Bajaj Allianz Super Saver Plan

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Bajaj Allianz Super Saver Plan

 

Bajaj Allianz Super Saver Plan is a Traditional Endowment Plan. This is a non unit-linked insurance traditional plan.

 

This is a simple endowment policy where premium needs to be paid till the end of the policy term. The Sum Assured along with Guaranteed Additions and accrued Bonus is paid to the Life Insured on Maturity or to the Nominee on earlier Death of Life Insured during the Policy Term.

 

 

Key Features of Bajaj Allianz Super Saver Plan

 

§  This plan is a simple endowment plan

§  Sum Assured + Guaranteed Additions + vested Bonus is paid on Maturity or on earlier Death

§  Guaranteed Additions of 4% of sum assured at the end of each policy year.

§  This plan has in-built Accidental Death Benefit rider and 2 additional riders

§  This plan has a 2 year premium holiday facility from second policy year onwards

 

 

Benefits you get from Bajaj Allianz Super Saver Plan

 

Death Benefit – In case of death of the Life Insured, the nominee receives the Sum Assured + Guaranteed Additions + the Vested Bonus

 

Maturity Benefit – At the maturity of the policy, the insured will get Sum Assured + Guaranteed Additions + the Vested 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 Super Saver Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

20,000

No Limit

Policy Term (in years)

10

30

Premium Payment Term (in years)

10

30

Entry Age of Life Insured (in years)

18

60

Age at Maturity (in years)

-

 

Premium (in Rs.)

1055 p.a.

No Limit

Payment modes

Only Yearly

 

 

Sample illustration of premium of Bajaj Allianz Super Saver 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.

Bajaj Allianz Super Saver Plan Sample Premiums

 

Additional Features and Benefits of Bajaj Allianz Super Saver Plan

 

Riders- There are 2 additional riders in this plan

·         Accidental Permanent Total / Partial Disability Benefit Rider

·         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.

And 1 in-built rider

·         Accidental Death Benefit rider

 

 

What happens if?

 

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. The policy can also be revived within 2 years from the due date of first unpaid premium by paying all due but unpaid premiums with applicable interest.

 

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 available under this policy upto 90% of the Surrender Value under the Plan

 

 

Alternate Endowment Plans from Other insurance companies

 

DLF Pramerica Roz Bima

Edelwiess Tokio Life Education

Future Generali Assure

 

 

Other Endowment Plans from Bajaj Allianz Life Insurance Company

 

Bajaj Allianz Invest Gain

Bajaj Allianz Save Care Economy - Single Premium

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the Bajaj Allianz Super Saver Plan brochure and insurance company's website. It should not be construed as a Critical or Favourable Bajaj Allianz Super Saver Plan Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

Hi Sir,
I stopped paying bajaj supersaver, after my first premium i.e 24,000 back in 2011, so can you advise me what are my chances of claiming the money back, if so, how much can I claim?

By Narendra Inti on Jul 06, 2013 Reply

Dear Narendra, this is a tradtional plan and there is no surrender value payable after one year.

Unfortunately, no money would be payable now. 

Replied By Admin (MIC Staff) on Jul 08, 2013 Reply

can pay remaining two years and get some money back...I was misinformed by the manager that if stop after one payment i can get the money back after 3 years and it is 60% of what i payed..is it true?? wat can be done now???

Replied By Rocky Royal on Jul 08, 2013 Reply

You will then get back 30% of all premiums paid minus 1st year's premium. In case you are decided on exiting, paying more might not be a good idea as the loss will only increase.

Replied By Admin (MIC Staff) on Aug 26, 2013

Hi Sir,
I had taken a this policy 3 yrs back, and now i want to surrender this policy. Premium for this policy is 30k/annum.
So what is the total amount i may get if i surrender now . As per the policy it says
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
GSV = 0.3 * 90k - 30k
GSV = 0.3 * 60k
GSV = 18,000/-
So total value i will get is equal to 90,000 + 18,000 = 1,08,000/- is this correct ?

Thanks in Advance
Girish R

By Girish R on Apr 11, 2013 Reply

Hi Girish, that is not how it will be calculated. The surrender value wil be 30% of (3 years premium minus 1st years premium) = 30% * (90-30) = 30% * 60 = 18,000. So you will get back only 18,000 and nothing more. You have assumed that the premiums paid by you will be returned. That is not true. In tradtional plans, you stand to lose a lot if you surrender.

Replied By Admin (MIC Staff) on Apr 11, 2013 Reply

what is my policy position?

By Aloke Kumar Biswas on Feb 12, 2013 Reply

Dear sir/madam
As I had a plan to continue the above super saver policy purchased recently with an introducation by nearest close friend, Please arrange to send the details of the policy annual additions and bonus chart as a ready reconer to my email address.My policy bearing No.0259882664

From
BSRao
mob:09341935995

By B.Someswara Rao on Jun 01, 2012 Reply

policy r

By Ravindra on Feb 10, 2012 Reply

think you sir

By Govind on Dec 23, 2011 Reply

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