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This plan has been withdrawn by the insurance company and is no longer available for sale.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

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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
Sum Assured (in Rs.)	For entry age 45 yrs and above = 7 x Annualized Premium	Policy Term 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

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

Investment Fund Options - Either he can opt for one of the 7 investment Fund Options like

Equity Growth Fund II
Accelerator Mid-Cap Fund III
Pure Stock Fund
Asset Allocation Fund
Bond Fund
Liquid Fund
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
1^st Year	10%
2^nd to 5^th Year	6%
6^th to 9^th Year	1%
10^th 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
1^st	Lower of 20% of (Annual Premium or Fund Value) subject to a maximum of Rs 3,000
2^nd	Lower of 15% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
3^rd	Lower of 10% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,500
4^th	Lower of 5% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,000
5^th 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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