Bajaj Allianz Super CashGain Insurance Plan
Super CashGain is a traditional money back insurance plan with a lot of flexibility thrown in. Some of the features are exciting and can be very useful to the customers. Money is guaranteed to you at regular intervals of time.
You can choose the term of your plan (12, 16, 20 or 24 years). You can also choose the sum assured needed by you. They are available in 4 bands of live cover – Silver, Gold, Diamond & Platinum. In Silver the Sum Assured is equal to the Base Sum Assured. In Gold it is 2 times the base sum assure, in Diamond it is 3 times and in Platinum it is 4 times the base sum assured. The Sum Assured and Term chosen along with your age will determine the premium amount.
If all premiums have been paid on time, at every quarter of the policy term you would receive 20% of the Base Sum Assured. And when the policy matures you will be paid 40% of the Base Sum Assured along with the bonuses will be paid to you. So if you have taken a Silver Plan with Sum Assured of 8 lakhs for 12 years, you would get 1.6 lakhs in year 3, 6 & 9 and after the 12th year you would get 3.2 lakhs + Bonuses. In case of death of the policy holder, the nominee would get the Sum Assured + Bonuses.
Key Features of Bajaj Allianz Super CashGain Life Insurance Plan
§ Customer can choose th policy term – 12, 16, 20 or 24 years
§ Sum Assured too can be chosen as per the 4 variants going upto 4 times the Base Sum Assured
§ No premiums to be paid in the last 5 years of the policy term
§ Discount offered in premiums are paid in advance
§ Cash Back received can be adjusted for future premium payments
Benefits you get from Bajaj Allianz Super CashGain Life Insurance Plan
Super CashGain Insurance Plan comes in 4 variants – Silver, Gold, Diamond and Platinum.
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Variant Name
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Sum Assured
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Silver
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Base Sum Assured
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Gold
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2 times the Base Sum Assured
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Diamond
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3 times the Sum Assured
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Platinum
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4 times the Sum Assured
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Death Benefit – The nominee would get an amount equal to the Sum Assured depending on the variant which had been chosen by the policyholder.
Maturity Benefit – 20% of the Base Sum Assured is paid every quarter of the policy term. At the end of the policy term 40% of the Base Sum Assured + Bonuses are paid out to the policy holder.
Income Tax Benefit - Premiums paid towards Life Insurance policies up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C. Maturity amounts are also exempt from tax as per Sec 10(10D).
Eligibility conditions of Super CashGain Life Insurance Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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Rs.50,000
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No Limit
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Policy Term (in years)
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12
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24
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Premium Payment Term (in years)
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Policy Term minus 5 years
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Entry Age of Policyholder
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0
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65
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Age at Maturity
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12
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80
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Payment modes
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Yearly, Half-Yearly, Quarterly and Monthly (ECS)
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Additional Features and Benefits of Super CashGain Life Insurance Plan
Riders – Some additional benefits can be taken in the form of riders by paying extra premium
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Type of Rider
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Available with Policy
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Accidental Death Benefit
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Yes
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Permanent Disability Benefit
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Yes
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Family Income Benefit
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Yes
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Critical illness (or dread diseases) Benefit
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Yes
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Hospital Cash Benefit
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Yes
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Other Features
- Customers have an option to convert their policy into Single Premium term cover with Return of Premium if any premiums have been missed, provided premiums have been paid for at least 5 years
- Option to keep the policy in-force if premiums have been missed, provided 3 years premiums have been paid
Alternate Money Back plans different insurance companies
SBI Life Sanjeevan Supreme
Life Pay Money Back Plan from Max New York Life
ICICI Prudential CashBak Plan
Other Money Back plans from Bajaj Allianz Life Insurance
Bajaj Allianz Child Gain Plan
Bajaj Allianz Cash Gain Plan
