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
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
Additional Features and Benefits of Bajaj Allianz Assured Protection Insurance Plan
Policy Year
|
Premium Asslocation Charge
|
1st Year
|
10%
|
2nd to 5th Year
|
6%
|
6th to 9th Year
|
1%
|
10th Year onwards
|
NIL
|
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.
|
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%
|
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
|
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 want a loan against your policy - There is no loan available under this plan.