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.

• 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

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)

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. 5,00,000 in Economy Package

Premium Paying Term = 25 years.

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

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 Surrender Value after 3 policy years

You 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

Kotak Eternal Life Plan

LIC Jeevan Anand

SBI Life Shubh Nivesh

Bajaj Allianz Super Saver Plan

Bajaj Allianz Invest Gain Plan

Bajaj Allianz Save Care Economy - Single Premium