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Bajaj Allianz Assured Protection

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Bajaj Allianz Assured Protection Insurance Plan

 

Bajaj Allianz Life Assured Protection is a ULIP (Unit-linked Insurance Plan) with a combination of protection and investment. Hence this plan takes care of your insurance and investment requirements with benefits like partial withdrawals, additional riders etc.

ULIP is a unique 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. In Assured Protection plan, you need to choose your premium paying term and policy term. After deducting charges, the company invests the money in your choice of Funds and gives you the Fund Value on maturity.   
 

Key Features of Bajaj Allianz Assured Protection Insurance Plan

 

  • 100% allocation from the 10th policy year onwards
  • Option to choose from a wide range of Riders to meet your needs
  • Automatic annual increase in the Sum Assured from 6th policy year
  • Flexibility to make partial withdrawals after 5 policy years
  • Flexibility to pay top-up premiums over and above regular premiums
  • Choice of 7 investment funds to invest in
  • Top-up premiums and partial withdrawals after 5th policy year onwards
  • Choice between Wheel of Life portfolio strategy or Investor Selectable portfolio strategy
  • Additional Sum Assured in case of death due to an accident 

 

COMPARE THIS PLAN WITH OTHER ULIP PLANS


 

Benefits you get from Bajaj Allianz Assured Protection Insurance Policy

 

Maturity Benefit – On Maturity, you will get the Fund Value as on the maturity date
 

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)

 

Eligibility conditions in Bajaj Allianz Assured Protection Policy

 

 

 

Minimum

Maximum

Sum Assured (in Rs.)

For entry age below 45 yrs =

 10 x Annualized Premium

Policy Term x Annualized Premium

For entry age 45 yrs and above =

 7 x Annualized Premium

Policy Term

10, 15 and 20 years

Premium Payment Term

7 years

Equal to Policy Term

Premium (in Rs.)

15,000 per year

24,000 per year

Top-up Premium (in Rs.)

5,000

No limit

Entry Age of Policyholder

1 year

60 years

Age at Maturity

18

75

Payment modes

Yearly Mode Only

 

Sample illustration of premium of Bajaj Allianz Assured Protection Insurance Plan

 

The below sample projection is based on 100% investment in ‘Bond Fund’ for healthy male

 

Premium = Rs.20,000 per year

Age at the time of taking the policy = 30 years

Age at Maturity = 45 years

Policy Term = 15 years

Premium Paying Term = 15 years

Sum Assured = Rs 2,00,000

Total Investment = Rs.20,000 x 15 years = Rs. 3,00,000

Bajaj Allianz Assured Protection Plan-Sample illustration of Returns

 

 

Additional Features and Benefits of Bajaj Allianz Assured Protection Insurance Plan

 

Riders – There are 6 riders available in this policy
  1. Family Income Benefit Rider   
  2. Term Rider   
  3. Waiver of Premium Benefit Rider           
  4. Critical Illness Benefit Rider     
  5. Hospital Cash Benefit Rider
  6. Accidental Permanent Total / Partial Disability Benefit Rider
 
 
Investment Fund Options - Either he can opt for one of the 7 investment Fund Options like
  1. Equity Growth Fund II
  2. Accelerator Mid-Cap Fund III
  3. Pure Stock Fund
  4. Asset Allocation Fund
  5. Bond Fund
  6. Liquid Fund
  7. Bluechip Equity Fund
 
Top-up - Unlimited Top Up is allowed except in the last 5 years of the policy. Minimum Top Up premium is Rs 5,000. Each top up premium has a lock in of 5 years. Each Top Up premium is accompanied by Sum Assured according to the multiplier:
  • Less than 45 years- Sum Assured is 1.25 to 5 times
  • Greater than equal to 45 years-Sum Assured is 1.10 times to 5 times
 
Switching - Unlimited Switches are allowed in this plan. Minimum Switching amount is Rs 5,000 or the Fund Value, whichever is lower.
 
Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later. The minimum amount of partial withdrawal should be Rs. 5,000 such that Rs 5,000 or 1/5th the single premium should be maintained after Partial Withdrawal.
 
 
Charges in Bajaj Allianz Assured Protection Plan
 
Premium Allocation Charge – This charge is deducted from the Premium Paid by you

 

Policy Year
Premium Asslocation Charge
1st Year
10%
2nd to 5th Year
6%
6th to 9th Year
1%
10th Year onwards
NIL
 
 
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis till a maximum of Rs 6000 per annum.

 

Policy Year
Policy Administration Charge
During Premium Paying Term
2% of annual premium fixed for the first 5 policy years and then inflating at 5% p.a. from the 6th policy year
After Premium Paying Term
50% of the prevailing PAC, inflating at 5% p.a.
 
 
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.

 

Type
Charge
Equity Growth Fund II Fund
1.35%
Accelerator Mid Cap Fund II
1.35%
Pure Stock Fund
1.35%
Asset Allocation Fund
1.25%
Bluechip Equity Fund
1.35%
Liquid Fund
0.95%
Bond Fund
0.95%
 
 
Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure.

 

Year of Discontinuation
Discontinuation Charge
1st
Lower of 20% of (Annual Premium or Fund Value) subject to a maximum of Rs 3,000
2nd
Lower of 15% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
3rd
Lower of 10% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,500
4th
Lower of 5% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,000
5th onwards
NIL
 
 
Switching Charge— There are unlimited switches free in this plan.
 
Miscellaneous Charge— Rs. 100 is charged per transaction for the following:
  • Decrease of Sum Assured
  • Partial Withdrawal and
  • Issuance of copy of policy document
 
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
 

Service Tax would be applicable on the charges depending on the applicable rates. 

 

What happens if?

 
You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated Fund Value will be payable to the nominee.

 
You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.
 
You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the Fund Value net of any discontinuance charge, if at least 5 years’ premiums have not been paid, will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
 
If the policyholder surrenders the policy after completion of 5 policy years, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.
 

You want a loan against your policy - There is no loan available under this plan.




 

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