Bajaj Allianz Shield Insurance Plan

Bajaj Allianz Shield Insurance is a single premium fixed-term unit-linked insurance plan or ULIP. In this plan, the premiums paid by you are invested in your choice of funds and the company allocates Units to you as per the unit price of the funds. On policy maturity, you get the Fund Value as on the maturity date.

ULIP is a combination of life insurance and market-linked investment. Thus it offers an opportunity to create wealth in the long term along with a life cover. Shield Insurance plan is a single premium plan, which means that you pay a lumpsum premium at the beginning of the policy, which gets invested for a fixed term.    

It is important to know that the premiums paid in unit-linked insurance plans are subject to market fluctuation risks and this risk has to be borne by the policy holder.

• Single premium plan with fixed term of 10 years
• Return of up to 6% of the single premium at maturity as Guaranteed Addition
• Unlimited top-up premium payment allowed (except in Shield Plus Fund IV)
• Flexibility to decrease sum assured to 1.25 times of the premium for age below 45 years and 1.1 times of the premium for other ages
• Unlimited free switches
• Partial withdrawal allowed after 5 policy years onwards
• Choice of 8 funds to suit your investment needs
• Guaranteed Addition paid at maturity as a percentage of the single premium
  • For Single Premium Rs 25,000 to 3,00,000 – 6%
  • For Single Premium Rs 3,00,001 and above – 3% 

Maturity Benefit – On policy maturity, you get the Single Premium Fund Value and Top-up Premium Fund Value (if any) plus the Guaranteed Addition

Death Benefit –

§  In case of death of the Life Assured before attaining 60 years of age, the nominee gets Higher of Sum Assured less partial withdrawals made last 24 months (if any) or

        The Fund Value

§  In case of death of the Life Assured after attaining 60 years of age, the nominee gets Higher of Sum Assured less partial withdrawals made in last 24 months before age 60 years and all partial withdrawals made after age 60 years or

        The Fund Value

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)

Below is an indicative projection of returns for Shield Plus Fund IV

Single Premium = Rs 50,000

Age at the time of taking the policy = 30 years

Policy Term = 10 years

Sum Assured = Rs 62,500

Returns:

Guaranteed Maturity Value (GMV) at 6% = Rs 75,542

Fund Value (FV) at Maturity = Rs 78,542

Guaranteed Maturity Value (GMV) at 10% = Rs 76,949

Fund Value (FV) at Maturity = Rs 99,878

Riders – There are 2 optional additional Insurance Riders for extra protection available at a nominal extra cost:

§  Accidental Death Benefit Rider (ADB)

§  Accidental Permanent Total / Partial Disability Benefit Rider

You stop paying the premium – The Company gives a grace period of 30 days after which the policy is discontinued. Revival or reinstatement of the discontinued policy is not allowed

You want to surrender the policy – You have the option to surrender policy anytime from 6^th policy year. Surrender value paid will be equal to the Fund Value as on date of surrender

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