Bajaj Allianz Assured Protection
This plan has been withdrawn by the insurance company and is no longer available for sale.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
- 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
- Family Income Benefit Rider
- Term Rider
- Waiver of Premium Benefit Rider
- Critical Illness Benefit Rider
- Hospital Cash Benefit Rider
- Accidental Permanent Total / Partial Disability Benefit Rider
- Equity Growth Fund II
- Accelerator Mid-Cap Fund III
- Pure Stock Fund
- Asset Allocation Fund
- Bond Fund
- Liquid Fund
- Bluechip Equity Fund
- 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
Unlimited Switches are allowed in this plan. Minimum Switching amount is Rs 5,000 or the Fund Value, whichever is lower.
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.
Benefits
On Maturity, you will get the Fund Value as on the maturity date
- 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.
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)
Variants
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.
|
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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
|
- Decrease of Sum Assured
- Partial Withdrawal and
- Issuance of copy of policy document
Service Tax would be applicable on the charges depending on the applicable rates.
How it works
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
Eligibility
| 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 | |
FAQs
You stop paying the premium before 5 yearsIf 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 yearsIf 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 policyYou want a loan against your policyThere is no loan available under this plan.
