Bajaj Allianz launched its micro term insurance plan Life Bima Dhan Suraksha Yojana with 100 percent premium return facility.
Life Bima Dhan Suraksha Yojana is a non-linked, non-participating, single & regular premium payment micro term assurance plan with return of premiums at maturity.
Micro-insurance is designed to specifically insurance cover protection to low-income population.
The plan provides death benefit, maturity benefit and surrender benefit and has an option for loan against policy.
The user has the facility to choose their premium payment frequency under the plan, i.e. yearly and monthly. The plan also allows to change the premium payment frequency annually (subject to conditions).
The policy can be surrendered once it attains paid-up value. The policy can also be surrendered if all premiums are paid for the first year.