is 10% of the Sum Assured, Fourth instalment is 10% of the Sum Assured and 50% of the Sum Assured is paid on maturity along with accrued Bonuses. Total 125% of the Sum Assured is paid throughout.
However, if the Life Insured dies within the policy tenure, then the nominee would receive the full Sum Assured irrespective of how much has already been paid out before and Bonus being calculated on the full Sum Assured and the policy terminates.
Key Features of Bajaj Allianz Cash Gain Plan
- This is a simple money back plan with both Death and Survival Benefits
- There are 4 variants of this plan
- Bajaj Allianz CashGain Economy: The basic package with Death Benefit = Sum Assured only
- Bajaj Allianz CashGain Gold: With double protection with Death Benefit = 2 times Sum Assured
- Bajaj Allianz CashGain Diamond: With triple protection with Death Benefit = 3 times Sum Assured
- Bajaj Allianz CashGain Platinum: With quadruple protection with Death Benefit = 4 times Sum Assured
- Survival Benefit is paid every 1/5th of the policy term
- Optional higher cover through Riders
- There is Large Sum Assured Rebate in this policy
- There is an option to increase coverage upto 50% of the basic Sum Assured on each of the following happy moments in your life like marriage and child birth
- This plan provides a discount for female policyholders
Benefits you get from Bajaj Allianz Cash Gain Plan
Death Benefit – In case of death of the Life Insured, the nominee receives the full Sum Assured irrespective of what payment has already been provided + accrued Bonus
- In Bajaj Allianz CashGain Economy, Death Benefit = Sum Assured only
- In Bajaj Allianz CashGain Gold, Death Benefit = 2 times Sum Assured
- In Bajaj Allianz CashGain Diamond, Death Benefit = 3 times Sum Assured
- In Bajaj Allianz CashGain Platinum, Death Benefit = 4 times Sum Assured
Survival Benefit – The Life Insured would receive The following Survival Benefit
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1st Instalment- 10% of SA
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2nd Instalment- 15% of SA
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3rd Instalment- 25% of SA
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4th Instalment- 25% of SA
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Maturity Benefit- 50% of SA + Accrued Bonus
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Policy Tenure
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Survival Benefit Due
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15 Years Policy
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End of Year 3
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End of Year 6
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End of Year 9
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End of Year 12
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End of Year 15
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20 Years Policy
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End of Year 4
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End of Year 8
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End of Year 12
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End of Year 16
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End of Year 20
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25 Years Policy
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End of Year 5
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End of Year 10
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End of Year 15
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End of Year 20
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End of Year 25
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30 Years Policy
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End of Year 6
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End of Year 12
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End of Year 18
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End of Year 24
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End of Year 30
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Maturity Benefit – At the maturity of the policy, the insured will get 50% of the Sum Assured along with accrued Bonus
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility conditions and other restrictions in Bajaj Allianz Cash Gain Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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50,000
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No Limit
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Policy Term (in years)
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15
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30
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Premium Payment Term (in years)
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15
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30
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Entry Age of Life Insured (in years)
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12 – 18
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40 – 55
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Age at Maturity (in years)
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-
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70
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Premium (in Rs.)
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Nothing Specified
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Payment modes
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Yearly, Half-yearly, Quarterly, Monthly and SSS
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Sample illustration of premium of Bajaj Allianz Cash Gain Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a
Age = 30 years, 35 years and 40 years
Sum Assured = Rs 1,00,000 in Economy Package
Policy Term = 25 years
Additional Features and Benefits of Bajaj Allianz Cash Gain Plan
Riders- There are 4 additional riders in this plan
· Comprehensive Accident Protection:
o Accidental Death Benefit
o Accidental Permanent Total/ Partial Disability Benefit.
o Premium Waiver Benefit
· Critical Illness Benefit
· Hospital Cash Benefit.
· Family Income Benefit: In case of death or accidental total permanent disability of insured, all future premiums are waived and 1% of the sum assured is paid monthly.
You stop paying the premium – If 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.
You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
You want a loan against your policy – Loan facility is not available under this policy
Some Money Back Insurance Plans from Other insurance companies
Bharti AXA Life Save Confident
Future Generali Dream Guarantee Plan
HDFC New Money Back Policy
Other Money Back Insurance Plans from Bajaj Allianz Life Insurance Company
Bajaj Allianz Super Cash Gain Plan
Bajaj Allianz Cash Rich Plan
Bajaj Allianz Child Gain Plan
