Bajaj Allianz Lifetime Care Plan

Bajaj Allianz Lifetime Care Plan is a Traditional Whole Life Plan. This is a non unit-linked insurance traditional plan. This plan works like an Endowment Plan where the policy ends when the Life Insured is 80 years old.

This is a simple Whole Life Policy where premium needs to be paid for a minimum of 10 years but the cover remains till 80 years of age. The Sum Assured along declared Reversionary Bonuses + Interim Bonus is paid to the Life Insured on Survival till age 80 or to the Nominee on earlier Death of Life Insured during the Policy Term. There are 5 additional riders that can be opted for to enhance the level of protection in this plan.

Interim Bonus

large Sum Assured

Accidental Death Benefit

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Key Features

This plan is a whole life participating plan

In this plan, Sum Assured + accrued Bonus + Interim Bonus is paid to the Life Insured if he survives till 80 years of age or to his nominee on earlier death.

Interim Bonus is paid provided at least 15 years’ premiums have been paid

There are 4 variants of this plan

Economy: The basic plan
Protect: This pack comes with the following 3 in-built additional benefits
- Accidental Death Benefit
- Accidental Permanent Total/Partial Disability Benefit
- Waiver of Premium Benefit (in case of accidental permanent total disability)
Health: This pack comes with the following 2 in-built additional benefits
- Critical Illness Benefit
- Hospital Cash Benefit
Total: This pack comes with all the 5 in-built additional benefits
- Accidental Death Benefit
- Accidental Permanent Total/Partial Disability Benefit
- Waiver of Premium Benefit (in case of accidental permanent total disability)
- Critical Illness Benefit
- Hospital Cash Benefit

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 has large Sum Assured discount and female discoun

This plan has 5 additional riders according to the Policy Variant opted for

Benefits

Death Benefit

In case of death of the Life Insured, the nominee receives the Sum Assured + Reversionary Bonuses + Interim Bonus

Maturity Benefit

At the maturity of the policy when the Life Insured is 80 years old, the Life Insured will get Sum Assured + Reversionary Bonuses + Interim 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)

Riders

There are 5 additional riders in this plan which are available according to the product variant opted for:

Accidental Death Benefit
Accidental Permanent Total/Partial Disability Benefit
Waiver of Premium Benefit
Critical Illness Benefit
Hospital Cash Benefit

Eligibility

	Minimum	Maximum
Sum Assured (in Rs.)	10,000	No Limit
Policy Term (in years)	80 – Age at Entry
Premium Payment Term (in years)	10	80 – Age at Entry
Entry Age of Life Insured (in years)	15 (Economy) 18 (Others)	60 (Economy) 50 (Others)
Age at Maturity (in years)	-	80
Premium (in Rs.)	1,500 for Yearly, 800 for Half Yearly, 450 for Quarterly and 150 for Monthly	No Limit
Payment modes	Yearly, Half-Yearly, Quarterly, Monthly and SSS

FAQs

What happens if policyholder 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.

What happens if policyholder want to surrender the policy

There is a Surrender Value after 3 policy years

What happens if policyholder want a loan against your policy

Loan facility is available under this policy after 3 policy years upto 90% of the Surrender Value under the Plan